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
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.
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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.
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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.
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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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Spain
Region
Ocean Literacy or Advocacy
Joseph Julca
2023
The aim of this project, by SOA Spain Hub is to organize the 2023 Local Conference of Youth (LCOY) event in Spain. LCOY is an event under the umbrella of YOUNGO, the official youth constituency of the United Nations Framework Convention on Climate Change (UNFCCC). Its aims are to be a space to boost youth climate action locally and create an input into the international conferences. It represents a national version of the international Conference of Youth (COY), which takes place immediately before the Conference of Parties (COP), the annual UN-Climate Change Conference. Project leader Joseph Julca Mendoza is marine biologist and scientific communicator, with special interest in the environmental area and marine sciences.
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Brazil
Region
Ecosystems and Species: Preservation & Restoration
Nayana Cordeiro da Silva
2023
SOA Brasil, in collaboration with other partners, will run awareness campaigns on critical topics such as cação (shark) consumption, the impact of tourism on marine species, and oil exploitation in North Brazil. They’ll also conduct an environmental education day for 100 children in Rio de Janeiro. In addition to disseminating knowledge, a key focus of the project is to amplify the voices of young leaders involved in ocean-related projects across different regions of Brazil. Project Leader Nayana Silva is also the founder of Tsu Ambiental, a social environmental business that works with marine waste management, environmental education and research.
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United States of America
Region
Ocean Literacy or Advocacy
Emelia Suljic
2023
SOA NYC Hub is organizing a youth hackathon and creating a dedicated platform for mentorship, ideation, and the development of innovative solutions. The hackathon will focus thematically on generating practical, systemic strategies to engage specific subpopulations with local waterways and foster ocean conservation efforts. By encouraging participants to ideate around grassroots organizing, the project aims to equip them with lifelong insights and skills, transforming them into effective community organizers who can reach and uplift a diverse range of stakeholders. The project is led by Emelia Suljic, an experienced leader and researcher who focuses on hackathon design and utility for improving global health systems.
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Honduras
Region
Pollution Reduction: Circular Use, Waste Removal or Avoidance
Sayra Yuliza Mendoza Rodríguez
2023
This initiative by SOA Honduras focuses on raising environmental awareness among young children. The project aims to educate children from various schools about the hazards of plastic waste on the beaches and its detrimental effects on marine ecosystems through interactive activities and beach clean-ups, thereby encouraging children to become proactive guardians of the environment and catalysts for change in their communities. Project leader Sayra Rodríguez is an environmental engineer and has been a member of SOA Honduras since 2019.
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Peru
Region
Ocean Literacy or Advocacy
Stefanie Torres
2023
SOA Peru is organizing an event called "Youth for the Protection of the Peruvian Sea” to showcase SOA Peru's journey, feature testimonials from project participants, and encourage youth engagement in their advocacy efforts. They have also formed partnerships with youth organizations to promote knowledge of COP negotiations and teach them how to effectively communicate their needs in "COP language." Additionally, SOA Peru is co-organizing the Pre COP 2023 to ensure that the ocean remains a crucial topic during Peru's commitments for COP 28. Project leader Stefanie Torres has represented Peru in many international events such as UNOC Youth & Innovation Forum 2022, UN Ocean Conference, COP 27, COP19 CITES as well as collaborated in participatory processes such as the LCOY Peru 2021 and 2022.
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