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
Indonesia
Region
Pollution Reduction: Circular Use, Waste Removal or Avoidance
Falasifah -
2020
Semarang, Java has heavily polluted beaches, including Mangunharjo beach, which is directly adjacent to local fishermen housing, and many low-income families. Due to lack of education and resources, many residents of this area throw litter in the ocean and the local estuary. Recently, women in the village have begun to make waste bank and upcycle their garbage into handicrafts, which they would like to sell for a living; but they lack the tools and training to develop and create a market for these items. This project aims to "accelerate" their handicraft enterprises.
Learn MoreGrant
Indonesia
Region
Ocean Data, Literacy & Research
Muh Rifai Sahida
2020
Mamuju Eco-Z Camp and the Pandemic Underwater Festival are efforts to increase public awareness (especially generation Z) about waste management and the environment. Mamuju Eco-Z Camp is a 3 day program for selected students in Mamuju and educates 35 high school students on project leadership and encourages them to start their own environmental campaign in their own schools.
Learn MoreGrant
Lebanon
Region
Pollution Reduction: Circular Use, Waste Removal or Avoidance
Laura Khatib
2021
The aim of this project is to clean up 5 tons of marine debris from Byblos' sea floor, including fishing nets and lines, plastic bags, cans, face masks, tires and all kinds of man-made pollution. Guardians of the Blue works in symbiosis with Byblos' diving club Xiphias Diving to provide divers who come to the club the necessary equipment to pick up marine debris during their dives, and educate them on the impacts of pollution on marine life.
Learn MoreGrant
Sri Lanka
Region
Ecosystems and Species: Preservation & Restoration
Roshima Vithanage
2021
This project will expand a coral nursery for a small scale reef rehabilitation (planting 25 new corals) in Southern Sri Lanka as well has train 5 ocean ambassadors to monitor the coral sites. They will also collect marine debris (500kg) and develop a program for ocean literacy to promote sustainable development and begin implementation in schools in the region as well as conduct teacher trainings.
Learn MoreGrant
Sri Lanka
Region
Ecosystems and Species: Preservation & Restoration
Roshima Vithanage
2020
The grant will be used to set up a coral nursery in the Southern Province of Sri Lanka. After establishing the artificial coral nursery and reef, further research will be conducted involving policy makers in Sri Lanka to establish a marine protected area in the southern coastal belt. The grant also will be used to establish a school curriculum in Sri Lanka on ocean literacy and education.
Learn MoreGrant
France
Region
Ocean Data, Literacy & Research
Louise Delion
2021
The Phoenix Expedition will be making a journey from France to California in order to document and promote local solutions to regenerate marine ecosystems with a focus on Blue Carbon and CO2 emissions avoidance. Ahead of the voyage, this project will be using social media platforms and partnerships to create educational material to raise awareness around Blue Carbon. Ten percent of all funds received will go towards restoration of coastal habitats with local partners that are visited throughout the journey.
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Vietnam
Region
Ocean Data, Literacy & Research
Lisa Chen
2020
There are multiple serious environmental problems in Vietnam including overfishing, irresponsible tourism, and lack of environmental literacy, waste management and government regulations to tackle these problems. This initiative is a seed project to establish a baseline for a bigger long-term marine environmental conservation, education, and research project. Interactive, educational activities will be conducted after identifying knowledge gaps in the environmental literacy of locals and ex-pats through discussion-based meetings.
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Spain, Ireland
Region
Pollution Reduction: Circular Use, Waste Removal or Avoidance
Alicia Mateos Cárdenas
2020
This project carries out clean up activities and monitoring of litter and microplastics in the Sanguino River and streams near a protected coastline located in Maro-Cerro Gordo Cliffs Natural Area (Nerja and Almuñécar, Spain). Activities include cleanup and litter characterization, analysis of water samples for microplastics by infrared spectroscopy (FTIR), training citizen scientists to maintain fieldwork, and communicating project impact with local policymakers and stakeholders.
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Indonesia
Region
Ecosystems and Species: Preservation & Restoration
Rosita Ayu Meidyana
2020
Kelapa Dua is one of the many small islands in Kepulauan Seribu. The island/waters are part of a National Park system, and the island itself is heavily influenced by tidal waves. In order to help protect the coastline from erosion, this group has proposed a coral reef restoration/artificial reef project. The plan is to use a concrete transplantation method to plant a test track of reef, to monitor the growth of the transplanted corals, to hold a training session for the Island society, and to work with the local government to impose limitations on human activity in the transplantation area.
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