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
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 MoreGrant
United States of America
Region
Ecosystems and Species: Preservation & Restoration
Grey Gowder
2023
This project by SOA Charleston aims to raise awareness and promote intersectional stewardship through a film screening event centered around river conservation. The highlight of the event will be the screening of the documentary titled "River" in a local theater. Following the film, an expert panel will engage with attendees to discuss the pressing issues that the local rivers face and provide actionable steps that individuals can take to contribute towards overcoming these challenges. A portion of the proceeds generated from the event will be allocated towards the purchase of native tree and shrub species for the ongoing ecological restoration of Halsey Creek and the surrounding watershed, ultimately contributing to the preservation and improvement of the local river ecosystem. The project leader Grey Gowder, founded the nonprofit Enduring Curiosity, dedicated to promoting immersive education through film and media.
Learn MoreGrant
Brunei
Region
Pollution Reduction: Circular Use, Waste Removal or Avoidance
Shaima Misli
2023
In a nationwide marine debris campaign conducted last year, 80% of waste collected from beaches in Brunei was identified as plastic. This project by SOA Brunei is seeking to address this issue and achieve self-sufficiency in recycling without imported equipment or materials, so that the capacity to recycle plastic waste exists locally. They will establish recycling machines and train local people on how to use them to create products from 100% locally sourced and recyclable plastic, enabling effective waste management while diversifying Brunei's economy and encouraging recycling. Leader Shaimi Misli has received previous support from SOA to implement ocean conservation initiatives Save Kampong Ayer and AdvocaSea Camp.
Learn MoreGrant
Malaysia
Region
Blue Foods: Fisheries, Aquaculture, & Seafood Alternatives
Elvian Masli
2023
The SOA MY Ocean Hope Hub's "Crisis to Cuisine" initiative seeks to address food security in Malaysia's coastal communities, which is becoming a growing concern against the backdrop of climate crises and the vulnerability of ocean resources. The project will install an urchin-algae co-culturing prototype, in hopes to foster the resilience of local communities in coastal areas while also training individuals, enabling them to attain the knowledge and expertise needed to manage urchin-algae co-culturing. Elvian Masli, a Marine Biology student and the leader of this project, will be conducting the prototype testing in the university lab.
Learn MoreGrant
Saint Lucia
Region
Ecosystems and Species: Preservation & Restoration
Monique Calderon
2023
In Saint Lucia, many of the youth lack exposure and knowledge of the marine environment due to a lack of equipment, training, and limited coverage of marine subjects in school curriculums. The SOA Caribbean Hub (Saint Lucia) in collaboration with their partner Caribbean WaterWays have committed to addressing this knowledge gap by offering snorkeling sessions and coral reef education in different communities across the country. This project offers Saint Lucian youth an opportunity to learn about marine ecosystems while engaging in exciting and educational activities. This educational program will involve other stakeholders, such as local experts and scientists, to help increase children's understanding of marine ecosystems and how they contribute to the ocean's health. Monique Calderon, the project leader, is an early career marine biologist currently working as a Fisheries Biologist with the Fisheries Department in Saint Lucia.
Learn MoreGrant
Timor-Leste
Region
Greenhouse Gas Reduction: Blue Carbon & CO2e Removal or Avoidance
Nelson Maia Siqueira Amaral
2023
SOA Timor-Leste is hosting an Ocean Heroes Bootcamp, which aims to tackle the lack of awareness and understanding of ocean conservation among students and young people. By offering a range of engaging and interactive activities, such as a movie night dedicated to ocean conservation, hands-on involvement in mangrove restoration, and participation in sea turtle conservation efforts, the project seeks to empower students and young people. These activities serve as valuable education tools, enabling participants to grasp the significance of the oceans, comprehend the threats they face, and learn actionable steps they can take to protect them. This project is being led by Nelson Amaral, Program Coordinator at SOA Hub Timor-Leste since 2021.
Learn More