Ocean 14 Capital has successfully exceeded its initial funding target of EUR 150 million (USD 165 million) with a significant boost of EUR 30 million (USD 33 million). This recent inflow of funds includes a EUR 20 million (USD 22 million) investment from Convex Group Limited, an insurer, and reinsurer, and an additional EUR 10 million (USD 11 million) from undisclosed family offices and high-net-worth individuals. In addition, the latest funding achievements coincide with the fund's recent investment in Norway's Ava Ocean for up to EUR 10 million (USD 11 million).
Convex Group thus joins other global firms as investors in Ocean 14 Capital. These include Ingka Group, the Monaco Constitutional Reserve Fund of S.A.S., and even Prince Albert II of Monaco, among others.
"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," said Gorell Barnes.
Currently, the fund has invested in five companies, including SyAqua, AION, and The Kingfish Company. Now with these figures, Ocean is ready for more. As Chris Gorell Barnes, the company's co-founder, explained, the fund is on track to expand its portfolio to include 20 to 25 companies over the next three years.
Gorell Barnes emphasized his investment in Ava Ocean, a Norwegian company dedicated to sustainable seafood harvesting from the seabed. Ava Ocean's mission includes the preservation of ocean habitats and carbon sinks.
The traditional scallop fishing industry, valued at approximately USD 2.5 billion (EUR 2.3 billion), predominantly uses harmful dredging methods that negatively impact seabed ecosystems and biodiversity. However, the technology developed by Ava Ocean has the potential to revolutionize the industry on a global scale and end harmful practices on the seabed permanently.
Ocean 14 Capital is a specialized fund targeting investment opportunities in the ocean industry. Thus, the fund focuses on companies with proven business models at the early stage and aims to provide equity investment. O14C leverages data-driven innovation for steady commercial growth and competitive returns. As a tidal surge, O14C seeks to supercharge the blue economy, utilizing ocean resources for economic growth and preservation. Finally, their vision is to drive sustainable economic development and make a positive impact on the ocean sector.
Ava Ocean, founded in Norway, in 2016, is an innovative ocean technology and seafood company pioneering sustainable seabed harvesting methods. Their precision and non-invasive technology not only preserve delicate ecosystems but also contributed to reopening the fishery of Arctic scallops. So, combining experience, offshore operations, and marine science, Ava Ocean aims to lead the fishing industry in a sustainable direction.
