Investment firm Ocean 14 Capital has bagged a further €30m (£25.8m) funding commitments for its fund aiming to improve the condition of the seas.
The ocean investor’s newest commitment is made up of €20m (£17.2m) from insurance business Convex, and €10m (£8.6m) from family offices and high net worth individuals.
Large investments so far include €10m into both Brazil-based animal protein producer Tilabras and Norwegian seafood harvester gear maker Ava Ocean.
Founding partner of Ocean 14 Capital, Chris Gorell Barnes, said: “We believe that the fund’s strategic investment in Ava Ocean is significant. The global export market for scallops is worth an estimated $2.5 billion, but most of the scallop fishing industry uses dredging methods which have a devastating effect on seabed ecosystems and biodiversity.”
Over the next three years, approximately 20-25 companies will be added to its portfolio, Ocean 14 said.
Ocean 14 Capital’s fund now stands at €160m (£137.5m) and is expected to be €200m (£171.8m) before 2024.
In past tranches, the London-based investor has netted capital from the European Investment Fund, Skype co-founder Niklas Zennström and the sovereign wealth fund of Monaco.
“We want the blue economy to become mainstream as ocean health has a direct positive impact for consumers and commerce globally,” added Barnes.