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
Canada
Region
Greenhouse Gas: Blue Carbon & CO2e Removal or Avoidance
Suhasini Srinivasan
2022
TEAL is a nonprofit recently founded by PhDs in Canada who have spent 8 years establishing proof of concept for using remote sensing and machine learning to calculate carbon sequestration and other soil characteristics based on satellite (and eventually drone) footage. Their current project seeks to create a prototype for modeling carbon sequestration by mangroves, with the ultimate goal of increasing transparency and diversity within carbon credit markets.
Learn MoreGrant
South Africa
Region
Marine Data or Research
Chantel Elston
2021
ELMO is a citizen science project using public participation to gather data on South African shark, ray, and skate populations. They now host the biggest database of elasmobranch sightings in South Africa. For this project, they developed a user-friendly app for citizen scientists to report sightings as they happen.
Learn MoreGrant
New Zealand
Region
Ecosystems and Species: Preservation & Restoration
Liam Kokaua
2022
Blue Cradle Foundation creates a short video about sea mining, including indigenous perspectives and the voices of Pacific Islanders, premiering at COP 2022. The Cook Islands could be one of the first nations to issue exploratory licenses for deep sea mining in its EEZ.
Learn MoreGrant
Russia
Region
Ecosystems and Species: Preservation & Restoration
Olga Mironenko
2021
This project creates an online social simulation of deep sea mining in which users become members of the International Seabed Authority Advisory Council. Users will be able to learn about the issue, debate, and ultimately create recommendations for the ISA on deep sea mining.
Learn MoreGrant
Guatemala
Region
Blue Foods: Fisheries, Aquaculture, & Seafood Alternatives
Andrés Muñoz-Ruano
2021
This project is solving the over-exploitation of fish populations for the production of animal feed through the use of undervalued resources such as (insects, microalgae, and undervalued native plants) for the production of fish pellets for aquaculture. Working with the Integral Cooperative of Mayan-indigenous peasants in Quixaya, Guatemala, this scalable project provided them with the tools that help achieve sustainability within their livelihoods and provides them with an economic alternative in the context of a social enterprise, making them more resilient.
Learn MoreGrant
Chile, Ecuador, Peru
Region
Ocean Data, Literacy & Research
Jacqueline González Garcés
2021
This project, affiliated with SOA Chile, and led by 3 project leaders from different Latin American countries, seeks to create an interactive ebook for children and youth. The book will cover the topics learned in SOA's La Academia in an accessible way for the target audience. The ultimate goal is to change the way in which youth gain knowledge about the ocean as an ecosystem and that they understand the impact that humans have on this ecosystem.
Learn MoreGrant
Peru, Chile
Region
Ecosystems and Species: Preservation & Restoration
Daniel Caceres
2021
SOA Peru will implement a number of projects related to supporting fisherfolk in coastal communities; one through assisting fishermen in achieving sustainable certifications, one through recording and sharing their stories. After conducting data analysis, a bill that raises copper mining standards in the region will be drafted. SOA Peru will also self-publish a children's book about the threat of seabed mining. This grant has been expanded to include emergency funds to address the January 2022 Peru oil spill.
Learn MoreGrant
Brazil
Region
Ocean Data, Literacy & Research
Amanda Suita Moraes
2021
This project is an online ocean literacy course for teachers. 80 Brazilian public elementary school teachers received 2 months of training in ocean literacy, scientific experiments, and new pedagogical tools that they then implement in their respective classrooms. Each teacher is able to educate and impact about 30 students.
Learn MoreGrant
Canada
Region
Ocean Data, Literacy & Research
Bodhi Patil
2022
Bodhi is a student at the University of British Columbia and the founder of Oneworldbreath.org, an organization that unites youth around the importance of marine conservation. He will use his innovation prize to reach 1,000 ocean-aware youth in British Columbia and beyond.
Learn More