London-based Ocean 14 Capital Fund, which is working to clean up and revitalise the world’s oceans, announced on Tuesday, that it has received €20M from Convex Group Limited, surpassing its €150M funding goal.
Additionally, the firm received €30M from the investment arm of Ingka Group. According to Ocean 14 Capital, this funding will bolster their efforts to clean up and revitalise the world’s oceans, making a positive impact on marine ecosystems and sustainability.
The Ocean 14 Capital Fund has now raised a total of €160M from various investors, including Monaco’s sovereign wealth fund, the European Investment Fund (EIF), and Niklas Zennström, the founder of Skype.
The Fund now aims to reach €200M by the end of 2023.
Ava Ocean raises €10M
Recently, the Ocean 14 Capital Fund invested up to €10M in Norway-based Ava Ocean, a company changing seafood harvesting while preserving ocean habitats and carbon sinks.
Founded in 2016, Ava Ocean claims that its technology enables the non-invasive harvesting of bottom-dwelling seafood, using AI and camera tech to preserve marine ecosystems.
The company’s first fishing vessel, the Arctic Pearl, became the world’s first fishing vessel with low-impact harvesters. It led to the reopening of the Arctic scallop fishery in the Barents Sea after a 30-year closure.
The Norwegian company received the first licence to harvest Arctic Scallops in the Barents Sea in over three decades after successful trials with the Norwegian Institute for Marine Research.
Oslo-based investment manager Norselab has supported Ava Ocean in commercialising its technology, leading to operational profitability through sustainable harvesting of arctic scallops.
Ocean 14 Capital Fund’s funding will accelerate Ava Ocean’s international growth plan, advancing their goal for sustainable fisheries of bottom-dwelling seafood.
Chris Gorell Barnes says, “We believe that the Fund’s strategic investment in Ava Ocean is significant. The global export market for scallops is worth an estimated $2.5B, but most of the scallop fishing industry uses dredging methods which have a devastating effect on seabed ecosystems and biodiversity.”
“The technology developed by Ava Ocean can be rolled out on a global scale and could put an end to harmful seabed practice forever.”
“Over the next few years, the Fund aims to invest in many more companies that are all playing a part in saving the oceans. We want the blue economy to become mainstream as ocean health has a direct positive impact on consumers and commerce globally.”
“The Fund is now aiming for an investment of €200M and as its advisers, we are confident that the target will be met in the coming months,” adds Gorell Barnes.
Recent investments by Ocean 14 Capital Fund
Chris Gorell Barnes, co-founder of Ocean 14 Capital, plans to grow the fund’s portfolio to 20-25 businesses in three years, having already invested in five companies to date including SyAqua (a shrimp-breeding tech specialist) and AION (a plastics management platform).
The Fund has also invested €10M in Brazil-based Tilabras, a sustainable tilapia producer, and €11M in The Kingfish Company, a Dutch land-based yellowtail producer.