Ocean 14 Capital completes €80m first close of €150m inaugural impact fund with high-profile investors
The European Investment Fund, Chr. Augustinus Fabrikker, Builders Initiative and Minderoo Foundation have become cornerstone investors in the first large investment fund fully dedicated to the Blue Economy
Ocean 14 Capital has completed an €80 million first close for its inaugural €150 million impact fund, the first large investment fund to focus exclusively on the blue economy.
As cornerstone investors, the European Investment Fund (EIF), Chr. Augustinus Fabrikker, Builders Initiative and Minderoo Foundation have collectively allocated €60 million in Ocean 14 Capital’s first fund. EIF signed a commitment of €35 million, while Chr. Augustinus Fabrikker is allocating €15 million. Together, Builders Initiative and Minderoo Foundation are investing €10 million. (See press reelase dated 12 November 2021 here).
Other high-profile investors have committed since then additional €20 million in the fund, bringing the total to €80 million. They include British businessman Alex Beard and Swedish entrepreneur Niklas Zennström, who said: “There has never been a more important time to invest in the oceans as a critical way to protect our planet and combat climate change. I am excited to back Ocean 14 Capital and their vision to make a significant positive impact in the blue economy".
The fund is a unique combination of marine industry and nature conservation knowledge that comes from Ocean 14 Capital, a private equity firm focused on the United Nations’ Sustainable Development Goal 14 (SDG14), which aims to conserve and sustainably use the oceans, seas and marine resources for sustainable development.
The Ocean 14 Capital Fund will target investments in growth-stage technologies and companies promoting sustainable fishing, aquaculture and alternative proteins as well as ocean conservation and health including marine flora and plastic waste solutions.
The EIF investment is guaranteed by the European Fund for Strategic Investments (EFSI), the main pillar of the Investment Plan for Europe. It also falls under BlueInvest, a European Commission initiative created in 2020 and supported by the EIF. BlueInvest is an endorsement of the importance of the global blue economy, which according to OECD predictions will grow from $1.5 trillion in 2016 to $3 trillion by 2030 and will provide 200 million jobs.
Alain Godard, Chief Executive, European Investment Fund, said: “The EIF is proud to be an anchor investor in Ocean 14 Capital Fund I, which aims to foster innovation and sustainability in the marine economy. The Blue Economy is strategic to the European Green Deal. We believe that our commitment will catalyse further investments and help create a well-functioning European equity ecosystem for this sector.”
Virginijus Sinkevičius, European Commissioner for Environment, Oceans and Fisheries, said: “With BlueInvest, the Commission and the EIF have a powerful instrument in place to promote the sustainable blue economy as a cornerstone of the European Green Deal. We encourage innovative small and medium sized companies and start-ups to take advantage of the funds and we believe that the funds will enable them to deliver the innovation needed to meet our climate and sustainability goals.”
Claus Gregersen, Chief Executive Officer, Chr. Augustinus Fabrikker, said: “Impact investments are an important part of Chr. Augustinus Fabrikker’s investment strategy and with the investment in Ocean 14 Capital we will total ten impact investments. Our interest in Ocean 14 Capital stems from the importance we see in ensuring sustainable business practices in the ocean to foster future prosperity for this vital part of our ecosystem alongside the unique capabilities we have identified within the team. For this reason, we are delighted to become a cornerstone investor in this exciting venture”.
Dr. Tony Worby, Chief Executive Officer, Minderoo Foundation’s Flourishing Ocean, said: “In line with SDG14, our key objective through the Flourishing Ocean’s initiative is to return our ocean to a healthy thriving state. To facilitate this, we are committed to ending overfishing; ending the dumping of plastic, heat and CO2 in our ocean; supporting the sustainable use of ocean resources; conserving key habitats; and facilitating world class research. This is why we are supporting Ocean 14 Capital’s new venture that will invest in projects aligned to our objectives”.
Peter Bryant Senior Program Officer, Builders Initiative, said: “Builders Vision Fund is excited to be part of Ocean 14 Capital’s first close. Builders is committed to developing the ecosystem of businesses focused on ocean health and sustainability. We believe the team at Ocean14 Capital have the drive and commitment to lead this impact-focused growth fund for oceans to meaningful market investments that can improve the health of our oceans”.
Background information:
About Ocean 14 Capital
Ocean 14 Capital is a private equity impact investment firm focused on the United Nations’ Sustainable Development Goal 14 (SDG 14): Life Below Water. Founded in 2019, Ocean 14 Capital is a unique partnership between the Co-Founders of the Blue Marine Foundation, the Gottschalk family and Pontos Aqua, combining over 65 years of investment, impact and industry experience. The firm invests in growth-stage technologies and industries in the blue economy that can offer both environmental benefits for oceans and competitive financial gains for investors.
About the European Investment Fund (EIF) and BlueInvest
The European Investment Fund (EIF) is part of the European Investment Bank Group. Its central mission is to support Europe's micro, small and medium-sized businesses (SMEs) by helping them to access finance. BlueInvest is a European Commission initiative, supported by EIF, that aims to improve access to finance and investment readiness for start-ups, early-stage businesses and SMEs active in the blue economy. The programme has the backing of the European Fund for Strategic Investments (EFSI), the main pillar of the Investment Plan for Europe. The blue economy as a whole can play an important role in the transformation to a carbon-neutral economy by 2050, an ambition announced in the European Green Deal.
To learn more about then EIB Group and the Blue economy, click here for a full overview.
About the European Fund for Strategic Investments
The European Fund for Strategic Investments (EFSI) is the main pillar of the Investment Plan for Europe. It provides first loss guarantees enabling the EIB Group to invest in riskier projects. The projects and agreements approved for financing under EFSI have so far mobilised €546.5 billion in investment, benefitting over 1.4 million SMEs.
About Builders Initiative
Builder Initiative is a philanthropic team within Builders Vision that seeks to accelerate and catalyse change through grant making and impact investing in people and organisations on the frontlines of change. Builders Vision is an impact platform offering versatile philanthropic, investment and advocacy tools for people and organisations to build a more humane and healthier planet.
About Chr. Augustinus Fabrikker
Chr. Augustinus Fabrikker is an investment company with a more than 270-year-old history and extensive interests in the Danish business community. As part of a strategy to be a long-term, committed, and value-adding owner, the company’s portfolio comprises considerable ownership of successful and iconic Danish businesses such as Tivoli, Gyldendal, Jeudan, Royal Unibrew and Fritz Hansen.
Chr. Augustinus Fabrikker is a subsidiary of the Augustinus Foundation, which is among the largest cultural foundations in Denmark. With assets of more than DKK 40 billion Chr. Augustinus Fabrikker is a substantial party in the Danish business society. The asset base enables Chr. Augustinus Fabrikker to actively reinvest in Danish businesses as well of securing the philanthropic activities of the Augustinus Foundation.
https://augustinusfabrikker.dk/en/
About Minderoo Foundation
Established by Andrew and Nicola Forrest in 2001, the Minderoo Foundation is a modern philanthropic organisation seeking to break down barriers, innovate and drive positive, lasting change. Minderoo Foundation is proudly Australian, with eleven key initiatives spanning from ocean research and no plastic waste to ending slavery, collaboration in cancer and community projects.
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