Stephen Catlin’s Convex invests €20m in clean ocean fund
Stephen Catlin (pictured left) and Paul Brand-led (pictured right) specialty re/insurer Convex Group has made a €20 million investment in a Luxembourg-based fund, which is working to “clean up and revitalise the world’s oceans”.
The Ocean 14 Capital Fund has now surpassed its €150 million funding target and aims to reach €200 million by the end of this year. The fund has also received €10 million from family offices and HNWs.
Ocean 14 Capital is an appointed representative of G10 Capital, which is authorised and regulated by the Financial Conduct Authority (FCA). It aims to supercharge the blue economy, harnessing ocean resources for economic growth and conservation, which according to the OECD, is projected to reach $3 trillion by 2030. The fund seeks to invest in diverse companies focused on ocean conservation.
“Convex sees investing in a sustainable blue economy as vital in our fight against the climate crisis,” said Benji Meuli, chief investment officer, Convex. “The insurance industry can play a tangible role in the future of our planet.
“Ocean 14 Capital Fund’s commitment to strategically supporting businesses and initiatives will drive the kind of change that will bring about a brighter, cleaner future for our oceans and the communities they sustain.”
Other investors in Ocean 14 Capital include Monaco’s sovereign wealth fund European Investment Fund (EIF); Niklas Zennström, the founder of Skype; and the investment arm of Ingka Group.
The Ocean 14 Capital Fund is investing up to €10 million in Ava Ocean, a company based in Norway, which is reinventing seabed seafood harvesting and enabling revitalisation and preservation of vital marine ecosystems.
The fund has also committed €10 million to Brazil-based Tilabras, a leading producer of tilapia, one of the world’s most sustainable sources of animal protein. More recently, the Fund announced an investment of €11 million in land-based Dutch yellowtail producer The Kingfish Company.
Chris Gorell Barnes, co-founder of Ocean 14 Capital, believes the Fund is well on track to grow its portfolio to between 20 and 25 businesses within three years, having invested in five companies to date, including SyAqua, a shrimp-breeding technology specialist, and AION, a plastics management platform based in Norway.
Gorell Barnes commented: “The fact that the Fund has surpassed its initial goal of €150 million shows how important this issue has become to so many people globally and how highly the Fund is thought of.
“We believe that the Fund’s strategic investment in Ava Ocean is significant. The global export market for scallops is worth an estimated $2.5 billion, but most of the scallop fishing industry uses dredging methods which have a devastating effect on seabed ecosystems and biodiversity. The technology developed by Ava Ocean can be rolled out on a global scale and could put an end to harmful seabed practice forever.
“Over the next few years, the Fund aims to invest in many more companies that are all playing a part in saving the oceans. We want the blue economy to become mainstream as ocean health has a direct positive impact for consumers and commerce globally. The Fund is now aiming for investment of €200 million and as its advisers, we are confident that target will be met in the coming months.”
Øystein Tvedt, CEO, Ava Ocean, said: “With the Ocean14 Capital Fund onboard, we can embark on the next chapter in Ava Ocean’s journey to reinvent seabed harvesting. The global potential for our solution is immense, and we are excited to be able to explore international opportunities with the support of the Ocean14 Capital Fund. They share our unwavering belief in bringing about real change through innovation and collaboration, and with their expertise in the global blue economy bring invaluable know-how ahead of this next phase for Ava Ocean. With the support of the Ocean 14 Capital Fund, along with our existing investors, we are well-positioned to scale our operations for international growth and to further develop our innovative solution.
Maria de Perlinghi, partner and chief impact officer at Norselab, commented: “Ava Ocean offers a commercially scalable solution to multiple stressors the ocean is subject to, which has far-reaching consequences for our climate, biodiversity, human health, and livelihoods. It’s a real alternative to the destructive catching practices currently deployed in most countries globally. We believe Ava Ocean can generate system-level impact in the seafood industry.”
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