Serious About The Earth? Start With The Ocean | The Compass - April 2025
Ocean investing & more in our April newsletter.
As we commemorate another Earth Month, it's worth pausing to reflect on what that truly means. At its core, it’s a call to recognize Earth as the vast, intricate, and interconnected system that it is. This resonates deeply with us at Third Nature, where we take an “earth systems” approach to investing. Tackling climate change requires a holistic view—understanding how food, water, energy, biodiversity, and industry intersect, and ensuring that solutions drive systemic transformation rather than just treating symptoms.
Yet, one of the biggest oversights in climate investing remains the ocean.
Any serious climate strategy must prioritize the ocean. Covering 71% of the planet, producing over half of our oxygen, and absorbing roughly a quarter of all carbon emissions, the ocean regulates weather, supports biodiversity, and is fundamental to global food security and economic resilience. Despite this, it has long been neglected in climate investing.
For too long, the ocean has been seen as something to "save"—a domain for philanthropy and conservation rather than an engine of economic and environmental innovation. But that perception is shifting. More investors and entrepreneurs recognize that the ocean isn't just a victim of climate change—it’s a powerhouse of solutions.
Ocean-based innovations have the potential to transform industries – be that fashion, plastics and packaging, agriculture, or energy – while unlocking new markets and delivering strong financial returns.
We’re already seeing ocean-based startups prove that investing in this space isn’t just viable—it’s essential. Seaweed, one of the most regenerative materials on Earth, is replacing petroleum-based plastics, offering a sustainable alternative to traditional packaging. In agriculture, seaweed-based feed additives are cutting methane emissions in cattle by up to 90%. Meanwhile, ocean-based food solutions are gaining momentum, with seaweed and shellfish emerging as nutrient-rich, low-impact protein sources. The aquaculture industry is also evolving, as innovations in alternative feeds reduce reliance on wild-caught fish and create more sustainable supply chains. These breakthroughs show the vast potential of ocean-based industries to drive both environmental and economic gains in partnership with nature.
While momentum is building, ocean investing is still in its early days. Just a few years ago, there were only six thematic funds focused on oceans—today, there are more than 40. To further accelerate this movement though, we will need:
More visibility on entrepreneurs building successful, revenue-generating businesses in partnership with the ocean that can scale.
Stronger collaboration among investors, startups, scientists, NGOs, and policymakers to create an interconnected ocean investment ecosystem.
Greater corporate engagement, demonstrating to mainstream industries the financial and sustainability advantages of ocean-based solutions.
Investment in demand-side growth, educating consumers and creating markets for ocean-based innovations.
A diversified capital stack, deploying venture, equity, debt, grants, and R&D funding to scale solutions and fortify value chains that truly center a regenerative ocean-based economy.
The great news? The opportunities are vast, momentum is building, talented entrepreneurs are driving innovative solutions, and the time is now. Let’s invest in a future where the ocean is not just protected or “saved”—but harnessed as a key driver of planetary health, economic resilience, and innovation.
With gratitude,
Jason W. Ingle
E hello@thirdnatureinvestments.com
in jwingle
P.S. Is there a topic, news story, or trend you’d like us to explore in an upcoming issue or blog? We’d love to hear from you, drop us a line at the email address above!
Third Nature News
A Conversation with Trailhead Capital
Jason W. Ingle
Like Third Nature’s predecessor venture fund, Closed Loop Capital, Trailhead Capital takes a full-value-chain approach to investing in food and agriculture. Too often, we’ve seen food and ag operate in silos—you could attend a food industry conference without hearing a word about farming, or an ag conference where food was barely mentioned. This disconnect reflects the industrialized food system’s fragmentation, obscuring the root causes of its dysfunction. At Third Nature, we’ve always believed that being in both rooms at once provides a clearer picture of the overarching and overlapping systemic challenges—and, more importantly, the opportunities to fix them. Trailhead shares this systems-level perspective, investing across the full supply chain—from upstream agricultural innovations to midstream technologies improving distribution and efficiency, all the way downstream to food quality and human health.
What We’re Reading
Bridging the gap: scaling up regenerative agriculture
Impact Investor
Nature-positive investing is gaining momentum, with regenerative agriculture emerging as a promising yet underfunded sector. Despite growing recognition of biodiversity loss as an urgent issue, financial and structural barriers—such as high upfront costs, long payback periods, and complex implementation—continue to hinder large-scale investment. Experts at responsAbility and NatureFinance emphasize the need for patient capital, blended finance models, and outcome-based instruments like sustainability-linked bonds to de-risk early-stage investments and attract private capital. Notable examples, such as Brazil nut processing in the Amazon, demonstrate how regenerative agriculture can align economic incentives with conservation goals. Looking ahead, policy support through subsidies, tax incentives, and sustainability-linked sovereign debt could help scale investment and accelerate the transition to regenerative farming.
Priorities for Strategic Climate and Environmental Philanthropy
The Milken Institute
Climate disasters—including intensified droughts, wildfires, storms, and flooding—are on the rise globally, with cascading negative impacts on communities and ecosystems. Philanthropists can play a crucial role in addressing these challenges, but currently, only about 2 percent of global philanthropic contributions are directed toward climate mitigation. Increased strategic giving is needed across many areas of climate and environmental initiatives. Priorities for Strategic Climate and Environmental Philanthropy, a new report from the Milken Institute, offers guidance for philanthropists looking to begin or deepen their climate and environmental giving.
Why chocolate is ridiculously expensive right now
Grist
West Africa’s cocoa industry, the backbone of a $100 billion global market, is increasingly at risk due to climate change. Rising temperatures, droughts, and plant diseases are pushing cacao-growing conditions beyond their optimal range, leading to reduced yields and skyrocketing chocolate prices. Reports from Climate Central and Christian Aid reveal that warming has added weeks of extreme heat during peak harvest seasons, exacerbating crop failures and financial strain on farmers. Despite record-high cocoa prices, growers often see little benefit, as rising production costs outpace their earnings. The impact extends beyond chocolate, affecting cosmetics and pharmaceuticals that rely on cocoa. Major brands are already adapting by using less cocoa or developing alternative products, signaling a shift in the industry as climate pressures intensify.
Our Companies in the News
How one Bay Area startup wants to bring an innovative solution to the plastic bag problem
The Mercury News
In 2020, Julia Marsh co-founded Sway, a San Leandro startup that aims to replace conventional plastic packaging, made from petroleum products, with a green alternative. This year, Sway and four fashion brands will launch their first fully compostable seaweed-based “polybags” — the clear plastic packaging that protects new garments during delivery. Conventional polybags are an environmental nightmare, breaking down into microscopic pieces, entering waterways and even our food.
From Food Truck to Catering Empire: Mary Shillue-Goldberg Reveals Clover's Secret Sauce
The Catering Cage
In this insightful episode of "The Catering Cage," host Erle Dardick interviews Mary Shillue-Goldberg, Director of Catering at Clover Food Lab, who shares her journey from making early morning box lunches to leading catering for Boston's beloved vegetarian restaurant chain. Mary reveals practical strategies for building successful catering operations, including prioritizing operational excellence before aggressive sales, training "catering captains," creating compelling in-store displays, and leveraging community resources like Caterlink. With competition intensifying from unexpected quarters like grocery stores and convenience chains, Mary's approach of relationship-building, storytelling, and extending brand experience beyond restaurant walls offers valuable insights for operators looking to grow their off-premise business without compromising quality.
Copia Welcomes Greg Creed to Our Board of Directors
Copia
Greg Creed, former CEO of Yum! Brands (Taco Bell, KFC, Pizza Hut) and current Board Director at Aramark, Thanx, Delta Airlines, and Whirlpool, has joined Copia’s Board of Directors. With decades of leadership in the global food and hospitality industry, Greg brings an unparalleled level of expertise in scaling brands, driving operational efficiency, and delivering business impact. His track record of transforming iconic restaurant brands into household names makes him an invaluable addition to Copia as it continues its mission to eliminate food waste and drive sustainability in the food service sector.
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