London-based Ocean 14 Capital receives €30m to back marine innovators saving the seas

London-based Ocean 14 Capital receives €30m to back marine innovators saving the seas

Published: 22-02-2023 13:02:00 | By: Pie Kamau | hits: 3019 | Tags:

Ocean 14 Capital fund, a €150 million impact fund that exclusively focus on the ‘blue economy’, has received an investment of €30 million from Ingka Investments, the investment arm of Ingka Group which represents the largest IKEA retailer, to support its mission of funding sustainable solutions to improve ocean health.

It marks the first time Ingka Investments has invested in the ‘blue economy’ - a sector using ocean resources for economic growth and preservation.Following the Principality of Monaco’s €10 million commitment from the sovereign wealth fund in September 2022, Ocean 14 Capital has now raised €130 million since launching its growth-stage impact fund in November 2021.With this backing, the purpose-led €150 million impact fund believes it is well on track to grow its portfolio to between 20-25 businesses within three years, having invested in four companies to date.Ocean action was a major talking point at the World Economic Forum Annual Meeting 2023 held in January in Davos, Switzerland.

The fund’s mission is to supercharge the blue economy, which is expected to be worth $3 trillion by 2030, according to the OECD. At the same time, it will provide jobs to 40 million people.

Chris Gorell Barnes, Co-founder, Ocean 14 Capital: ''It is a real testament to the quality of our fund and intention that Ingka Investments has come on board in such a significant capacity. If there’s no ocean, there’s no us - it connects us all. It provides food security and plays a vital role in achieving the UN sustainability agenda. Davos 2023 radically shifted the dial on the conversation this year. There is a powerful undercurrent of momentum emerging as people are increasingly waking up to the fact that ocean’s health is the engine to economic growth - and critical to national and global development. Is this the most important investment thesis of our time? We fervently believe yes. Without a healthy marine eco-system there is zero chance of humanity surviving. I’d like to think we are at the tipping point of where the blue economy becomes mainstream. In less than two years we have backed four ground-breaking growth-stage companies, doing extraordinary work. So for Ingka Investments to recognize this just spurs us on further. Tackling climate change and food security is vital for retailers - ocean health has a direct positive impact for consumers and commerce.''

First launched in November of 2021, the Ocean 14 Capital fund will focus primarily on investing in growth-stage businesses. It is aiming that around two thirds of the fund will go to companies based in Europe, with the remainder aimed to be used to invest in the rest of the world.

Samuel Rundle, Head of Financial Market Investments, Ingka Investments: ''Ingka Group is guided by the IKEA vision to create a better everyday life for the many. As a purpose-led company, our aim is to invest with impact, delivering positive returns for communities and the environment for generations to come. Ocean health is critical to a cleaner and more inclusive recovery. We were very impressed with the strategy of the Ocean 14 team and are excited to support the acceleration of sustainable solutions to improve our oceans.''

The Ocean 14 Capital Fund previously completed a €80 million first close in November 2021, with backers including the European Investment Fund (EIF), Chr. Augustinus Fabrikker, Builders Vision, Minderoo Foundation, and British businessman Alex Beard and Swedish entrepreneur Niklas Zennström.

www.ocean14capital.com