A Luxembourg-based ocean fund has increased its funding target after attracting €30 million from an insurance company, while investing in a Norwegian tech firm specialising in harvesting seafood from the seabed without harming ecosystems.

Ocean 14 Capital Fund has received a €30 mln investment from specialist insurer Convex Group and another €10 mln from various family offices and high-net-worth individuals, taking the fund’s final commitment to €160 mln, it announced Tuesday.

That’s more than the €150 mln it aimed for, and it is now raising its target to €200 mln by the end of the year, co-founder Chris Gorell Barnes said in a press release.

“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,” he said.

Ocean 14, which earlier this year attracted €30 mln from Swedish investor Ingka, is focused on investing in startups with the potential to contribute to a sustainable marine industry in the face of the climate and nature crises.

“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,” said Benji Meuli, Convex’ chief investment officer.

At the same time as announcing the Convex investment, Ocean 14 also said it had decided to invest €10 mln in Oslo-based Ava Ocean, the fifth company it has become involved with.

Ava Ocean has developed a technology using an advanced water-flow system with AI and cameras that allows it to precision-pick target seafood at the bottom of the ocean.

That is important because most harvesting from the seabed currently uses dredging, which harms biodiversity and destroys carbon sinks on the sea floor.

George Duffield, chair and co-founder of Ocean 14, told Carbon Pulse that the fund will be looking to generate biodiversity and carbon credits for some of the activities it is investing in, including for Ava Ocean.

“Ocean 14 Capital is actively working on stacked credits for many of its investments. For example, Ava should unlock combined biodiversity and carbon credits from its non-destructive precision seabed fishing technology,” Duffield said.

The Norwegian company recently earned a licence to harvest Arctic Scallops in the Barents Sea, the first such licence handed out for decades as dredging has been banned in Norway for 30 years.

“The global potential for our solution is immense, and we are excited to be able to explore international opportunities with the support of the Ocean14 Capital Fund,” said Ava Ocean CEO Oeystein Tvedt.

“With the support of the Ocean 14 Capital Fund, along with our existing investors, we are well-positioned to scale our operations for international growth and to further develop our innovative solution.”

Ocean 14’s Gorell Barnes said the Norwegian firm’s technology could be a game changer.

“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,” he said.

“The technology developed by Ava Ocean can be rolled out on a global scale and could put an end to harmful seabed practice forever.”

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