Ocean 14 Capital, the London-based investment group targeting startups in the “blue economy”, has added €30m (£26.6m) to its impact fund.
The new investment follows a funding boost of £8.6m from the Constitutional Reserve Fund of Monaco.
The investor created the €150m fund to grow its portfolio to 20-25 companies within three years. The fund has currently backed four firms.
Ocean 14 Capital believes that the blue economy, which is clean tech in support of the ocean, will be one of the most significant investment areas going forward.
“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,” said Chris Gorell Barnes, co-founder of Ocean 14 Capital.
“Is this the most important investment thesis of our time? We fervently believe yes. Without a healthy marine ecosystem, 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.”
The investment came from Ingka Investments, the investment arm of the parent company of Swedish homeware retail giant IKEA.
“Ingka Group is guided by the IKEA vision to create a better everyday life for the many. As a purpose-led company, our aim is to invest with impact, delivering positive returns for communities and the environment for generations to come,” said Samuel Rundle, head of financial market investments at Ingka Investments.
“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.”