The previous edition, SWEN Blue Ocean, raised €170 million.
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The French firm SWEN Capital Partners, an investment management firm specialized in investments for ocean sustainability, has raised €160 million in the first close of its SWEN Blue Ocean 2 fund.
SWEN Blue Ocean 2 will invest in startups that support the regeneration of ocean biodiversity and combat the effects of overfishing, pollution, and climate change.
The previous edition, SWEN Blue Ocean, raised €170 million and currently has 18 companies in its portfolio. The new fund target is €300 million, positioning it as the world’s largest ocean impact fund.
"This ambitious and innovative strategy would not have been possible without the expertise of our Blue Ocean team, nor without the trust of the investors who share our convictions and our determination to act without delay. Their commitment is essential to accelerating the deployment of concrete solutions in response to a challenge that is both systemic and urgent," said Jérôme Delmas, CEO of SWEN Capital Partners.
Investor interest continues to grow, particularly among institutional investors, including pension funds, insurance companies, banks, and family offices. Notable investors include the European Investment Fund (EIF), France 2030, Bpifrance, Macif, Abeille Assurances, Matmut, Suravenir, and Mutuelle de Poitiers.
The principal idea is to conduct more Series A funding rounds, focusing on European companies. However, at least 30% of the fund's capital is expected to be allocated outside of Europe, where SWEN Blue Ocean has already identified some interest.
Regarding this, Olivier Raybaud, Co-Managing Director of SWEN Blue Ocean, assured: "We have seen renewed interest from existing Blue Ocean investors and have also had many significant new investors commit to the Fund. With this latest fund, we will bring scale to a proven strategy, allowing us to take a lead role on more investments globally and support even more companies."
In addition, SWEN CP co-founded 1000 Ocean Start-ups in 2021, a coalition that brings together incubators, accelerators, matching platforms, and venture capital investors. The goal is to scale up to 1000 transformative start-ups by 2031.
"Ocean action is growing in importance on the global stage, with the international community, governments, and companies working together to prioritise ocean protection. The start-up ecosystem plays an important role in this effort, providing innovative solutions to transform massive industries at scale and at pace. We are excited to continue pioneering the next frontier of climate and biodiversity investment through our SWEN Blue Ocean 2 fund," concluded Christian Lim, Co-Managing Director of SWEN Blue Ocean.
