IKEA stores operator furnishes sustainable seas fund with €30m
Sustainable seas fund Ocean 14 Capital has received €30 million from Ingka Investments, the investment arm of Ingka Group, which runs 392 IKEA furniture store franchises in 32 countries.
The investment means that Ocean 14 Capital has now raised €130m of its €150m target for the impact investment fund.
The fund takes its name and inspiration from United Nations Sustainable Development Goal 14: Life Below Water, and is seeking entrepreneurs and businesses with big ideas around aquaculture and alternative proteins, reducing plastic waste pollution, protecting ecosystems and marine flora, and ending overfishing.
Food security
Chris Gorell Barnes, co-founder of Ocean 14 Capital, said: “It is a real testament to the quality of our fund and intention that Ingka Investments has come on board in such a significant capacity.
“If there’s no ocean, there’s no us - it connects us all. It provides food security and plays a vital role in achieving the UN sustainability agenda.”
A dedicated session was held at the World Economic Forum in Davos, Switzerland, last month, where world leaders were told that building a sustainable blue economy represents “the future of human security”.
Shifting the dial
“Davos 2023 radically shifted the dial on the conversation this year,” said Gorell Barnes. “There is a powerful undercurrent of momentum emerging as people are increasingly waking up to the fact that ocean’s health is the engine to economic growth - and critical to national and global development.
“Is this the most important investment thesis of our time? We fervently believe yes. Without a healthy marine eco-system there is zero chance of humanity surviving.
“I’d like to think we are at the tipping point of where the blue economy becomes mainstream. In less than two years we have backed four ground-breaking growth-stage companies, doing extraordinary work. So, for Ingka Investments to recognise this just spurs us on further.
“Tackling climate change and food security is vital for retailers - ocean health has a direct positive impact for consumers and commerce.”
Investing with impact
Samuel Rundle, head of financial market investments at Ingka Investments, said Ingka Group was guided by the IKEA vision to create a better everyday life for the many.
He added: “Our aim is to invest with impact, delivering positive returns for communities and the environment for generations to come. Ocean health is critical to a cleaner and more inclusive recovery. We were very impressed with the strategy of the Ocean 14 team and are excited to support the acceleration of sustainable solutions to improve our oceans.”
In October last year, Ocean 14 Capital announced a €10 million investment in Tilabras, a Brazilian tilapia farmer that feeds its fish a vegetarian diet.
It has also invested in SyAqua, a shrimp breeding technology specialist; AION, a Norwegian plastic management platform that uses proprietary technology to offer ‘Circularity As A Service’ to large-scale industries; and MITO, an Italian clam hatchery and breeding company.
Ocean 14 Capital intends to grow its portfolio to 20-25 businesses within three years.
