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Ocean 14 Capital invests in ‘Blue Economy’ innovator, Bureo, which enables recycling of fishing nets into apparel
Bureo expects to scale its supply of its rHDPE & rNylon under its trademarked NetPlus® brand name to more than 1,500 tonnes for 2023
1 November, 2023 London: Ocean 14 Capital has announced an investment into Bureo, an innovative company that is on a mission to end fishing net pollution to help protect our oceans by providing fishermen with an end-of-life solution for discarded fishing nets.
These nets, which are collected, cleaned and processed into NetPlus® pellets that are 100% recycled, fully traceable and make for a premium recycled material for nylon fabric and other plastic products, are used by the likes of Toyota Tsusho, Patagonia, Trek, Quiksilver, Brixton, Orvis and more.
Ocean 14 Capital is an impact fund focused on driving a sustainable and regenerative “blue economy” – a sector that uses ocean resources for economic growth and preservation.
Bureo, founded by David Stover, Ben Kneppers and Kevin Ahearn in 2013, received the financial commitment from UK-based Ocean 14 Capital in their Series B raise, led by Toyota Tsusho Corporation, and further supported by like-minded impact investors including Mirova, Susquehanna Foundation and Conservation International Ventures.
This recent fundraise will enable Bureo to expand its facilities and equipment, develop the NetPlus® brand and expand the workforce for the next growth stage, as well as continue to develop solutions to secure the future of our oceans by reducing one of the most harmful forms of ocean pollution – discarded fishing nets.
“Bureo is a model of a purpose-led business generating value by transforming end-of-life plastic waste,” notes investor Chris Gorrell Barnes, founding partner of UK based Ocean 14 Capital. “By scaling up the company’s collection activities, the magnitude of its impact becomes increasingly apparent. By materially reducing the volume of fishing nets that would otherwise find their way into our oceans or be incinerated, Bureo has a pivotal role in global environmental efforts.”
Since launching in 2013, Bureo has scaled its supply of its rHDPE & rNylon under its trademarked NetPlus® brand name from approx. 10 tonnes in 2014, to 1,130 tonnes in 2022 and is expecting over 1,500 tonnes for 2023.
“We are betting that companies and consumers will continue to move away from virgin plastics and instead focus on adopting non-extractive raw materials with lower impact production” says Bureo co-founder David Stover. “We know our work has just begun, and we feel a responsibility to bring our solution for discarded nets and expand positive impacts to more coastal communities around the world.”
Taking action to preserve our oceans was a major talking point at the 2023 World Economic Forum Annual Meeting held in Davos, Switzerland. A dedicated session featuring Peter Thomson, the UN Secretary-General’s Special Envoy for the Ocean and Co-Chair of the World Economic Forum’s community of ocean leaders flagged that a sustainable blue economy represents no less than “the future of human security” and is critical for intergenerational justice.
Using the United Nations Sustainable Development Goal number 14: Life Below Water as a guiding principle, Ocean 14 Capital is searching for entrepreneurs and businesses with big ideas around aquaculture and alternative proteins, reducing plastic waste pollution, protecting ecosystems and marine flora, and ending overfishing.
The €167 million fund’s mission is to supercharge the blue economy, which is expected to be worth $3 trillion by 2030, according to the OECD. At the same time, it will provide jobs to 40 million people.
Ocean 14 Capital Limited is an appointed representative of G10 Capital Limited which is authorised and regulated by the Financial Conduct Authority.
About Ocean 14 Capital Fund I SCSp
Ocean 14 Capital Fund I SCSp (“Ocean 14 Capital Fund” or the “Fund”) is an impact fund now targeting €200 million and focused on driving a sustainable and regenerative blue economy. The fund’s investment adviser, Ocean 14 Capital Ltd, has a team who combine more than 65 years of investment, impact, and industry experience. The investment adviser’s team and advisers are considered to be some of the world’s most renowned scientists and marine biologists, and it is considered that they have unparalleled access to proprietary deal flow and sector knowledge. www.ocean14capital.com
Ocean 14 Capital:
Tara O’Driscoll, CEO, The Prophets – firstname.lastname@example.org / +44 07791 091 909
Chris Gorell Barnes, Founding Partner, Ocean 14 Capital Ltd – +44 7802 738062
Jessica Davis, Wilder PR