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Ocean 14 Capital receives €30 million from Ingka Investments to back marine innovators

Ingka Investments is the investment arm of Ingka Group which represents the largest IKEA retailer.

George Duffield_02
Credit: George Duffield

February 14, 2023


The Ocean 14 Capital fund has received an investment of EUR 30 million from Ingka Investments, the investment arm of Ingka Group which represents the largest IKEA retailer, to support its mission of funding sustainable solutions to improve ocean health. It marks the first time Ingka Investments has invested in the ‘blue economy’.

Following the Principality of Monaco’s EUR 10 million commitment from the sovereign wealth fund in September 2022, Ocean 14 Capital has now raised EUR 130 million since launching its growth-stage impact fund in November 2021. With this backing, the purpose-led EUR 150 million impact fund believes it is well on track to grow its portfolio to between 20-25 businesses within three years, having invested in four companies to date.

“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,” said Chris Gorell Barnes, co-founder of Ocean 14 Capital. “I’d like to think we are at the tipping point of where the blue economy becomes mainstream. In less than two years, we have backed four ground-breaking growth-stage companies, doing extraordinary work. So for Ingka Investments to recognize this just spurs us on further.

Ingka Investments, one of the three core businesses of Ingka Group, the largest owner and operator of IKEA Retail. Head of financial market investments at Ingka Investments, Samuel Rundle said that “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.”

First launched in November of 2021, the Ocean 14 Capital fund will focus primarily on investing in growth-stage businesses. It is aimed that around two-thirds of the fund will go to companies based in Europe, with the remainder to be used to invest in the rest of the world.

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