#93 - Ocean Fund Data

This week I got motivated to look into data points for investment flows in the “blue economy”, specifically impact funds, direct investment and reasoning for concentrations and restrictions. Enjoy!

Over the last decade, the blue economy has become a little more clearly defined investment category shaped by climate policy, marine infrastructure needs, offshore energy expansion, and advancements in ocean technology. The available datasets, primarily from Phenix Capital, EU BlueInvest, Dealroom, and sector investment reports, show a market that is growing steadily, formalising around specific asset classes, and diversifying into innovation-driven verticals.

Some core data points I found defining the 24/25 landscape

• €69 billion committed to blue-economy impact funds since 2015.

• Number of dedicated funds increased ≈463% since 2015 to reach 186 vehicles.

• Blue-economy funds make up ~6.6% of the c. 2,800 impact funds tracked globally.

• €34 billion is currently being targeted by funds in-market (those actively raising).

• Fund mandates range across marine renewables, sustainable seafood, ocean tech, coastal infrastructure, decarbonisation of shipping, and circular marine materials.

These figures position the “blue economy” as a steadily expanding, policy-aligned investment theme with increasing institutional participation.

Funding Landscape Breakdown

A simple breakdown of the blue-economy fund universe based on the most robust datasets:

1. Size & Composition of the Fund Universe

• 186 funds managed by 134 fund managers.

• Only ~5 are pure-play ocean-impact funds; most include blue themes within broader sustainability mandates.

• Capital raised since 2015 totals €69B, with an additional €34B being sought in current fundraising rounds.

2. Types of Capital Dominating the Market

• Majority of capital sits in infrastructure, energy transition, and impact private equity, driven by offshore renewables, port upgrades, and maritime decarbonisation.

• A smaller but fast-growing layer of ocean innovation (bluetech) is emerging, supported by increasing VC activity.

3. Deal Activity & Maturity Signals (EU, 2018–2023)

• Total EU blue-economy investment: €13.3B (3× the previous period).

• Average ~270 deals/year across the EU.

• Deal-type share:

  
  

  • 38% M&A

  • 34% early-stage equity

  • 11% growth equity

  • 7% grants

    
    

• Indicates a mixed-maturity market with both consolidation (M&A) and early-stage growth.

  
  

4. Institutional Participation

• European Investment Bank (2020–2024): €10.6B invested, leveraging €43B total project value.

• Institutional capital primarily concentrated in offshore wind, shipping efficiency, and port infrastructure.

Capital Concentrations

The current blue-economy investment landscape is shaped by clear capital hotspots, with most funding clustering around infrastructure-heavy and commercially mature sectors.

Core data signals

• Marine renewable energy is the largest capital recipient: offshore wind accounts for ≈75% of all blue-renewable investment, with cumulative funding exceeding $1B since 2016.

  
  

• Bluetech & ocean observation has accelerated sharply:

  
  

  • $728M raised in 2025 (+53% vs 2024, +360% vs 2023).

  • $2.3B cumulative investment since 2016.

  
  

• Blue biotechnology (marine bio-products, algae, biomaterials):

  
  

  • $1.1B cumulative investment since 2016.

  • Peak annual funding > $300M in 2022.

  
  

• EU deal activity confirms three dominant investment themes: marine renewables, ocean observation/bluetech, and aquaculture (BlueInvest 2018–2023 data).

  
  

• Environmental protection and ecosystem restoration remain among the least-funded categories, with low deal presence compared to energy, shipping, and aquaculture.

Interpretation

Capital concentration reflects the maturity and scalability of these sectors: offshore energy and port/shipping innovation attract infrastructure capital; bluetech and aquaculture attract VC and growth investors; nature-based and small-scale coastal projects receive limited market-driven funding due to smaller ticket sizes and less standardised revenue models.

Regional Patterns

Investment flows across the blue economy are uneven, with clear regional hubs defined by policy, infrastructure maturity, and investor concentration.

Core data points

• European Union remains the most active region:

  
  

  • €13.3B invested in EU blue-economy deals (2018–2023), ~3× the previous period.

  • Deal activity averages ~270 deals/year, indicating a consistently active market (BlueInvest).

  • Strongest themes: marine renewables, bluetec/ocean observation, aquaculture.

  • The European Investment Bank invested €10.6B (2020–2024), leveraging €43B total project value—most of it in offshore wind, port infrastructure, and shipping innovation.

  
  

• North America ranks as the second-largest region by investor presence, with significant activity in ocean technology, aquaculture systems, and coastal resilience innovation (Dealroom & industry datasets).

  
  

• Asia-Pacific shows growing activity in aquaculture, bluetech, and port innovation, though data indicates lower institutional fund concentration relative to Europe.

  
  

• Underrepresented regions include Africa, Pacific Island nations, and parts of Southeast Asia, where investment remains limited despite high ocean dependence and climate exposure. These regions show low fund-manager density and low deal frequency in available datasets.

Interpretation

Regional differences track policy intensity and capital availability: Europe leads due to strong regulatory drivers and infrastructure finance; North America drives tech-led innovation; Asia-Pacific grows through food-system and port development; emerging regions remain capital-sparse due to fragmented markets and smaller investment ticket sizes.

Major Drivers

Investment behaviour in the blue economy aligns closely with the structural characteristics of its major sectors, producing predictable patterns in where capital concentrates.

Core data points & dynamics

• Infrastructure-style revenue models are a primary driver of capital flow:

  
  

  • Offshore wind, port upgrades, and maritime energy systems attract the majority of large-ticket investment because they offer contracted or regulated cash flows and scalable asset bases, fitting institutional investor mandates (EIB, Phenix Capital datasets).

  
  

• Policy alignment continues to shape investment:

  
  

  • EU programmes (Green Deal, Fit-for-55, national offshore wind targets) directly support growth in marine energy and port decarbonisation.

  • This correlates with the EU’s €13.3B in blue-economy investments and EIB’s €10.6B contribution since 2020.

  
  

• Technology maturation is influencing VC patterns:

  
  

  • Bluetech & ocean observation funding grew 53% YoY in 2025, signalling improving commercial readiness.

  • Sub-sectors like marine sensing and digital port optimisation show multi-year cumulative investment of $2.3B.

  
  

• Aquaculture and marine biotech attract capital due to strong demand signals in global protein markets:

  
  

  • Marine biotech cumulative investment: $1.1B since 2016.

  • Aquaculture consistently emerges among top three EU deal categories (BlueInvest).

  
  

• Lower activity in small-scale or nature-based projects reflects market structure rather than lack of interest:

  
  

  • These projects typically require smaller ticket sizes, blended finance, or non-standard revenue models, making them less compatible with PE/infra fund architecture.

Interpretation

Capital follows clarity: sectors with established revenue models, strong policy frameworks, and proven technology readiness draw the most investment. Emerging verticals attract VC interest as commercial pathways solidify, while community-scale or ecosystem-focused areas remain less aligned with conventional fund structures.

Concluding Remarks

The data shows that blue-economy investment is growing, but it remains small, fragmented, and difficult to classify compared with more established sectors. With only ~5 pure-play ocean funds in a universe of 186, most capital reaching ocean-related themes is routed through broader sustainability or infrastructure mandates rather than dedicated blue strategies. This reflects a core challenge: “the blue economy” is not a single market but a collection of unrelated industries, shipping, ports, aquaculture, offshore wind, biotech, coastal infrastructure, each with different risk, revenue, and policy profiles.

Compared with areas like AI (~$110B+ VC in 2024) or climate tech as a whole (≈15× the venture flow of blue sectors), blue-economy capital remains modest and uneven. Strong activity in marine renewables and port/shipping upgrades contrasts with limited funding for ecosystem restoration, community-scale fisheries, or early-stage ocean innovation.

At the same time, the presence of €34B currently targeted in fundraising cycles shows there is space for commercially viable ventures and institutional players, especially in sectors with clearer business models (energy, aquaculture, sensing/data, marine biotech). As definitions tighten and reporting improves, the investable “blue economy” is likely to become easier to navigate, but for now it remains a dispersed landscape where commercial traction is highly sector-specific rather than economy-wide.

Thanks for reading!

OTI

H

Sources:

Primary data & investment landscape sources

• Phenix Capital Group — Blue Economy Impact Report (April 2024 & April 2025 editions)

• Phenix Capital Group — Blue Economy Funds at a Glance

• Impact Investor — “Tide may be turning for blue economy”

• EU BlueInvest — EU Blue Economy Investment Report (2018–2023)

• European Commission / DG MARE — Blue Economy deal statistics

• European Investment Bank — Sustainable Blue Economy investments (2020–2024)

• Dealroom — Blue Economy Investment Guide (bluetech, ocean observation, marine biotech data)

• Ship2B Ventures — Investment Thesis: Blue Economy

• OceanReturns — Blue Economy Investment Deep Dive

• TheFutureMedia.eu — Blue economy VC totals (2024 estimate)

Comparative sector data

• TechMonitor — Global AI VC investment (~$110B in 2024)

• Industry VC datasets (Dealroom, CB Insights references contained within source summaries)