The Ocean 14 Capital €150 million impact fund, focusing exclusively on the "blue economy", has received €30 million from Ingka Investments, the investment wing of IKEA's parent company Ingka.
Launched in November 2021, The Ocean 14 Capital fund focuses on innovations in the blue economy, including aquaculture, alternative proteins, reducing plastic waste pollution, protecting ecosystems and marine flora, and ending overfishing.
The fund has already raised €130 million since its launch and aims to grow its portfolio to between 20-25 businesses within three years. It plans to invest approximately two-thirds of its fund in European growth-stage businesses, with the remainder used to invest in the rest of the world.
Chris Gorell Barnes, Co-Founder of Ocean 14 Capital, said: "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."
"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."
Head of Financial Market Investments at Ingka Investments, Samuel Rundle said: "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 fund's mission is to supercharge the blue economy, which is expected to be worth $3 trillion by 2030, according to the OECD, and to provide jobs to 40 million people. To date, Ocean 14 has invested in four growth-stage businesses, including Syaqua, which provides solutions for shrimp hatcheries and farmers, and MITO SrL, a clam breeding and farming venture.
Ocean 14 Capital is a unique partnership between the founders of Vedra Partners Ltd., Pontos Aqua Ltd. and Blue Marine Foundation. Ocean 14 Capital is an investment advisory to Ocean 14 Capital Fund 1, a Private Equity fund focused on the United Nations' Sustainable Development Goal 14 (SDG 14): Life Below Water.