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 - $1.08M in grants and investments, and another $694K through its affiliate venture capital fund, Seabird Ventures. This two-pronged approach helped startups face increasing fundraising challenges.
In 2023, higher interest rates, and political uncertainty surrounding the future of U.S. climate policies, saw the climate venture market hit a 30% drop. Despite persistent obstacles, SOA is proud to have deployed $4.66M to visionary founders and grantees since 2018.
We were honored to launch the Ecopreneur Network (EN) and introduce its inaugural 2023 class. In deepening our commitment to visionary ocean-health-startup founders, we pioneered an entirely new model of support for the entire 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 EN startups are female-founded or led, and 56% of all grant initiatives to date have been female-led; in 2023 specifically, $676K 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, and mitigated greenhouse gasses more so than in any previous year SOA has recorded. That's possible thanks to SOA's supporters who fueled our unprecedented 2023 impact.
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 and 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 ocean solutions in 2023, bringing the 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 $4M 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 average investment amount was $71.8K by SOA and $138.8K by Seabird Ventures.
Of all capital deployed, 38% supported operations in Developing Countries and $302K was invested in companies that joined the Ecopreneur Network in 2023.
SOA funded more grants and investments in 2023 than any previous year.
Grant
United States of America
Region
Blue Foods: Fisheries, Aquaculture, & Seafood Alternatives
Hugh Cipparone
2023
Hurricanes consistently threaten Florida fishing communities, dealing millions in damage annually. Despite this fact there exists limited a) understanding and communication of the short and long-term social and economic impacts of hurricanes and b) efforts to address these challenges. This project, led by Hugh Cipparone, a Fishery Finance and Policy Analyst for the Gulf of Mexico Reef Fish Shareholders' Alliance, aims to address the above-mentioned gap by undertaking two key initiatives. These are fishermen-led research on and communication around the social and economic impacts of hurricanes and a workshop improving record-keeping for fishermen to improve the receipt and targeting of disaster relief in the hurricane’s wake.
Learn MoreGrant
United States of America
Region
Blue Foods: Fisheries, Aquaculture, & Seafood Alternatives
Meredith Pratt
2023
This research project, led by Meredith Pratt, a PhD student in Integrative and Conservation Biology at the University of Central Florida, aims to understand the potential consequences of rising sea surface temperatures on coastal fish communities and fisheries. Using multi-decadal fisheries and environmental data, the study will examine the latitudinal range shifts of marine fishes and investigate the potential drivers behind these shifts over time. The findings from this research will have practical implications, informing the design of conservation and management strategies that promote the sustainability of coastal ecosystems, and increasing our understanding of the effects of climate change on coastal fish communities.
Learn MoreGrant
United States of America
Region
Blue Foods: Fisheries, Aquaculture, & Seafood Alternatives
Nicky Roberts
2023
Nicky Roberts—a subject matter expert in seafood supply chains and climate resilience, in collaboration with the nonprofit Eating with the Ecosystem—is developing an industry action plan to foster climate-resilient seafood supply chains in New England. Their previous collaboration yielded the forthcoming publication Climate Winners: Adapting to Species Shifts in New England, which entailed meeting with 30 seafood suppliers of all shapes and sizes to understand their willingness to incorporate some of those winners species into their chain, with the end goal to create recommendations for policymakers. What they uncovered is a 'knowledge to action gap' with preparing for resilience, in part due to fisher's distrust of industry resource managers and lack of perceived demand coming from consumers. Nicky plans to leverage this publication into a larger "action plan" for the New England seafood supply chain, that will be informed by and shared with industry partners and stakeholders through collaborative sessions and panel discussions virtually and at important industry gatherings.
Learn MoreGrant
United States of America
Region
Blue Foods: Fisheries, Aquaculture, & Seafood Alternatives
Max Diamond
2023
Driven by the devastation caused by purple urchins, which have destroyed 95% of California's kelp forests in the last 5 years, Max Diamond, an environmentally conscious chef with Michelin star restaurant training, founded Salty Gold Uni to achieve "restorative consumption." Max aims to innovate seafood consumption and production by introducing sea urchin (uni) butter, focusing on the overabundant and underutilized purple sea urchin. Uni butter is created from blending the harvest from multiple urchins and can upcycle smaller urchins deemed unfit for the market, meaning that the removal of urchins can be less discriminatory and more efficient, maximizing the environmental impact of kelp forest restoration. With previous support from SOA in launching his product, Max is now focused on entering the local retail market and scaling; through the fellowship he hopes to continue to form new partnerships in the climate-resilient fisheries ecosystem and hone in on quantifying and communicating environmental impact.
Learn MoreGrant
United States of America
Region
Ecosystems and Species: Preservation & Restoration
Ali Boutros
2023
In the last decade, climate change-induced stressors and disease has had a detrimental impact on California (CA) kelp forests. In northern CA, over 90% of kelp forests have been impacted and in the Monterey-Carmel Peninsula area, over 70% of kelp forests have been impacted. As kelp is NOAA-designated Essential Fish Habitat and a state-managed fishery, its restoration is critical. While the restoration literature highlights the crucial role of community involvement in effective ecological restoration, there remains limited understanding on how to effectively leverage community involvement and leadership. Ali Boutros - a Coastal Science & Policy Masters Student at UC Santa Cruz - will address this knowledge gap by performing a comparative case study of two community-led kelp restoration efforts in CA. She will synthesize important elements and lessons learned from these efforts. Her findings will provide valuable insights that will inform the development of California's Kelp Restoration & Management Plan, and complement existing and robust kelp restoration initiatives at The Nature Conservancy.
Learn MoreGrant
United States of America
Region
Blue Foods: Fisheries, Aquaculture, & Seafood Alternatives
Katharine Shambaugh
2023
Katharine Shambaugh, an Environmental Sustainability Masters student specializing in Behavior and Communication, is undertaking a study to explore the responses of local communities in Maine to changing fishing practices and the introduction of aquaculture. Maine is the perfect place to examine the impact of climate change due to its dependence on fishing and Maine's gulf warming at a rate faster than 97% of the Earth's oceans. There has been a drastic shift in marine life and generational fishing communities are being impacted, and aquaculture presents a potential alternative livelihood that is more environmentally and economically sustainable. However, the Gulf of Maine Research Institute has identified varied reactions towards incoming aquaculture across Maine's fishers, but the reasons for these differences are not fully understood. Katharine plans to conduct interviews and surveys in fishing communities in north, central, and southern Maine to gather their perspectives on the introduction of kelp and shellfish aquaculture to uncover some of the reasons for regional disparities and how they might be addressed.
Learn MoreGrant
Puerto Rico
Region
Blue Foods: Fisheries, Aquaculture, & Seafood Alternatives
Abdiel Connelly Boulogne
2023
Vieques, an island municipality of Puerto Rico, is facing numerous challenges including overfishing, habitat degradation, and military pollution. These threats have limited the productivity of essential fish habitats, which are essential for small-scale, coastal fisheries. To address these limitations and improve the sustainability of local fisheries, Abdiel Connelly Boulogne founded SAMAR, a grassroots sustainable fisherfolk led educational project. SAMAR seeks to promote sustainable fishing practices in harmony with nature, while also supporting food sovereignty and environmental justice, to implement practices that will make healthy foods accessible to the Vieques community. Through this project, SAMAR will develop and implement a sustainable fishing education program that incorporates climate change adaptations specifically designed for the realities of Vieques youth. The program will be taught to 6 youth islanders, who in turn will help impact 15 additional islanders during a hands-on summer camp.
Learn MoreGrant
United States of America
Region
Blue Foods: Fisheries, Aquaculture, & Seafood Alternatives
Aaron Huang
2023
Founded by Aaron Huang, OoNee is a regenerative vertical sea ranch that addresses the damaging impact of urchin barrens on kelp forests along California's coastline. OoNee strives to create opportunities for individuals from underserved and underprivileged communities to engage in meaningful work related to the development of climate-resilient enterprises. As part of this project, struggling fishers from the community will be identified and trained in scuba diving, reef surveying, urchin harvesting, and urchin processing.
Learn MoreGrant
Costa Rica
Region
Ecosystems and Species: Preservation & Restoration
Marilyn Valverde
2023
SOA Costa Rica Hub aims to serve as a collaborative platform for young conservationists, professionals, and community leaders working on conservation and environmental projects. They will run a campaign to build awareness on the biodiversity and importance of the deep sea that will include film screenings, photo exhibitions, and artwork from artists that participated in deep-sea research expeditions. They will also help five youth implement their own ocean preservation & restoration events in different Costa Rican coastal communities. This project is being led by Marilyn Valverde, who is the founder of Mar y Comercio, an organization dedicated to marine conservation by accelerating the economic development of coastal communities.
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