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Aninver Development Partners is a boutique advisory firm and leading blue economy consultancy working on assignments around the world with public and private clients and DFIs. 

The blue economy, encompassing the world's oceans and maritime industries, has become a focal point for both environmental conservationists and savvy investors alike. As our planet grapples with the challenges of climate change, resource scarcity, and sustainable development, the blue economy presents a unique opportunity to address these pressing issues while also reaping significant financial rewards.

According to the World Bank, the blue economy is the "sustainable use of ocean resources for economic growth, improved livelihoods, and jobs while preserving the health of ocean ecosystem."

In recent years, private investors have increasingly recognized the potential of the blue economy, not only as a means to generate profits but also as a way to contribute to the preservation and responsible utilization of our marine resources.

This article delves into the world of private investors who are diving headfirst into the blue economy, exploring the motivations behind their investments, the sectors they are backing, and the positive impact they are making on our oceans and coastal communities. 

Join us on this journey beneath the waves as we list the most active investors making an impact in the blue economy. 

Sustainable Ocean Fund

Althelia Sustainable Ocean Fund (SOF) creates investor value and social impact by providing growth capital to companies that harness the ocean’s natural capital. The fund is building a blended portfolio of sustainable seafood, circular economy and conservation focussed businesses. alterDomus is the fund manager and Mirova is the investment advisor.

The fund completed its first close in June 2018 and its final close in May 2020. It is an impact fund that invests in predominantly emerging market enterprises and projects in three key areas – sustainable seafood, the circular economy and ocean conservation – to improve their sustainability and efficiency. It is an eight-year, closed end fund, which will end in June 2027.

SOF provides loans, equity and quasi equity to enterprises and projects in its portfolio, and sometimes a mix of these.

• Location: London (UK)
• Target sector: Aquaculture sector. The fund will invest in marine and coastal projects and enterprises that can deliver sustainable fisheries, marine conservation, improved livelihoods, and economic returns.
• Target investment: N/a
• Target location: Global scope with a focus on developing Countries (Latin America, Asia Pacific, Africa)
• Fund size: >$132 million
• Contact details: Simon Dent

Aqua-Spark Funds

Aqua-Spark is an investor with a focus on sustainable aquaculture businesses around the world. It invests in small to medium enterprises that are working towards the production of safe, accessible aquatic life, such as fish, shellfish, and plants. The company was founded in 2015 and is based in Utrecht, Netherlands.

• Location: Utrecht (Netherlands)
• Target sector: Aquaculture sector. 
• Target investment: It invests in small to medium enterprises.
• Target location: Global
• Fund size:  Aqua-Spark has raised several funds. Aqua-Spark has grown their assets under management (AUM) to over €450 million since its inception in 2013.
• Contact details: +31 (0)30 8200369 // info@aqua-spark.nl

BlueForwardFund™ (Seventure Partners)

The BlueForwardFund™ will invest in companies aiming to leveraging these opportunities and that operate in related areas. This includes blue biotech, biomaterials, bioplastics, cleantech, including blue hydrogen and other blue renewables sources, sustainable aquaculture, waste and circular blue economy, digital ocean, with a renewed commitment to sustainability, ocean preservation and actionable solutions to address growing problems due to the climate change

• Location: Paris (France)
• Target sector: Blue biotech, biomaterials, bioplastics, cleantech, blue renewables, sustainable aquaculture, waste and circular blue economy, digital ocean.
• Target investment: The fund will invest in 20 companies from seed to late-stage venture, growth and pre-IPO stage. Tickets ranging from €500k and €5m per round and up to €10m per company.
• Target location: Its main geographic focus will be in France and Europe, but will also consider opportunistic investments in Israel, North America and Asia.
• Fund size:  Final close target to exceed €130 million
• Contact details: contact@blueforwardfund.com

Growth Blue Fund I

The Fund, managed by Growth Capital Partners, will invest across all sectors of the blue economy in Portugal. It targets start-ups, microenterprises and SMEs with significant innovation and growth potential. The Fund will focus around the value chains of the following preferred areas of investment such as aquaculture, given the centrality of the sector for the Portuguese economy; Blue bioeconomy; Offshore energy, or other sources of energy such as waves, tide or algae. Technologies that currently offers solutions applied to different sectors of the blue economy and that are accelerating the efficiency and competitiveness of such companies.

Launched in 2022, it has an investment period of 3 years.

• Location: Cascais, Portugal
• Target sector: Blue bioeconomy, blue renewables, aquaculture, digital ocean.
• Target investment: Start-ups, microenterprises and SMEs. Growth Blue Fund aims at investing in 8 to 12 companies with equity and quasi-equity tickets above €1.5m. 
• Target location: Portugal
• Fund size: The fund is targeting a total size of €50m. Raised €28 million in 2022.
• Contact details: welcome@growthpartners.capital // +351 21 199 16 11

Ocean 14 Capital Fund 1

Ocean 14 Capital Fund 1 is a buyout fund managed by Ocean 14 Capital. The fund is located in London, United Kingdom and invests its two third of the fund size in European companies and the remainder aim to invest in the rest of the world. It invests in 20 to 25 companies within 3 years. 

• Location: London (UK)
• Target sector: 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
• Target investment: As a Private Equity firm, O14C invests in industrial core, low-risk, high-return investment opportunities. Companies with proven business models at the beginning of the growth stage.
• Target location: 2/3s in Europe and 1/3 rest of the world
• Fund size: As of August 2023, the fund has surpassed its original €150 million (US$164 million) target. The fund now aims to raise €200 million by the end of 2023.
• Contact details: welcome@growthpartners.capital // +351 21 199 16 11

Indico Blue Fund

Lisbon VC Indico Capital Partners launched in 2021-2022 the Indico Blue Fund. The €50 million VC and growth equity fund will target Blue Economy startups and SMEs operating out of Portugal. So far €36 million has been raised, with the €50 million target expected later this year. More than half of the LPs are from outside Portugal, notably from the United States.

The fund will invest from pre-seed to growth stages, investing between €100,000 and €5 million per company, in tech that will have a positive measurable contribution towards the UN’s Sustainable Development Goals (SDGs), in particular SDG 14 aimed at “Life underwater”.

The fund has a 10-year duration and no lock-up period. 

• Location: Lisbon (Portugal)
• Target sector: Sustainable Aquaculture and Fisheries, Blue BioTech, Digital Ocean, Waste and Circular Economy, Green shipping, Ocean Renewable Energy and other sectors
• Target investment: Pre-seed to growth stages, investing between €100,000 and €5 million per company
• Target location: Global (known investments in USA and Europe)
• Fund size: As of August 2023, the fund has surpassed its original €150 million (US$164 million) target. The fund now aims to raise €200 million by the end of 2023.
• Contact details: futureunicorn@indicocapital.com

Katapult Ocean Deep Blue Fund

Katapult is an investment company, focused on highly scalable impact tech startups. 

The objective of the fund is investing for measurable market returns and positive environmental impacts within ocean domains. To achieve its objective the fund invests in companies with business models which aim to solve climate and biodiversity challenges, and/or provide sustainable sources of food, materials, and clean water.

Katapult's award-winning accelerator program combines 90 days of intense workshops, network & learning sessions with €150,000-€500,000 investments.

• Location: Oslo (Norway)
• Target sector: Ocean organics (seaweed, algae, alternative proteins, organic materials), Energy systems (wind, solar, wave, tidal propulsion systems, fuel types, storage, enabling technologies) and Circular resources (ocean regeneration and biodiversity, clean water, and waste management)
• Target investment: Early stage investments between €150,000 and €500,000 in each of the companies
• Target location: N/a (known investments in Europe)
• Fund size: Total fundraising target of €50m by the end of 2023, with a hard cap of €75m
• Contact details: hello@katapult.vc

Faber Blue Pioneers Fund

Faber Blue Pioneers I is a venture capital fund, managed by Faber Capital SCR, SA, which focuses on investing in early-stage technology companies from all sectors, with innovation capacity and growth potential that qualify as SMEs at the time of the first investment and that are developing technology solutions for climate action or for fostering sustainable Blue Economy Activities, and with a clear alignment with the UN SDGs, namely SDG 13 ("Take urgent action to combat climate change and its impacts") and SDG 14 ("Conserve and sustainably use the oceans, seas and marine resources for sustainable development").

• Location: Lisbon (Portugal)
• Target sector: Innovative applications of deep technology to achieve high positive impact on ocean sustainability, ocean health and decarbonization, including themes such as Blue Biotech, Food & Feed, Decarbonization & Plastics and Ocean Intelligence. The Fund may also seek to invest in other technologies for positive impact in the Desalination & Fresh Water and Clean Energy areas.
• Target investment: The Fund shall exclusively target investments in SMEs, under the form of equity investments and / or Hybrid Debt / Equity Investments (20-25 early-stage companies)
• Target location: Primarily Portugal and Southern Europe
• Fund size: €30 million
• Contact details: pitch@faber.vc

SWEN Capital Partners’ Blue Ocean

SWEN Blue Ocean is an impact venture capital fund that invests in start-ups providing solutions to three major threats of the oceans: climate change, pollution, over-exploitation (mostly over-fishing). Each of their investments targets a systemic impact that is validated by an impact committee with independent experts from the field of ocean science & conservation. 

Blue Ocean fund is the largest global fund in the category.

• Location: Paris, France
• Target sector: Sustainable aquaculture, ocean data, plant and cell-based seafood, alternatives to single-use plastic, renewable marine energies and decarbonization of maritime transport.
• Target investment: Innovative (primarily start up) companies
• Target location: Global
• Fund size: €170 million
• Contact details: +33 (0)1 40 68 60 74

Hatch Blue's Blue Revolution Fund

Hatch Blue’s second fund, The Blue Revolution Fund (BRF), will support the growing demand for innovation in the aquaculture sector while actively working to develop more sustainable and regenerative industry practices. To verify the impact, the fund is working with an independent third-party to assess the investment before financing is approved and will continue to monitor and report on the investment’s progress.

• Location: Cork (Ireland)
• Target sector: The fund focuses on investing in impactful sectors, such as next-generation farming systems, regenerative farms, alternative seafood, aquaculture ingredients, nutrition, farm software/hardware, health and genetics.
• Target investment: €500K to €5 million
• Target location: Global
• Fund size: N/a
• Contact details: info@hatch.blue

Bluefront Equity's Bluefront Capital I

Bluefront Equity AS is a Norwegian investor investing in companies with products, services and technology that contribute to a more sustainable seafood value chain.

The fund is the Nordic region’s only independent private equity fund that focuses exclusively on the seafood industry.

• Location: Oslo (Noway)
• Target sector: Digitalization and automation, hygiene systems, increased quality and traceability, ocean and fish health, as well as innovative production methods such as land-based farming, new offshore farming methods and traditional farming in new emerging markets.
• Target investment: Small and medium-sized seafood companies
• Target location: The fund has a global mandate, but will mainly invest in Europe with a special focus on Nordic and Norwegian companies.
• Fund size: N/a
• Contact details: kh@bluefrontequity.com // sl@bluefrontequity.com

8F Aquaculture Fund I & 8F Aquaculture South-East Asia Fund

8F Asset Management Pte. Ltd. manages private equity funds that invest in vertically integrated aquaculture production and processing facilities, using land-based sustainable Recirculating Aquaculture System (RAS) technology, creating material positive social and environmental impact.

• Location: Singapore
• Target sector: Fund I invests in the aquaculture, cleantech, and Agtech sector of the United States, Poland, France and Japan. The newly-raised South-East Asia fund will be deployed towards the construction and operation of a 10,000 tons per annum Recirculating Aquaculture System (“RAS”) facility in Brunei for distribution to the regional market. 
• Target investment: Mature companies
• Target location: Fund I global and the other fund South-East Asia.
• Fund size: Fund I closed oversubscribed in 2020 with US$ 360 million & the Aquaculture South-East Asia Fund is targeting $120 million
• Contact details: contact@8f-am.com

pH3 Capital Ventures - Beyond Blue EIS Fund

pH3 seeks to not only fill the existing funding gap with more patient capital but to build a dedicated ecosystem that can support ventures operating within the blue green economy at each stage of their development path.

• Location: UK
• Target sector: Ocean energy, Marine biotech, Aquaculture and fisheries, Ocean intelligence. Ports infrastructure and services, Waste recycling and circular economy, Green ship building, Green fuels, Coastal protection, Marine coastal tourism
• Target investment: Seed capital
• Target location: Global
• Fund size: N/a
• Contact details: info@ph3.co.uk

Please, get in touch if you want to list your investment firm or fund in this selection of investors.