The fund will support early but proven innovations, focusing on Series A and B.
Prince Albert, his Foundation and Monaco Asset Management have officially launched the ReOcean Fund, an initiative that targets private investment for innovative, high-impact solutions for the ocean, because “philanthropy is simply not enough”. It was in the presence of HSH Prince Albert II of Monaco on Tuesday 21st March that the ReOcean Fund was launched during Monaco Ocean Week.
“There are very few tasks as vast, complex, overwhelming and yet as urgent as the ones we are dealing with here: to save the Ocean,” said Prince Albert. “The Ocean needs us, and it needs you.”
The ReOcean Fund will funnel €100 million over 10 years to the United Nations Sustainable Development Goal 14 ‘Life Below Water’, which aims to catalyse the next generation of ocean innovations to support the transition towards a net-zero, regenerative and more equitable economy.
“The creation of the ReOcean fund is in line with the efforts undertaken for many years by the Prince Albert II of Monaco Foundation to promote the most innovative companies that have an impact on the safeguard of life below water,” said Olivier Wenden, CEO of the Prince Albert II of Monaco Foundation, during the launch.
Finding innovative solutions for the ocean
The ReOcean Fund has four aims: reduce key sources of pollution in the ocean; transform the way we produce blue food and travel across the ocean; protect marine ecosystems and the critical services they provide; and inform and equip ocean stakeholders with robust and transparent data.
The fund will support early but proven innovations, focusing on Series A and B. It aims to leverage networks in and around Monaco to identify opportunities to deploy or platform solutions.
Philanthropy is not enough
The ReOcean Fund aims to attract private investors to inject funds into projects selected by a committee composed of experts in the environmental and investment fields.
“Philanthropy plays a key role in filling the gaps, but it is not enough to meet the immense challenges of the Oceans,” said Olivier Wenden. “In 2019, only $10 billion of the estimated $175 billion needed was invested in active solutions to protect the seas and oceans. That’s why we must intensify and accelerate existing solutions and to do this, we need the private sector.”
The rise of the blue economy
According to Anthony Torriani, Managing Director of Monaco Asset Management, the Blue Economy is the fastest growing sector of investment, with more than 2,000 start-ups initiated in 2021 alone. That was double the figure of 2019, a fact that should be resonating with potential investors.
Source: Monaco Life