London based fund set to "revitalise the world’s oceans" passes £129m funding goal

The Ocean 14 Capital Fund, which is working to clean up and revitalise the world’s oceans, has received €20m (approx. £17.2m) investment from international specialty insurer and reinsurer, Convex Group Limited, taking it past its €150m (£129m) funding goal.

The London and Luxembourg based fund, which also received €10m (£8.6m) from family offices and HNWs, now aims to reach €200m (£172m) by the end of 2023.

The investment from Convex means that the Ocean 14 Capital Fund has now raised €160m (£138m) from investors including Monaco’s sovereign wealth fund, European Investment Fund (EIF), and Niklas Zennström, the founder of Skype and €30m (£26m) 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 €10m (£8.6m) 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 €11m (£9.5m) in land based Dutch yellowtail producer The Kingfish Company.

Most recently, the Ocean 14 Capital Fund has signed an investment of up to €10m (£8.6m) 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.

Chris continued: “The fact that the Fund has surpassed its initial goal of €150m 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 $2.5bn , but most of the scallop fishing industry uses dredging methods which have a devastating effect on seabed ecosystems and biodiversity.

“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 for consumers and commerce globally.”

By Matthew Neville – Senior Correspondent, Bdaily

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