Ingka Investments has made a €30m commitment to Ocean 14 Capital Fund 1, an impact fund focused on the sustainable use of ocean resources.
The commitment from the parent company of furniture retailer IKEA represents the investor’s first-time investment in the ‘blue economy’ - a sector using ocean resources for economic growth and preservation.
In September last year, the Constitutional Reserve Fund of Monaco made a €10m commitment to the fund. The fund previously completed an €80m first close in November 2021 as it received capital from investors including the European Investment Fund, Chr Augustinus Fabrikker, Builders Vision, Minderoo Foundation, and British businessman Alex Beard and Swedish entrepreneur Niklas Zennström.
The Ocean 14 Capital Fund, launched in November 2021 with a €150m fundraising target, has so far raised €130m.
Ocean 14 Capital said the fund is on track to grow its portfolio to between 20-25 businesses within three years, having invested in four companies to date.
Chris Gorell Barnes, co-founding partner 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.”
Samuel Rundle, head of financial market investments at Ingka Investments, 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.”
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