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
Dhani Akbar
2020
This project partners with the local government agencies in Bintan (Marine and Fisheries, Agency of Environment and Forestry of Kepulauan Riau Province) to assess the concentration of plastic particles/fragments in sediment, as well as concentration and extent of oil pollution in Bintan island. They will also conduct a study on interrelationship between both pollutants (plastic and oil) and the local community’s perception of the problem, with an emphasis on creating post-assessment mitigation proposal.
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Bahamas
Region
Ecosystems and Species: Preservation & Restoration
Casey Harris
2021
This project is restoring Bahamian coral reefs and providing the next generation with tools to act as ocean stewards. The Bahamas Coral Innovation Hub located in South Eleuthera is a collaborative research and restoration initiative between The Cape Eleuthera Institute, Perry Institute for Marine Science, and The Nature Conservancy, aiming to reverse the decline of Bahamian reefs. They use the latest photogrammetry technology and methodologies to monitor coral restoration success and disseminate findings, providing information about the resiliency of coral genotypes local to Eleuthera.
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Japan
Region
Pollution Reduction: Circular Use, Waste Removal or Avoidance
Yuhei Hikada
2020
The objective of 久米島赤土等流出防止プロジェクト (Kumejima Red Soil Outflow Prevention Project) is to take measures against the outflow of red soil in Kumejima to prevent further damage to the island’s biodiverse coral reefs. Agricultural runoff accounts for more than 80% of the red soil smothering the reefs. Local elementary and high school students helped plant a green belt of Akabanana (Hibiscus), a native plant that serves as a windbreaker, and participated in educational activities.
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Indonesia
Region
Pollution Reduction: Circular Use, Waste Removal or Avoidance
Savira Aristi
2020
Uada aims to replace plastic packaging in the supply chain by making alternative containers using natural materials. The project also aims to educate end-users about the plastic waste and how to create more environmentally conscious consumption habits. Uada targets food containers at events (such as festivals) and food delivery packaging, and incentivizes and facilitates the switch in packaging materials - for which they will instead use deciduous dried leaf material to replace disposable plastic, which will biodegrade in 30 days.
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Kenya
Region
Pollution Reduction: Circular Use, Waste Removal or Avoidance
DYNA KAGENDO
2020
Based on the data collected during the International Coastal Cleanup events, land-based solid waste is the biggest contributor to marine litter along the Kenyan coastline. This team's overall goal is to help reduce and promote recycling of marine litter generated on Kenyan beaches for healthy oceans and healthy communities, through implementation of a waste management program through beach and river delta clean ups.
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United Kingdom
Region
Marine Data or Research
Althea Piper
2021
St Abbs Marine Station scientists will use drone surveys and underwater imaging techniques (a less expensive alternative to helicopter survey) to assess the health of herring spawning grounds off the northeastern coast of Scotland, an under-researched area that is currently classified as being of “indeterminate intensity.” This area used to be prolific spawning ground until stocks were depleted in the 1970s, and research has not taken place since the 80s. They will be using the help of local fisherman to help ID spawning grounds with an aim to implement regular monitoring.
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Hong Kong
Region
Ocean Data, Literacy & Research
Pik-fan Yu
2022
20 college students are trained as STEM instructors to educate primary school students about marine conservation, piloting archiREEF’s new initiative to integrate standing curricula about marine science in Hong Kong classrooms to ensure the next generation stewards the reef regeneration activities of archiREEF.
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Indonesia
Region
Ecosystems and Species: Preservation & Restoration
Imanda Hikmat Pradana
2020
The coral reef in the water off Liya Village has been consistently destroyed with bombs and cyanide in the last decade as fishermen have turned to these desperate measures to catch fish. Through Rare's Fish Forever Program in 2017, we were able to established a total of 739 ha of managed access + Reserve in Liya Village, providing local fishers with clear rights to access fish stock in the area. A community group named Posa'asa was also formed with the hope that it would enable fishers to have a platform to adopt more sustainable and better-regulated fishing behaviors. As part of this project, over 300 coral were planted.
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Indonesia
Region
Greenhouse Gas: Blue Carbon & CO2e Removal or Avoidance
Willy Angraini
2020
This project will educate students in Tidung Island (a small island near Jakarta that has been promoted by the local government for domestic tourism) about the SDG 14, and particularly about blue carbon ecosystems. The program starts with classroom lessons about the ocean and the SDG 14, followed by a mangrove and seagrass planting on the island. Students will then be in charge of regularly monitoring the growth of their mangroves and seagrasses.
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