Iceland Ocean Cluster launches new blue venture fund

Members of the team behind blue economy innovation hub the Iceland Ocean Cluster have this week announced they are setting up a new investment fund targeting blue economy startups, Blue Nova Ventures.

Thor Sigfusson, the founder and chairman of Iceland Ocean Cluster, announced the launch of the new fund in a LinkedIn post.

"I am very excited to be launching a blue venture fund, Blue Nova Ventures with Bala Kamallakharan, Kristinn Þór Sigurðsson and our team at the Iceland Ocean Cluster led by Alexandra Leeper. Our aim is to bridge the financing gap for startups in the blue economy," Sigfusson wrote.

Kristinn Þór Sigurðsson, Iceland Ocean Cluster project manager and now also General Partner at the newly-launched Blue Nova Ventures, commented in a separate post: "Everyday at Iceland Ocean Cluster, I see firsthand how much innovation is happening in the blue economy. From AI-driven fisheries and aquaculture that optimise operations and reduce waste, to marine biotechnology turning by-products into life saving solutions, it’s clear that the future is being built today."

Based in Reykjavik, the Iceland Ocean Cluster comprises over 70 companies and entrepreneurs from the blue economy, including firms specialising in aquaculture, fish sales, marine technology, software, design, biotechnology, and cosmetics.

Among the Cluster's key initiatives is the "100% Fish" project, also founded by Thor Sigfusson, which aims to "inspire the seafood industry and seafood communities to utilize more of each fish, increase the value of each fish landed, support new business opportunities, increase employment and decrease waste".