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
India
Region
Ecosystems and Species: Preservation & Restoration
Sarita Fernandes
2022
Sarita, founder of social enterprise Kasoi based in India, will pilot the removal and marketable uses (creating products for sale) of invasive seaweed, lionfish, and other species.
Learn MoreGrant
Sri Lanka
Region
Ecosystems and Species: Preservation & Restoration
Fathima Shamla
2022
EarthLanka will run a campaign advocating for a deep seabed mining moratorium, collect data and solicit youth contributions for a research paper about deep seabed mining, and build awareness of the issue in Sri Lanka to influence government protection of marine resources.
Learn MoreGrant
Haiti
Region
Ecosystems and Species: Preservation & Restoration
Katie O'Hara
2021
Loggerhead Marinelife Center & the Haiti Ocean Project aim to provide local Haitian youth with the resources and knowledge to develop Haiti's first children's book on the importance of protecting sea turtles. This book will be written and illustrated by local Haitian students and distributed throughout Haiti’s fishing communities to educate and empower youth as future leaders in ocean conservation.
Learn MoreGrant
Mexico
Region
Pollution Reduction: Circular Use, Waste Removal or Avoidance
Silda Valeria Ortiz Sosa
2021
This organization collects debris from the beaches of Southern Quinana Roo in the village of Mahahual, Mexico and upcycles the waste into jewelry and other arts and crafts. As part of this grant, they will select six youth from the community to participate in the process from start to finish: participating in cleanups, shredding and repurposing of the waste, creation of salable art, and marketing of the project and artifacts through social media and web channels.
Learn MoreGrant
Uganda
Region
Pollution Reduction: Circular Use, Waste Removal or Avoidance
Johnmary Kavuma
2020
Upcycle Africa believes that attaching economic benefit to plastic waste is the way to curb its accumulation. Most of the people on the shore of Lake Victoria live on less than 2 dollars a day, especially women. They educate communities on the threats posed to mother earth and change their mindset on the way they think and discard plastic waste. With their waste collection program we collect plastic waste from beaches, streets and bus stations ensuring a clean and safe environment.
Learn MoreGrant
Romania
Region
Marine Data or Research
Marian Paiu
2021
SOA Romania and NGO Mare Nostrum used a research sailing vessel to collect data among the Romanian coastal waters. The two indicators researched were cetaceans (a bioindicator) and marine debris/litter (a pressure indicator). Through press releases and social media, they shared their results at local and national levels with over 4,000 people to inform national authorities and civil initiatives working towards coastal management, conservation, and more.
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Thailand
Region
Pollution Reduction: Circular Use, Waste Removal or Avoidance
Chanintorn Pensute
2020
Chiang Mai University students collected 20kg of waste from the Chiang Mai - Mae Kha Canal. Their work was filmed for the production of a short documentary.
Learn MoreGrant
United States of America
Region
Ocean Data, Literacy & Research
Alexandra Doudera
2020
Saltwater Classroom is a nonprofit that runs weeklong workshops focused on ocean science and conservation for young students. Through SOA support, Saltwater Classroom has pivoted our in-person programming to the virtual world, creating a unique opportunity for students across the world to connect with one another and learn from ocean experts. In November, Saltwater Classroom ran a three week virtual workshop that featured live sessions, encouraged hands-on activities, and fostered creative inquiry amongst its participants.
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Mozambique
Region
Ocean Data, Literacy & Research
Claudia Machaieie
2020
This program intends to solve problems such as the lack of knowledge related to marine life and marine pollution, aiming to educate children to become ambassadors or protectors of the oceans in the future. The plastic found on the beach during cleanup activities can be used to produce household items, toys, and more objects from a 3D printer, thereby vitalizing this program by selling these produced goods.
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