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
Nigeria
Region
Pollution Reduction: Circular Use, Waste Removal or Avoidance
Adenike Adeiga
2023
In response to the pressing concern of ocean health and resilience in Nigeria, this project aims to tackle the critical issue of marine litter, particularly plastics, along the country's coastline. A multi-stakeholder approach will be adopted, engaging three pivotal groups: local coastal residents, youths, and government entities. SOA Nigeria, will execute an in-person sensitization program which includes a coastal tree planting exercise at Idado community. Additionally, a digital campaign will be launched targeting 10,000 youths, highlighting the far-reaching impacts of marine litter on climate change. The project aims to raise awareness about the detrimental effects of marine litter while encouraging ecosystem restoration and sustainable practices. Project Leader Adenike Adeiga is a seasoned conservationist who has devoted most of her working years to protecting environmental resources through research, advocacy, and stakeholder engagement.
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Brazil
Region
Pollution Reduction: Circular Use, Waste Removal or Avoidance
Beatriz Mattiuzzo
2023
Beatriz is an oceanographer and the founder of Marulho, a business that works with traditional coastal communities to reuse fishing nets that would otherwise be discarded. By collaborating with locals, they are able to transform these nets into new, useful products like bags and purses. This initiative not only prevents fishing nets from becoming 'ghost nets' in the ocean, but also supports the local economy by generating income for the communities involved. All the products are handmade by the fishers and inhabitants of these coastal areas, using their traditional knowledge. These unique products are then sold throughout Brazil, spreading awareness about sustainable practices and supporting the livelihoods of these coastal communities.
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Nigeria
Region
Blue Foods: Fisheries, Aquaculture, & Seafood Alternatives
Paul Eweola
2023
In an effort to combat the adverse effects of climate change on fish species in two coastal states in Nigeria, the Fishers' Prep project sets out to mitigate underlying factors and activities that intensify these impacts. Using the collected data, a climate resilience toolkit will be created to inform fishermen about the status of selected fish stocks and promote responsible fishing practices. By implementing this toolkit over time, the project aims to guide fishing practices, mitigate overexploitation of fish stocks, increase fish populations, enhance biodiversity, and strengthen the resilience of threatened fish species in the face of climate change.
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Indonesia
Region
Blue Foods: Fisheries, Aquaculture, & Seafood Alternatives
Wisnu Prima
2023
Coastal inhabitants who rely on coastal and ocean resources represent a particularly marginalized and vulnerable group that faces significant health impacts resulting from climate change. This project is a preliminary study looking to understand how resilient small-scale fishing communities are to the increasing risks and threats of climate change from the viewpoint of public health. Data will be collected on the health conditions and infrastructure and workshops will be held among various stakeholders associated with the well-being of fishing communities.
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Madagascar
Region
Blue Foods: Fisheries, Aquaculture, & Seafood Alternatives
VELOMPANAHY NESTIN RASOLOFOARIVONY
2023
Local marine biologist, Nestin, leads this effort to enhance small-scale fisheries in Toliara, Madagascar by empowering the local community, particularly women, to collect real-time data on fish populations through the digitalization of data collection methods. The monitoring data of captured fish is crucial for assessing the overall health and maturity of the population and identifying species that may be experiencing population growth or decline. The project emphasizes the importance of real-time data collection and digitalization to make informed decisions on sustainable fishing practices, contributing to the conservation of marine resources and the livelihoods of the local community. By embracing digital tools and technologies, such as mobile apps, the project aims to streamline data collection, analysis, and sharing processes, enabling more efficient and effective data-driven management measures.
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Peru
Region
Blue Foods: Fisheries, Aquaculture, & Seafood Alternatives
Stefanie Torres
2023
Peru is among the eight countries most vulnerable to the impacts of climate change on fisheries, due in part to the effects of El Niño climate events on Peru's waters. Small-scale and artisanal fishers are the most impacted, so this project aims to raise awareness, train, and empower generations of fishers and local leaders from the northern coastal communities of Peru to understand climate change, its relation to the El Niño effect, and how promoting the creation of Marine Protected Areas can reduce the vulnerability of artisanal fishing. SOA Peru Hub leader Stefanie Torres builds off of past work with three schools in Peru to bring climate education into their classroom curricula and engage youth in Peruvian ocean conservation.
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Myanmar
Region
Blue Foods: Fisheries, Aquaculture, & Seafood Alternatives
Aung Tun Oo
2023
Myanmar is ranked second among the top ten countries most prone to climate-risk in the world. Climate change is expected to have a considerable impact on the capture fisheries (both marine and inland) and aquaculture sectors in coastline areas of Myanmar. This project intends to strengthen the adaptive ability of key stakeholders (CBOs, CSOs, and NGOs) through the implementation of a number of training modules, including Climate Change Adaptation (CCA) and Ecosystem Approach to Fishery and Aquaculture Management (EAFM, EAAm) which were recently endorsed and updated by the FAO. Beyond the training programs, this project will establish a unique forum for policy discourse with participants/ stakeholders to continue to engage them and inform their work.
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Mexico
Region
Ecosystems and Species: Preservation & Restoration
Veronica Relano Ecija
2023
Led by Dr. Veronica Relano (PhD in Oceans and Fisheries from the University of British Columbia), the Somos OceanoS (SOS) initiative highlights the ecological, social and economic values of marine protected areas (MPA), and identifies the challenges faced by communities, fisheries and ecosystems by creating documentaries featuring interviews with local stakeholders, then showing the films locally and abroad, as well as and hosting capacity-building workshops for the affected communities. This grant supports the completion of a documentary on Isla Espíritu Santo, an MPA initially created with limited local community engagement, but which will undergo a management revision this year. This documentary—which SOS aims to show the council and other decision-makers in the revision process—as well as accompanying newsletters, contests, and environmental education activities will bring the voices of local people into the conversation, empowering them to engage with the public participation phase of the management plan revision.
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Tanzania
Region
Blue Foods: Fisheries, Aquaculture, & Seafood Alternatives
Oliva Kombe
2023
Small-scale fisheries are vital for livelihoods and food security in Tanzania, but they face challenges from climate change, overfishing, and unsustainable practices. This project promotes climate-resilient fisheries in Kunduchi by enhancing the capacity of the fishing community in sustainable fisheries practices and climate change adaptation measures. Through a community-based approach, training and support will be provided to adopt sustainable fishing practices, raise awareness, and adapt to climate change impacts.
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