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
Trinidad and Tobago
Region
Ecosystems and Species: Preservation & Restoration
Khadija Stewart
2022
The International Seabed Authority (ISA) is based in Jamaica and determines the fate of seabed mining permits for deep sea mining anywhere in the world. Khadija's project raises the voices of Caribbean youth and local awareness of the uncertainties and harm surrounding this emerging industry.
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Ghana
Region
Pollution Reduction: Circular Use, Waste Removal or Avoidance
Gideon Sarpong
2020
Over the years, the ocean has played a critical role as a climate regulator by absorbing about 30% of human emissions of carbon dioxide, but the ocean health has been severely damaged as a result of plastic waste in the last two decades. This project seeks to leverage data and storytelling tools to spotlight the challenge of marine pollution and its dangers to society. The project also deploys a digital campaign involving use of short videos and infographics to educate residents across West Africa on the dangers of marine pollution, and improve practices of waste management.
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Indonesia
Region
Ecosystems and Species: Preservation & Restoration
Dennis Kurniawan
2021
Bawah Anambas Foundation actively restores the damaged coral reefs in Kiabu, Anambas. In 2020, they installed 40 coral spiders and planted 700 corals with SOA funding. This year, they plan to increase the percentage of coral cover via transplantation, re-establish fish habitat using coral spiders, and create 6 coral table nurseries.
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France
Region
Ecosystems and Species: Preservation & Restoration
Anne-Sophie Roux
2022
France has the second most maritime territory in the world, including all 5 oceans, and the French government plans to allow deep sea mining. This project spreads awareness about this little known topic in all French speaking territories through social media campaigns, scientific literature reviews as well as articles and interviews in French media, with the goal of addressing the issue politically.
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United States of America
Region
Ecosystems and Species: Preservation & Restoration
Shelby Thomas
2021
This grant supports Ocean Rescue Alliance's hybrid coral bio-engineered wave reduction modules (WRMs), which sustainably mitigate coastal infrastructure damage while bolstering a vibrant coral reef ecosystem. The WRMS was tested in the SUSTAIN wave tank in Miami prior to deployment. WRMs were successfully deployed, protecting coastlines by reducing wave energy while creating biologically important habitats.
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Portugal
Region
Ocean Data, Literacy & Research
Ana Matias
2021
With this project, Sciaena aims to promote a moratorium on Deep Seabed Mining in Portugal, reaching at least 10,000 people. The will do this by coordinating with Oceano Livre to increase membership, organize joint actions with anti land-mining movements in Portugal, and organize a public event. They will also organize meetings with the Minister and the National Director for maritime policy, as well as update Oceano Livre's internal documents, websites and campaign materials.
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United States of America
Region
Pollution Reduction: Circular Use, Waste Removal or Avoidance
Alexis Irvin
2020
SOA UF's removed over 40 30-gallon bags of waste over 4 local waterways systems in Gainesville, FL, thereby preventing their entry into nearby marine ecosystems. Waste is sorted to document the type of waste, document in the CleanSwell Ocean Conservancy app, and properly dispose recyclable and non-recyclable items.
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Indonesia
Region
Ocean Data, Literacy & Research
Firli Rahman Hakim Fauzi
2020
This research project focuses on a natural self-defense chemical used by the sea cucumber species, Synaptula reticulata. The researchers hope to synthesize this natural repellent in the lab in order to use it as a natural pesticide for aquaculturists, which in turn can lead to faster growth rates and lower mortality of aquaculture-grown fish. With the funding, researchers will be conducting a background investigation to estimate population abundance of this sea cucumber, as well as conducting initial tests on extracting and synthesizing their chemical repellent. They will publish and share their findings with a wide audience.
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United States of America
Region
Blue Foods: Fisheries, Aquaculture, & Seafood Alternatives
Max Diamond
2021
The goal of Max’s project is to establish a supply chain and minimum viable product utilizing purple sea urchin as a gourmet delicacy. Purple urchins are an invasive species along the California coast that feed on kelp, resulting in the decimation of many kelp ecosystems and the services they provide. Max is working to source and develop a food product with help from divers and scientists, and ultimately hopes to explore the possibility of urchin aquaculture using food waste and algae as an alternative food source for urchins.
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