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 14,039 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
Barbados
Region
Ecosystems and Species: Preservation & Restoration
Travis Gardiner
2023
With the growing anticipation surrounding seabed mining discussions and their potential impact on coastal zones, it is essential for countries to stay informed and actively participate in preventing environmental degradation. Through collaboration with government agencies, SOA Caribbean (Barbados) aims to hold discussions on representation at ISA meetings, ensuring countries are adequately informed and involved in decision-making processes that can shape the future of their coastal regions. An event centered around deep-sea mining will be held, including an information session and a screening of the Deep Rising Documentary, to raise awareness, facilitate discussions, and foster a deeper understanding of the potential environmental impacts of seabed mining. This project is being led by Travis Gardiner who has dedicated nine years to championing youth and climate change advocacy, spearheading several initiatives and working on projects areas related to human health and environmental awareness.
Learn MoreGrant
Tanzania
Region
Greenhouse Gas Reduction: Blue Carbon & CO2e Removal or Avoidance
AILARS DAVID
2023
SOA Tanzania aims to create a new wave of enthusiasm among Tanzanian youth and involve them in efforts to restore the health and sustainability of our ocean. As part of this project, they’ll select 30 Tanzanian youth to participate in an ocean bootcamp that will include site visits to mangrove, seagrass, and seaweed farming sites, and plant 1,000 mangroves. They will also have the opportunity to visit coastal communities to learn about aspects of the blue economy like seaweed farming and sustainable fisheries. Ailars—a leader in marine conservation in Tanzania—will work with other organizations SOA supports in Tanzania to publish a newsletter to inspire local youth to follow their passions for marine conservation.
Learn MoreGrant
Cameroon
Region
Blue Foods: Fisheries, Aquaculture, & Seafood Alternatives
Forbi Perise Eyong Nyosai
2023
The coastal communities on the west coast of Cameroon rely on fishing, but they face challenges due to unsustainable practices and lack of knowledge. SOA Cameroon aims to address these issues by providing a series of workshops on responsible fishing practices, including the use of selective gears, adherence to catch limits, and avoidance of destructive methods. In addition, young individuals from coastal communities will receive training in sustainable aquaculture techniques, including responsible species selection, water quality management, feed management, and disease control. This project is led by Forbi Perise, an ocean leader and climate advocate who has been at the forefront of tackling the detrimental impact of plastic on the environment.
Learn MoreGrant
Portugal
Region
Ocean Literacy or Advocacy
Rita Quelha
2023
The "Ecos do Mar" project, organized by SOA Porto, addresses the issue of insufficient knowledge and misinformation about the ocean, which can lead to harmful actions towards marine environments. The project aims to raise awareness through a social media campaign and Science Café events, fostering a scientific culture and promoting trust in science. The project will host four Science Café sessions, where researchers from reputed research centers and organizations will share their expertise alongside young participants, engaging in informal discussions on various ocean-related themes. Rita Quelha, a student in Aquatic Sciences at the School of Medicine and Biomedical Sciences of the University of Porto, leads the project and actively participates in environmental awareness initiatives.
Learn MoreGrant
Portugal
Region
Ecosystems and Species: Preservation & Restoration
Marta Cardoso
2023
The SOA Ocean Hub Algarve project seeks to organize an event designed to facilitate sharing of knowledge and ideas, with a wide range of activities catering to various age groups and target audiences. These activities include snorkeling, birdwatching, and lectures by environmental organizations from the region. The project aims to provide a playful and fun experience while educating people and promoting essential environmental causes for the protection of our ocean. The project leader Marta Cardoso, is currently working as a nature guide in Ria Formosa Natural Park.
Learn MoreGrant
United States of America
Region
Pollution Reduction: Circular Use, Waste Removal or Avoidance
Maria Cristina Alvarez
2023
Fast fashion, the production of low-cost clothing, has a significant impact on the environment. It affects water bodies in multiple ways, including the release of clothing microfibers that harm marine life and the pollution of oceans through the discharge of clothing dye in wastewater. To enlighten a university-based community about the repercussions of fast fashion, SOA PNW is organizing a community clothing swap event. This project aims to encourage individuals to abandon unsustainable materials, promote the recycling of unwanted items, and educate the community about the environmental consequences of the fast fashion industry. Hub leader, Maria Alvarez is a current graduate student at Oregon State University studying Ocean Ecology and Biogeochemistry.
Learn MoreGrant
Romania
Region
Pollution Reduction: Circular Use, Waste Removal or Avoidance
Lavinia Voiculescu
2023
SOA Black Sea Hub will conduct a rigorous marine waste monitoring assessment along the Romanian coast then analyze the data and report it to the relevant authorities. They will leverage the publicity and engagement around Black Sea Action Day in October to organize a cross event of a run and educational awareness about the detrimental impact of litter on the sea and its diverse fauna. Hands-on workshops will be held to educate local students about conserving the three marine mammals of the Black sea as well as waste/consumption reduction behaviors. This project is being conducted in collaboration with Mare Nostrum, an NGO that has received past grants from SOA for marine litter monitoring and educational events.
Learn MoreGrant
Hong Kong
Region
Ecosystems and Species: Preservation & Restoration
Rainbow Wing Sum Leung
2023
The SOA Hong Kong Hub is leading a project that connects restaurants, fishermen, and students with the goal of restoring Hong Kong's marine ecosystems. This restoration will be achieved through the creation and deployment of ten shellfish reefs. These reefs will be constructed using discarded shells sourced from restaurants and fishermen, diverting them from landfills. 50 students will be selected to participate in the restoration which will include a talk on shellfish reef restoration, and a hands-on activity fabricating the shellfish reefs from the discarded shells. Biodiversity monitoring will take place a few months after implementation, by the students who will act as citizen scientists, identifying species and recording data to inform the results of the coastal restoration efforts. This project is being led by Rainbow, a PhD student at the University of Hong Kong studying ecosystem-based management of coastal habitats and associated ecosystem services.
Learn MoreGrant
Mexico
Region
Ecosystems and Species: Preservation & Restoration
Valeria Dení Magaña García
2023
Mexico is home to 6% of the world's total mangroves, placing it fourth among countries possessing this vital and delicate ecosystem. Recognizing the importance of this ecosystem, the SOA Mexico Hub is undertaking a project aimed at raising awareness about the value of mangroves, with a particular focus on younger generations in La Paz. The project seeks to achieve this through hands-on experiences that involve training students in scuba diving and educating them about mangrove ecology. These students will then have the opportunity to participate in scuba diving activities, allowing them to witness firsthand the interconnectedness of these environments both above the surface and underwater. This immersive experience will enable participants to identify various species and develop a deeper appreciation for the vital role mangroves play in the ecosystem. Project leader Valeria García is a biologist and has been leading the SOA Mexico chapter since September 2021, developing different projects in La Paz, Baja California Sur, and Cozumel Island in the Mexican Caribbean.
Learn More