The fund will invest in startups working to support the regeneration of ocean biodiversity and has secured backing from the European Investment Fund and a range of institutional investors.
SWEN Capital Partners has announced it has raised €160m in the first close of its Blue Ocean 2 fund which invests in startups working to support the regeneration of ocean biodiversity as well as tackling existential threats to ocean biodiversity such as overfishing, pollution and climate change.
The latest funding round drew institutional investor support, raising 53% of the fund’s overall €300m target. Previously, SWEN’s inaugural Blue Ocean fund raised €170m.
The fund has drawn investments from pension funds, insurance companies, banks, and family offices. Current backers of the fund include the European Investment Fund (EIF), France 2030, Bpifrance, Macif, Abeille Assurances, Matmut, Suravenir, Mutuelle de Poitiers and Conseil de la Protection Sociale des Travailleurs Indépendants (CPSTI), according to SWEN Capital Partners.
The announcement comes as the United Nations Ocean Conference (UNOC) is being held in Nice this week, bringing together leaders to discuss solutions to drive progress on marine protection, plastic pollution, illegal fishing and blue economies.
Biodiversity impact
SWEN’s inaugural fund date has exited two investments and has 18 portfolio companies. Speaking to Impact Investor, a SWEN Capital Partners spokesperson said that an example of a successful investment made by the fund is the Norwegian aquatech company OptoScale.
“OptoScale’s real-time monitoring technology significantly advanced aquaculture sustainability between 2021 and 2024 by preserving more than 3,000 tons of biomass through reduced demand for fishmeal from wild-caught fish,” SWEN Capital Partners said.
Furthermore, the technology has helped avoid more than 10,000 tons of GHG emissions by lowering feed use and reducing sea lice treatments, as well as preventing feed waste from polluting the seabed.
“Our fund strategy remains more relevant than ever. Ocean action is growing in importance on the global stage, with the international community, governments and companies working together to prioritise ocean protection,” said Christian Lim, co-managing director of SWEN Blue Ocean.
“The startup ecosystem plays an important role in this effort, providing innovative solutions to transform massive industries at scale and at pace. We are excited to continue pioneering the next frontier of climate and biodiversity investment through our SWEN Blue Ocean 2 fund,” added Lim.
Future investment plans
According to SWEN Capital Partners, the fund will invest primarily in Series A funding rounds with a focus on companies in Europe. However, its scope to invest in the rest of the world has increased since its first fund, with 30% of the fund’s capital now able to be deployed outside of Europe, where the firm has identified a significant need for ocean biodiversity regeneration solutions.
Jérôme Delmas, CEO of SWEN Capital Partners, said: “The SWEN Blue Ocean strategy fully embodies the mission we have set for ourselves: putting investment at the service of nature. We are acutely aware of the responsibility we bear as investors, and of the role we can play by supporting high-impact projects with strong transformative potential – projects that can make a tangible contribution to the regeneration of marine biodiversity.”
