A fund that aims to tackle ocean pollution, over-fishing, and climate change has now raised almost €100mln following its latest fundraising round.
The Blue Ocean Fund, which is managed by SWEN Capital Partners, has raised €43mln from institutional investors this week, keeping it on track to reach its target of €120mln for the year.
Created at the World Conservation Congress in September 2021, the venture capital fund plans to deploy its target €120mln across 20 to 25 start-ups working in areas including sustainable aquaculture, ocean data and alternatives to single use plastics.
Christian Lim, managing director of the SWEN Blue Ocean team, said: “We believe ocean impact investing is on a path to becoming mainstream and we remain committed to playing our part in this evolution by providing an innovative platform to international institutional investors.”
A 2019 study produced by the Marine Pollution Bulletin estimated the economic cost of plastic pollution to be up to US$33,000 per tonne.
The fund is among the latest in a line of similar funds that includes the European Investment Banks’s Sustainable Ocean Fund, while Ocean 14 Capital completed an €80mln first close in its own ocean-friendly fund last December.
These funds will hope to make gains off the back of fears around revenue losses from seafood shortages, and the environmental and economic impact of rising sea levels.
The key backers of the fund have been pension funds, insurance companies, banks and family offices in the US and Europe, Paris-based SWEN said.