The Ocean 14 Capital Fund, which is working to clean up and revitalise the world’s oceans, has received a €20 million investment from international specialty insurer and reinsurer, Convex Group Limited (“Convex”), taking it past its €150 million funding goal. The Luxembourg-based fund, which also received €10 million from family offices and HNWs, now aims to reach €200 million by the end of 2023. The investment from Convex means that the Ocean 14 Capital Fund has now raised €160 million from investors including Monaco’s sovereign wealth fund, European Investment Fund (EIF), and Niklas Zennström, the founder of Skype and €30 million from the investment arm of Ingka Group.
Chris Gorell Barnes, co-founder of Ocean 14 Capital, believes the Fund is well on track to grow its portfolio to between 20 and 25 businesses within three years, having invested in five companies to date, including SyAqua, a shrimp-breeding technology specialist, and AION, a plastics management platform based in Norway.
The Ocean 14 Capital Fund has also committed €10 million to Brazil-based Tilabras, a leading producer of tilapia, one of the world’s most sustainable sources of animal protein. More recently, the Fund announced an investment of €11 million in land-based Dutch yellowtail producer The Kingfish Company. Most recently, the Ocean 14 Capital Fund has signed an investment of up to €10 million in Ava Ocean, a Norwegian technology and seafood company which is on a mission to change the way we harvest seafood from the seabed, whilst protecting fragile ocean habitats and invaluable carbon sinks.
Dredging is the most widely used method to harvest bottom dwelling seafoods globally, but this way of fishing takes a significant toll on the seabed and surrounding ecosystems and is increasingly facing criticism from environmental campaigners and ocean conservationists.
GROWTH
With the injection of capital from the Ocean14 Capital Fund, Ava Ocean will embark on an ambitious international growth plan, accelerating their mission to lead a global shift towards more sustainable fisheries of bottom-dwelling seafoods.
Gorell Barnes commented: “The fact that the Fund has surpassed its initial goal of €150 million shows how important this issue has become to so many people globally and how highly the Fund is thought of.
“We believe that the Fund’s strategic investment in Ava Ocean is significant. The global export market for scallops is worth an estimated $2.5 billion, 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.”
Øystein Tvedt, CEO, Ava Ocean, said: “With the Ocean14 Capital Fund onboard, we can embark on the next chapter in Ava Ocean’s journey to reinvent seabed harvesting. The global potential for our solution is immense, and we are excited to be able to explore international opportunities with the support of the Ocean14 Capital Fund. They share our unwavering belief in bringing about real change through innovation and collaboration, and with their expertise in the global blue economy bring invaluable know-how ahead of this next phase for Ava Ocean. With the support of the Ocean 14 Capital Fund, along with our existing investors, we are well-positioned to scale our operations for international growth and to further develop our innovative solution.
Ocean 14 Capital Limited is an appointed representative of G10 Capital Limited which is authorised and regulated by the Financial Conduct Authority.
Be the first to comment