Ikea investment arm Ingka Investments has committed €30 million to the Ocean 14 Capital, an impact fund focusing exclusively on the multi-trillion-dollar ‘blue economy’ and improving ocean health.
More specifically, Ingka Investments is the investment arm of Ingka Group which represents the largest Ikea retailer. The move to support Ocean 14 Capital marks the first time it has invested in this area.
Following the Principality of Monaco’s €10 million commitment from the sovereign wealth fund in September 2022, Ocean 14 Capital has now raised €130 million since launching its growth-stage impact fund in November 2021.
The aim of the fund is to grow its portfolio to between 20-25 businesses within three years. It has already invested in four companies to date and is searching for entrepreneurs and businesses with big ideas around aquaculture and alternative proteins, reducing plastic waste pollution, protecting ecosystems and marine flora, and ending overfishing.
Head of financial market investments at Ingka Investments, Samuel Rundle, said: “Ingka Group is guided by the Ikea vision to create a better everyday life for the many.
“As a purpose-led company, our aim is to invest with impact, delivering positive returns for communities and the environment for generations to come. Ocean health is critical to a cleaner and more inclusive recovery. We were very impressed with the strategy of the Ocean 14 team and are excited to support the acceleration of sustainable solutions to improve our oceans.”
Commenting on the Ikea investment arm support, Chris Gorell Barnes, co-founder of Ocean 14 Capital, said: “It is a real testament to the quality of our fund and intention that Ingka Investments has come on board in such a significant capacity.
“If there’s no ocean, there’s no us – it connects us all. It provides food security and plays a vital role in achieving the UN sustainability agenda. Davos 2023 radically shifted the dial on the conversation this year. There is a powerful undercurrent of momentum emerging as people are increasingly waking up to the fact that ocean’s health is the engine to economic growth – and critical to national and global development.”
He added: “Is this the most important investment thesis of our time? We fervently believe yes. Without a healthy marine eco-system there is zero chance of humanity surviving.”
The Ocean 14 Capital fund previously completed an €80 million first close in November 2021, with backers including the European Investment Fund, British businessman Alex Beard, and Swedish entrepreneur Niklas Zennström.
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[Image credit: George Duffield for Ingka Investments and Ocean 14 Capital]