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
Canada
Region
Ecosystems and Species: Preservation & Restoration
Kelly Zheng
2023
Coastalcarbon.ai is a startup co- founded by Kelly Zheng, a 2023 Forbes 30 Under 30, whose PhD thesis work explores deep learning for spatiotemporal modeling, and she's spent the past three years developing Coastal Carbon’s AI models. This grant supports their work to segment and classify seaweed from remote sensing data to develop an AI that can measure underwater seaweed biomass. Currently, gathering information of this type relies on manually sampling, which is time-consuming, expensive, and involves significant manual labor which can be dangerous. Automating these measurements would allow for significant improvement in understanding and quantifying seaweed-based ocean restoration.
Learn MoreGrant
Peru
Region
Blue Foods: Fisheries, Aquaculture, & Seafood Alternatives
Vania Arrese Davila
2023
The project seeks to strengthen and promote the participation and leadership of women from the fishing community of El Ñuro, Peru, in sustainable economic activities other than fishing. These activities will contribute to the resilience of the fishing community of El Ñuro in face of the effects of climate change by providing alternative revenue streams for the women and their families. Trainings and workshops will be held on business plans with a circular economy approach, sustainable entrepreneurship alternatives, and climate change.
Learn MoreGrant
Jamaica
Region
Blue Foods: Fisheries, Aquaculture, & Seafood Alternatives
Reanne McKenzie
2023
Operating within a fish sanctuary in Jamaica, this project aims to educate and train local fishermen in the techniques of sea moss farming in order to provide an alternative livelihood, and thus reduce pressure on local fisheries. The fishermen will attend workshops to learn how to farm sea-moss sustainably and will be provided with the farming structures. Once harvested, the sea moss will be sold, creating an alternative food source for local consumers as well as an alternative income source for local fishermen and members of the White River Marine Association.
Learn MoreGrant
South Africa
Region
Blue Foods: Fisheries, Aquaculture, & Seafood Alternatives
Theodore Batik
2023
Many countries and communities that rely on fish for food, employment, and revenue are experiencing the grave impacts of Illegal, Unreported, Unregulated (IUU) fishing. A big part of the problem is lack of visibility on human activities at sea. The vessels that conduct the most IUU fishing almost always stop broadcasting their locations. To ensure the sustainability of our fisheries, we need to see these "dark" vessels, capture explicit evidence of their crimes, and prosecute swiftly. Leveraging existing coastal radars and machine learning, we track these dark vessels in near real-time. This information is delivered to public sector agencies through our 'Dark Vessel Detector' web app to inform insightful responses, such targeted maritime patrols. To effectively capture explicit evidence of IUU fishing, we are also developing a fleet of autonomous drones, capable of flying over dark vessels and shedding light on their fishy business.
Learn MoreGrant
Honduras
Region
Ecosystems and Species: Preservation & Restoration
Joel Guity Zapata
2023
Joel Güity, a young man from the Garífuna community of San Antonio, Santa Fe Colón, Honduras is the current president of the SOA-Honduras hub. He holds a master's degree in Integrated Management of Coastal Areas from the University of Cádiz, Spain as well as a degree in Natural Resources and Environment from the National University of Agriculture of Honduras. He is the first Garífuna to hold dual degrees. As part of his PhD research, he is studying the coastal management practices of Costa Rica, Cuba, Dominican Republic, and Honduras. This grant will fund his attendance at the Third Ibero-American Congress of Integrated Management of Coastal Areas in Argentina. This is the most important event promoted by the IBERMAR Network, and presents an opportunity to learn about the latest research and learn new methods applicable to his research, as well as further the involvement of Garifuna people in effective coastal conservation.
Learn MoreGrant
Namibia
Region
Ecosystems and Species: Preservation & Restoration
Protasius Mutijida
2023
Kelp Forest Foundation (KFF) works with 20 research institutes around the world to understand the ecosystem and carbon implications of kelp cultivation and conservation. In Namibia, they currently support the research of six doctoral and masters students, and this SOA grant supports the work of one of them: Protasius Mutijda. With this grant, Protasius will purchase the titration kits necessary to measure the biogeochemical impact of cultivated giant kelp off the coast of Namibia, which thrives in the Benguela current, the most nutritious in the world. Giant kelp is among the fastest-growing of any organism, and represents a scalable solution in the realms of carbon sequestration, use as an agricultural biostimulant or feed, chemical pollution mitigation, and ecosystem halo effects (like creating habitat conducive to plankton spawning). The data Protasius collects will be integrated into other research being done at University of Cape Town, KAUST (King Abdullah University of Science and Technology), and Cambridge in order to develop a comprehensive kelp Carbon Dioxide Removal (CDR) model. By supporting Protasius and other African scientists, KFF seeks to show Namibian youth that there are pathways for them to become custodians of their ocean.
Learn MoreGrant
Tanzania
Region
Ecosystems and Species: Preservation & Restoration
Nancy Iraba
2023
Buyuni reef is a crucial nursery and breeding site for vulnerable fish species. Over the last 2 decades it's been severely damaged by climate change and destructive fishing practices leading to loss of diverse coral species and its economic and ecological function. In early 2022, 4000 sq. meters of Buyuni was designated as a locally managed area by the community. With this grant, Aqua-Farms Organization (AFO) will use a community based approach to restore Buyuni reef by replanting 1000 coral fragments across 400 square meters. Their goal is to restore 1 square kilometer by 2030. Project leader, Nancy Iraba, has been trained by Reef Resilience Network and the National Oceanic and Atmospheric Administration (NOAA), and is the first marine scientist divemaster to lead coral restoration in Tanzania.
Learn MoreGrant
Spain
Region
Pollution Reduction: Circular Use, Waste Removal or Avoidance
ALVARO ADAME RODRIGUEZ
2023
Building off of previous SOA Support, Natura Sin Basura has extended their environmental education and direct restoration conservation to the Bay of Cadiz Natural Park, whose tidal marshes and seagrass ecosystems are critical for migrating and wintering waterbirds, as well as spawning and nursery habitat for fish species. Through a combination of environmental education, cleanups, and ongoing monitoring, they aim to raise awareness of the ecosystem services of seagrass and saltmarshes (like carbon sequestration) and reduce the impact of local pollution.
Learn MoreGrant
French Polynesia
Region
Ecosystems and Species: Preservation & Restoration
Aniata Kimitete
2023
Since being forced into dormancy by colonization, the Marquesan language and culture has undergone an extraordinary renaissance, but threats remain to the local oceanscape and way of life. Marquesan islanders have long discussed the need for a tangible focus for local ocean conservation and protection of culture, traditions, arts and language. With this grant, The Cultural Sanctuaries Foundation will have the funds necessary to meet this need by building a community center on Nuku Hiva, to act as the heart of future revitalization and conservation and as a gathering and learning place for locals and visitors to all six inhabited Marquesan islands.
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