This past year marked major milestones for Sustainable Ocean Alliance (SOA) on our ocean impact investing journey.
In 2023, SOA deployed the most it ever has in a single year—$1.08 million USD in grants and investments, and another $694,000 through our affiliate venture capital fund, Seabird Ventures. This two-pronged approach helped startups face increasing fundraising challenges.
2023 saw higher interest rates, uncertainty surrounding the future of U.S. climate policies, and the climate venture market hit a 30% drop. Despite persistent obstacles, SOA is proud to have deployed $4.66 million uSD to visionary founders and grantees since 2018.
We were honored to launch the Ecopreneur Network and introduce the inaugural Class of 2023. In deepening our commitment to visionary ocean startup founders, we pioneered an entirely new model of support for the ocean-climate sector. This leap ushered in a new era of for-profit ocean innovation. Gone is the age of costly, time-bound accelerators. Our founders now receive lifetime venture support.
The mentorship and funding we’ve poured into the sector have advanced equity for ocean advocates of all ages, genders, geographies, and backgrounds. The proof is in the results: the average age of SOA grantees is 28; half of all Ecopreneur Network startups are female-founded or led, and 56% of all grant initiatives to date have been female-led. In 2023 specifically, $676,000 USD in investments and grants went directly to developing countries, and Indigenous people led 16% of grant-funded initiatives.
Measured against 30+ scientific metrics, the collective efforts of our investees and grantees have decreased pollution, reduced bycatch, mitigated greenhouse gases, and beyond—more so than in any previous year SOA has recorded.
This success is only possible thanks to SOA's supporters who fueled our unprecedented impact in 2023.
I know our founders and grantees will continue building on the foundation laid this past year. And 10 years after its founding, SOA is doubling down on our commitment to fueling their evolution, while ushering in new initiatives over this next decade.
Daniela V. Fernandez
Founder & CEO
Sustainable Ocean Alliance
SOA differentiates itself in the ocean impact space by being able to rapidly provide nimble, friendly capital to a diverse global community of ocean-focused people and organizations.
We added over 100 solutions to our porfolio in 2023, bringing our total to 376 (56 companies and 320 grants) across 83 countries since 2018.
Of the 130+ solutions who contributed data to the 2023 report, SOA and our affiliate venture capital fund Seabird Ventures have supported them to-date with over $4 million USD in grants and investments, enabling the creation of blue jobs and stimulating blue economies in critical ecosystems.
Data are from the time of first investment in 2018 and first grant in 2020.
SOA takes a unique approach to solving key ocean challenges by deploying capital through a combination of grants to grassroots orgs and leaders as well as investments in for-profit startups. This strategy has led to SOA supporting a diverse community of people driving ocean solutions and measuring a range of metrics and magnitudes.
For this report, SOA collected self-reported data from companies and grantees active in 2023. We analyze and aggregate data guided by a methodology informed by scientists, investors, startups, and ocean experts. We classify data by five critical ‘areas’ of impact that relate to UN SDG and Ocean Decade 2030 targets, and map to our goal to decarbonize, detoxify, regenerate, and replenish, the planet.
This report represents the work of hundreds of people dedicated to restoring ocean health and we are indebted to them as the driving force behind SOA.
—
Craig Dudenhoeffer
Chief Impact & Investments Officer
Co-founder, Ocean Solutions Accelerator
Taylor Garrett
Associate Director of Grants & Impact
2023 IMPACT: 28,212 Tonnes of CO2 Avoided or Removed | 16 Countries
Decarbonization was a focus of our 2023 grantmaking and investments strategy. As a result of increased capital deployed as well as scaling by previously supported solutions, the amount of carbon dioxide removed and avoided increased significantly as compared to 2022. An estimated 18,959 tonnes was sequestered by blue carbon ecosystems (mangrove, seagrass, marsh, kelp) and 9,253 tonnes was avoided, primarily through more efficient and sustainable material production. According to the EPA, the average passenger vehicle emits 4.6 tonnes of carbon dioxide per year, so these reductions are roughly equivalent to taking over 6,000 cars off the road for a year.
2023 IMPACT: 17,981 Tonnes of Solid Pollution Avoided or Removed and 4,000 Tonnes Upcycled | 26 Countries
Detoxifying our planet requires removing waste and avoiding creating even more through efficient use and re-use, as well as maintaining ecosystems that naturally filter and remove waste. In 2023, SOA solutions removed 12,400 tonnes of pollution, primarily in India, Indonesia, Kenya, Colombia, Ghana, Guatemala, and the United States. Over 5,000 tonnes of waste was avoided, mostly by startups implementing alternative solutions for product, packaging, and fishing gear. In addition to mitigating solid waste, over 150,000 cubic meters (60 Olympic swimming pools) of water wasn’t polluted by toxic brine or agricultural runoff thanks to solutions leveraging bio and technical remediation.
2023 IMPACT: 227 Hectares of Coastal Ecosystems Restored | 19 Countries
Regenerating ecosystems is a broad category, but in terms of 2023 SOA solutions it predominantly means seeding and monitoring mangroves, seagrass, kelp, marsh/estuaries, and reefs. In 2023, 60% of all area restored was mangrove forest, and over 35,000 mangroves were planted. Over 10,000 corals were planted across the Bahamas, Indonesia, Madagascar, Tanzania, Brazil, and Timor-Leste, and 736 hectares of coastal ecosystems were monitored for ongoing restoration progress. The average New York City block is two hectares, meaning a relatively small group of organizations restored over 100 city blocks in a year.
2023 IMPACT: 4,203 Tonnes of Blue Food Generated and 215 Tonnes of Catch Avoided | 16 Countries
Replenishing our fisheries requires improving monitoring and fishing practices, expanding biodynamic aquaculture and mariculture, and implementing more sustainable alternatives to environmentally taxing foods and agricultural processes. Exploring the impact of kelp as a sustainable food source and carbon sink was a focus of 2023 grantmaking, and included: grants to three farms in Alaska and British Columbia; researching kelp and potential farming impacts in Ireland and Namibia; and using AI to estimate its biomass in Canada and the Philippines. Over 200 square kilometers of fisheries were monitored by advanced technologies meant to improve efficiency and reduce waste, and 405 vessels were using new tech to make fishing more sustainable.
2023 IMPACT: 1.9M Hours of Data Collection, 139 Reports Published, 12,325 People Trained, 136,566 People Engaged by Grant Initiatives | 36 Countries
This impact area pertains to equipping decision-makers and the next generation of ocean advocates with accurate data, as well as providing education, opportunities, and exposure to people that need it most. Many of the recipients are students and young grassroots leaders (average age of 26) working on small but locally impactful initiatives. Advocating for a moratorium on deep sea mining was a focus in 2023, and grants supported activation in 14 countries and helped increase the number of signatures on SOA’s joint petition for a moratorium to over 300,000.
In 2023, SOA awarded 98 grants and invested in 12 companies—operating across a combined 61 countries—in addition to welcoming 11 new companies to the Ecopreneur Network. The average SOA grant was $5,930 and the average investment amount was $71,800 by SOA and $138,800 by Seabird Ventures.*
Of all capital deployed, 38% supported operations in developing countries and $302,000 was invested in companies that joined the Ecopreneur Network in 2023.
SOA funded more grants and investments in 2023 than any previous year.
*All dollar amounts are in USD.
Grant
United States of America
Region
Greenhouse Gas Reduction: Blue Carbon & CO2e Removal or Avoidance
Briana Murphy
2023
The Alaska Mariculture Task Force has identified securing seed supply through hatcheries as the number one recommendation to meet the challenges facing the mariculture industry in Alaska. In 2020, there were 25 permitted aquatic farms and only five licensed hatcheries within the state capable of producing seed string for farmers, three of which produce seed exclusively for farms affiliated with their hatchery (Alaska limits the distance a hatchery can be from a farm). Fisherman Fresh proposes to meet the demand for kelp seed through its mobile kelp hatchery (housed on a fishing vessel), which they will upgrade to be run entirely by solar panels. They plan to seed 11 acres of farmed kelp by November 2023.
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United States of America
Region
Pollution Reduction: Circular Use, Waste Removal or Avoidance
Franziska Trautmann
2023
Glass Half Full recycles glass into sand and gravel for coastal restoration, disaster relief, and new glass products with backing from the National Science Foundation. Co-founder and CEO, Franziska, was born and raised in Louisiana, where she experienced the local coastal erosion crisis and lack of recycling options. While a senior at Tulane University, she co-founded Glass Half Full alongside Max Steitz to tackle these two issues. Before Glass Half Full started, there was no glass recycling in the entire state of Louisiana and even most of Mississippi. Now, since its inception in a backyard in 2020, they recycle over 150,000 pounds of glass every single month into sand and gravel. While they have a robust pickup program with over 1,600 customers, they seek to generate new revenue through the development of novel glass products, which requires investment in machinery, design, and training. With increased revenue comes increased capacity to turn glass into sand to mitigate coastal erosion. This grant will support them in purchasing a new glass-blowing kiln to produce larger products, train more glassblowers, develop and market new products, and restore coastal lands in partnership with the Pointe au Chien Indian Tribe.
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United States of America
Region
Blue Foods: Fisheries, Aquaculture, & Seafood Alternatives
Tyler Rochen
2023
Violet Cove is an oyster and seaweed farm managed by Susan Wicks, a former WNBA player who grew up on her father's oyster farm. With SOA grant support, Crew Chief Tyler Rochen will lead their effort to plant and harvest 4,000 linear feet of sugar kelp (which they will process into flakes), and monitor the impact on the oysters. With assistance from researchers at the Gobbler Lab at Stony Brook University, they will measure the amount of nitrogen, phosphorus, and carbon uptake at their farm. They will spread the word about seaweed as a soil amendment, speaking at libraries and sharing their product with local organic farmers.
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Guatemala
Region
Blue Foods: Fisheries, Aquaculture, & Seafood Alternatives
Andrés Muñoz Ruano
2023
For three years, SOA has supported Andrés and Josue and their initiative to build an insect farm, rearing crickets and mealworms for fish-feed pellets for regenerative aquaculture in Santa Cruz Quixayá, Guatemala. Working with the Integral Cooperative of Mayan-indigenous peasants, and with local farmer Josué and his family, they constructed the farm (reproduction area), using natural raw materials like bamboo and mud bricks, and conducted natural building (ancestral techniques) workshops for 5 farmers. With this grant, they will complete the processing center and incubation room , equipping it with the materials necessary to process the crickets and mealworms and distribute them to aquaculture farmers in the community of Quixaya and surrounding communities as an alternative to industrial fish-meal, helping them achieve sustainability within their livelihoods and increase overall community resilience. This project seeks to solve one of the most important problems in the ocean: the over-exploitation of fish populations for the production of animal feed.
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Cameroon
Region
Greenhouse Gas Reduction: Blue Carbon & CO2e Removal or Avoidance
Anthony Duxell Malle
2023
LINAT (Light for Nature) is a new organization founded by young Ocean Leader Anthony Duxell Malle, dedicated to environmental conservation through direct action and behavior change. With the grant they received in 2022, they planted over 1,100 mangroves and restored 5 hectares, establishing two mangrove nurseries in collaboration with UBGEOSA. They held workshops reaching 2,345 people across four local communities, teaching the importance of mangrove preservation. Their goals for 2023 are to lay the groundwork for a mangrove eco-park and seek third-party certification for their mangrove restoration activities through verifier RESTOR.
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Ireland
Region
Ecosystems and Species: Preservation & Restoration
Tom Venrooy
2023
Agora Solutions, a Netherlands-based startup founded and led by recent graduates of TU Delft, will use this grant to pilot their research into the effects of kelp farming on local ecosystems, beginning in Mulroy Bay, Ireland. The data they collect inform a predictive model that seaweed farmers can use for decision-making and continuous monitoring, as well as a measurable carbon reduction method linked to seaweed cultivation. They have built the first version of their demo, and seaweed farmers will test it in the field over the course of 2023. Overall, this project aims to support a better understanding of the effects of large-scale seaweed cultivation on the environment.
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Madagascar
Region
Ecosystems and Species: Preservation & Restoration
Jeimila Donty
2023
Born and raised in Madagascar, Jeimila founded Koraï in 2022 a company that aims to restore African coastal ecosystems. This grant supports them in growing 2,000 corals and hire a biologist to undertake a feasibility study to establish an active restoration site and MPA off the northern coast of Madagascar.
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Gambia
Region
Greenhouse Gas Reduction: Blue Carbon & CO2e Removal or Avoidance
Muhammed Nyass
2023
In 2022, with the support of an SOA grant, GREAT Institute planted 10,000 mangroves over 2,500 square meters, and trained 15 students on restoration and monitoring as part of the RREMEDY I project. This project will continue monitoring the growth and survival rate of the newly planted mangroves at Sankandi Village, and train an additional 45 University students in environmental and marine science. The project will introduce to students mangrove ecosystem services, including quantifying carbon sequestration in the Tanbi Wetland National Park and Sankandi Village, and providing important benefits for local indigenous people, rice farmers, and oyster harvesters. This is the fourth SOA grant awarded to GREAT Institute.
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United States of America
Region
Greenhouse Gas Reduction: Blue Carbon & CO2e Removal or Avoidance
Skye Steritz
2023
Noble Ocean Farms (NOF) is a three acre regenerative kelp farm that's building capacity and local food sovereignty in an isolated community on traditional Eyak land in Alaska. Kelp is a nutrient-dense sea vegetable that has strong cultural significance for Indigenous communities, and it naturally removes carbon and improves water quality. In 2022, NOF doubled their growing capacity, provided kelp as part of free school lunches, and trained local people on how to grow kelp with the support of the SOA Leadership for Climate-Resilient Fisheries Fellowship. With this grant, they will provide an in-depth internship and training for an Alaskan tribal youth interested in kelp farming, as well as plant 8,000 feet of new kelp seed.
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