SWEN Capital Partners, an investment firm focused on non-listed responsible investment and ocean sustainability, has raised €160m in the first close of its SWEN Blue Ocean 2 fund, to invest in innovative start-ups working to support the regeneration of ocean biodiversity.
Targeting €300m, the fund is positioned as the world’s largest ocean impact venture fund. This compares to the €170m raised by SWEN’s inaugural Blue Ocean fund, demonstrating rising investor appetite and momentum.
The fund will invest in startups bringing solutions to help regenerate ocean biodiversity, tackling three existential threats: over-fishing, pollution, and climate change.
SWEN Blue Ocean 2 is an impact fund and has been classified as Article 9 under the European Union’s Sustainable Finance Disclosure Regulation.
SWEN saw significant investor interest for SWEN Blue Ocean 2 from across the world, raising 53% of the target at first close. This includes strong demand among investors including institutional investors like pension funds, insurance companies, banks, and family offices.
Notable LPs include EIF (European Investment Fund), France 2030, Bpifrance, Macif, Abeille Assurances, Matmut, Suravenir, Mutuelle de Poitiers and CPSTI (Conseil de la Protection Sociale des Travailleurs Indépendants).
SWEN Blue Ocean Fund 2 will invest primarily in Series A funding rounds with a focus on companies in Europe. However, its scope to invest in the rest-of-the-world has increased since the first generation, with 30% of the fund’s capital now able to be deployed outside of Europe, where SWEN Blue Ocean has identified a significant need for ocean biodiversity regeneration solutions.
The larger fund size compared to Blue Ocean will also enable SWEN CP to take more lead positions at Series A stage, with the ability to write first tickets of up to €12m.
Blue Ocean is fully allocated and has already returned capital to investors. The fund has exited two investments and has 18 portfolio companies.
To support the fundraise and fund deployment, SWEN CP has grown the SWEN Blue Ocean team to nine investment professionals with ambitions for further hires in the coming months. The team combines experience across investment, industry, science and policy.
