The international specialty insurer and reinsurer, the Convex Group, has delivered a €20 million investment to the Ocean 14 Capital Fund, which is working to clean up and revitalise the world’s oceans.

It takes the Luxembourg-based fund past its €150 million funding goal as it now aims to reach €200 million by the end of 2023.

The investment from Convex means that the Ocean 14 Capital Fund has now raised €160 million from investors including Monaco’s sovereign wealth fund; the European Investment Fund; Niklas Zennström, the founder of Skype; and €30 million from the investment arm of Ingka Group.

Chris Gorell Barnes, cofounder 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.

The Ocean 14 Capital 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.

Most recently, the Ocean 14 Capital Fund has signed an investment of up to €10 million in Ava Ocean, a Norwegian technology and seafood company which is on a mission to change the way seafood is harvested from the seabed, while protecting fragile ocean habitats and invaluable carbon sinks.

Dredging is the most widely used method to harvest bottom dwelling seafoods globally, but it takes a significant toll on the seabed and surrounding ecosystems and is increasingly facing criticism from environmental campaigners and ocean conservationists.

In Norway, dredging has been banned for nearly 30 years, preserving ocean habitats, but leaving vast nutritious resources out of reach.

Ava Ocean has developed a unique, non-invasive harvesting gear for bottom-dwelling seafood such as scallops and sea cucumber without disturbing marine ecosystems. The technology combines an advanced water-flow system with AI and camera technology to precision-pick target seafood. Smaller sized specimens or by-catch are returned to the seabed undamaged.

The Norwegian government has granted Ava Ocean the first licence to harvest Arctic Scallops in the Barents Sea in more than three decades. Oslo-based investment managers Norselab has helped prove the concept’s viability and profitability.

With the injection of capital from the Ocean14 Capital Fund, Ava Ocean will embark on an ambitious international growth plan, accelerating their mission to lead a global shift towards more sustainable fisheries of bottom-dwelling seafoods.

Gorell Barnes said: “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.

“Over the next few years, the fund aims to invest in many more companies that are all playing a part in saving the oceans.”

Benji Meuli, the chief investment officer of Convex, said: "The insurance industry can play a tangible role in the future of our planet and Convex sees investing in a sustainable blue economy as vital in our fight against the climate crisis. 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.”

The Ocean 14 Capital Fund aims to act as a tidal surge to supercharge the blue economy, a sector using ocean resources for economic growth and preservation, which is expected to be worth $3 trillion by 2030, according to the OECD.