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.
Startup
Cambodia
Region
Pollution Reduction: Circular Use, Waste Removal or Avoidance
Barak Ekshtein
2023
TONTOTON is an environmental impact program focused on collecting and treating mismanaged, hard-to-recycle plastic in highly polluted coastal villages of Cambodia. Our mission is to reduce plastic leakage through plastic action financing while promoting waste segregation in households and businesses and collecting mismanaged plastic on the ocean-bound. TONTOTON operates its material recovery facility for sorting and processing plastic into building materials and plastic boards. The boards are used to build classrooms and house repairs in disadvantaged communities..
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Panama
Region
Deep Sea Mining
Emilie McGlone
2023
Aligned with the United Nations Decade of Ocean Science for Sustainable Development, Peace Boat US organized a program to enhance the knowledge and skills of youth leaders from various parts of the world who are actively involved in promoting sustainability in their communities. The program aimed to provide these leaders with comprehensive insights into marine science and climate action on a global level through capacity building, citizen science programs, network building, and educational experiences onboard the Peace Boat and during port visits. Four representatives from SOA participated in the program and made valuable contributions by delivering presentations on deep sea mining, facilitating workshops, and collaborating with other participants throughout the program. They sailed from Panama to Guatemala and ended in Mexico and held both on the ship and off ship talks, workshops and activities.
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Argentina
Region
Deep Sea Mining
Martina Alvarez
2023
Through SOA Argentina, Martina Alvarez raised awareness and advocated for Argentina to say no to deep-sea mining. Alongside fellow SOA Youth Leaders, Martina helped present 22,000+ signatures to Argentina state delegates at the International Seabed Authority.
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Mexico
Region
Deep Sea Mining
Valeria Dení Magaña García
2023
Valeria, leader of SOA Mexico Hub, coordinated a social media campaign to raise awareness and activate youth in support of a moratorium on deep sea mining.
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Peru
Region
Deep Sea Mining
Stefanie Torres
2023
The SOA Peru campaign on deep-sea mining aimed to position Peru in favor of a moratorium on deep-sea mining. It emphasized Peru's non-membership in the UNCLOS and highlighted that the Minister of Environment committed at Our Ocean 2023 to evaluate Peru's stance. Throughout the campaign, signature collection via Change.org, social media activations, and participation in events such as fairs were conducted. Additionally, an awareness video featuring public figures, influencers, and actors garnered over 46.9 thousand views. One of the final political actions involved consulting the position of the Ministry of Foreign Affairs through the Congress of Peru, resulting in the procurement of a formal response document establishing Peru's stance in favor of a moratorium.
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Australia
Region
Deep Sea Mining
Heidi Dumesich
2023
Life on Planet A, a sustainability podcast by Heidi Dumesich developed an episode with the objective of uncovering the lesser-known narratives of the International Seabed Authority (ISA), the global entity responsible for regulating deep sea mining. The episode offers an in-depth exploration of deep sea mining and the intricate negotiations that encompass it, featuring guest speaker Emily Tewes from SOA. It highlights the compelling accounts of nations advocating for a moratorium on deep sea mining.
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United States of America
Region
Ecosystems and Species: Preservation & Restoration
Chris Oakes
2023
Seagrass and coral habitats are rapidly declining worldwide. Reefgen has developed multiple robotic nearshore restoration platforms to plant coral and seagrasses, with the ability to develop the required 30x-75x productivity- rate enhancements over manual planting necessary for humankind to meet the challenge of restoring our coastal life support ecosystems.
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Portugal
Region
Deep Sea Mining
Gonçalo Carvalho
2023
Gonçalo Carvalho, the Executive Coordinator of Sciaena, an NGO dedicated to promoting a sustainable marine environment, conducted a workshop on deep sea mining in Azores, Portugal.
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Italy
Region
Blue Foods: Fisheries, Aquaculture, & Seafood Alternatives
Alessandro Romano
2023
Ittinsect is a biotech startup that developed a sustainable alternative protein ingredient, both from the environmental and economic standpoint. Ittinsect produces high performance feed ingredients through the biotechnological treatment of novel raw ingredients including insects, microalgae and agricultural by-products, in line with the circular economy principles. A fish raised with Ittinsect-based feeds has a healthier digestion and improved growth performance at no extra cost for the fish farmer. With Ittinsect, there is no longer need to catch fish from the marine environment as nutrition for farmed fish.
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