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
Peru
Region
Blue Foods: Fisheries, Aquaculture, & Seafood Alternatives
Daniela Thorne Martinez
2023
Appescar is the only app in Peru that allows small scale fishers in six ports in northern Peru to report data about their fishing trips and increase participatory monitoring and traceability. With this grant, they will further develop the app to allow for a new “diver” user to track landings that have been challenging to monitor, which will complement existing data from “in port observers,” “on-board fishers,” and “buyer” users to inform decision-making in small scale fisheries. To create this user, they will interview artisanal divers in northern Peru (from Talara in Piura to Zorritos in Tumbes) to characterize the fishery and to identify at least 2 key divers willing to report their catches into the mobile app.
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Philippines
Region
Greenhouse Gas Reduction: Blue Carbon & CO2e Removal or Avoidance
Barbie Lyra Pitogo
2023
Beach Collective, with conservationist Barbie Lyra Pitogo, will implement a pilot of the use of cryptocurrency $BEACH as remuneration for mangrove restoration activities, accepted by a number of local businesses in the community. Through the app Beach Pay, anyone with a username can send or receive $BEACH. With this grant, several local businesses will be enrolled in payment loops and participants will learn, then implement, community-based ecological mangrove restoration (CBEMR) techniques. Fees on transactions are reserved exclusively for further environmental activities. The long term goals are to remove the fiat currency backstop, increase liquidity and incentives for planet-positive behaviors in the community, and absorb 840 metric tonnes of CO2 over 25 years.
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Indonesia
Region
Ecosystems and Species: Preservation & Restoration
Dennis Kurniawan
2023
Kaimana was designated as an Indonesian regional marine protected area in 2019 to protect, preserve high biodiversity and utilize the potential of fisheries. Based on annual reef monitoring, some reefs have recovered naturally, but in Namatota, active restorations are required due to the high level of damage. Dennis, a past SOA grantee and current fisheries specialist at the Environmental Defense Fund, will lead one of the first efforts to restore Kaimana’s corals, by installing 60 coral spiders and creating five coral nurseries to accelerate and sustain the restoration of degraded reefs and increase the population of critical species. Members from three local communities will receive coral conservation training, and project leaders will seek formal village regulation to enforce the protection of the marine ecosystem.
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United States of America
Region
Greenhouse Gas Reduction: Blue Carbon & CO2e Removal or Avoidance
Grey Gowder
2023
Halsey Creek is one of the last remaining tidal salt marshes on the Charleston peninsula and serves as a critical source of food, habitat, and protection for a variety of migratory and local birds. It is currently under threat of sea level rise, urban development and pollution, nonnative species intrusion, and degradation due to neighboring uses. SOA Charleston is partnering with the Marshkeepers, a neighborhood coalition of hydrologists, historians, artists, journalists, and students who seek to protect, restore and enhance this unique and threatened tidal creek. Together, we will reintroduce plant native species to Halsey Creek's plant biodiversity, as a showcase of community-led management and restoration to be replicated throughout our wider community and region.
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United States of America
Region
Ocean Literacy or Advocacy
Shannon Ball
2023
Ocean Uprise, a youth-led movement, hosts 2 virtual internships annually that bring together ocean leaders aged 16-26 years old to connect, be inspired by ocean experts, and learn how to design, plan, and put into action their own community projects #fortheoceans. This grant supported 20 interns in developing their own projects to create impactful change in their own communities; examples include: native plant restoration, cleanups, documentary screenings, educational talks, community inspiration events, artivism projects, fundraisers, and more. To date, 68 Ocean Uprise interns from 28 countries have participated, planting and restoring 5,800 native species, recovering 5,000kg of debris from cleanups, and educating 4,000 youth.
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Canada
Region
Ecosystems and Species: Preservation & Restoration
Bodhi Patil
2023
One World Breath–a youth-led, love-based, ocean-climate action movement–hopes to creatively draw attention to the fact that 80 percent of global biodiversity, including much of what produces the very oxygen we all need to breathe, is under the stewardship of Indigenous people. To share the story of Indigenous stewards who protect the marine ecosystems, they will create a short film focusing on the connection between kelp forests and Indigenous coastal people, and an original song and music video, filmed and directed by Craig Foster, director of "My Octopus Teacher."
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Kenya
Region
Greenhouse Gas Reduction: Blue Carbon & CO2e Removal or Avoidance
Josphat Nguu
2023
KMFRI, a key implementation partner of Mikoko Pamoja—the world's first community led mangrove restoration project and SOA grantee—will plant 5,000 mangroves and install efficient stoves in 50 households to mitigate the use of mangroves for firewood. They will conduct a rigorous study, including a control group, to quantify the amount of carbon dioxide emissions avoided through use of these efficient stoves. With this data, their aim is to incorporate this carbon avoided into the accredited offsets of Mikoko Pamoja and sister project Vanga Blue Forest, which are sold through the UK Charity ACES.
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Kenya
Region
Greenhouse Gas Reduction: Blue Carbon & CO2e Removal or Avoidance
Edward Mutwiri Mwikamba
2023
Mikoko Pamoja, and its sister project Vanga Blue Forest, pioneered the use of mangrove carbon credits to fund community based conservation and restoration of mangroves. The market for these credits is buoyant and growing. There is clear potential to apply the same approach to seagrass conservation. However the greater costs of measuring seagrass carbon, combined with the smaller total carbon stocks, makes full accreditation of seagrass carbon using current protocols and standards financially unviable. This project will develop rigorous but affordable methods of measuring and reporting seagrass health by comparing two methods: collecting and digitally analyzing video and images (utilizing artificial intelligence) versus manual monitoring (point count and transect methods). The goal is to implement the methodology that best allows for community based conservation funded by bundling recorded, but not accredited, carbon benefits with mangrove credits.
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Canada
Region
Blue Foods: Fisheries, Aquaculture, & Seafood Alternatives
Alexander Dungate
2023
OnDeck has developed a prototype that uses AI to identify fishing events that normally require human review. They conducted extensive interviews with the fishing community to ensure what they're developing meets their needs, differentiating their model from others in the space. With SOA support, they will pilot their FishInFrame model in commercial fisheries.
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