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
Peru
Region
Deep Sea Mining
Stefanie Torres
2023
The SOA Peru campaign on deep-sea mining aimed to position Peru in favor of a moratorium on deep-sea mining. It emphasized Peru's non-membership in the UNCLOS and highlighted that the Minister of Environment committed at Our Ocean 2023 to evaluate Peru's stance. Throughout the campaign, signature collection via Change.org, social media activations, and participation in events such as fairs were conducted. Additionally, an awareness video featuring public figures, influencers, and actors garnered over 46.9 thousand views. One of the final political actions involved consulting the position of the Ministry of Foreign Affairs through the Congress of Peru, resulting in the procurement of a formal response document establishing Peru's stance in favor of a moratorium.
Learn MoreGrant
Australia
Region
Deep Sea Mining
Heidi Dumesich
2023
Life on Planet A, a sustainability podcast by Heidi Dumesich developed an episode with the objective of uncovering the lesser-known narratives of the International Seabed Authority (ISA), the global entity responsible for regulating deep sea mining. The episode offers an in-depth exploration of deep sea mining and the intricate negotiations that encompass it, featuring guest speaker Emily Tewes from SOA. It highlights the compelling accounts of nations advocating for a moratorium on deep sea mining.
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Portugal
Region
Deep Sea Mining
Gonçalo Carvalho
2023
Gonçalo Carvalho, the Executive Coordinator of Sciaena, an NGO dedicated to promoting a sustainable marine environment, conducted a workshop on deep sea mining in Azores, Portugal.
Learn MoreGrant
United States of America
Region
Ecosystems and Species: Preservation & Restoration
Cameron Moore
2023
Passionate about promoting gender equality in the seafood sector, Cameron Moore contributes to a range of programming at the nonprofit Seafood and Gender Equality (SAGE) with an intersectional and holistic approach. Recognizing the interconnected nature of climate change, white supremacy, colonialism, and capitalism, Cameron believes it is essential to address these fundamental issues in conservation conversations. Through this fellowship, they intend to produce an engaging video series that complements SAGE's upcoming podcast, focusing on Cameron's personal "What the Heck Moments" in challenging and reshaping outdated thinking within the seafood industry. The video series will explore how climate change has exacerbated conditions that perpetuate the unequal distribution of social capital, and how this plays out specifically for minorities (non-white, cis-, het-) in fisheries and aquaculture communities in the Gulf of Mexico and northeast coast of the US.
Learn MoreGrant
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.
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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.
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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.
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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.
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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.
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