The BlueInvest fund today allocated the first of an available €75 million to two projects working against food insecurity – announcing the names at a BlueInvest Day event
Commissioner for Environment, Oceans and Fisheries, Virginijus Sinkevičius, announced the two recipients of the €45 million funding at at BlueInvest Day, 2021.
The two companies are Astanor Ventures and Blue Horizon Ventures I, which both specialise in food security. These are the first ever investments of the BlueInvest pilot scheme, which was created by the European Commission and European Investment Fund.
As early as March 2020, EU officials noted how the fishing and aquaculture sectors: “have been particularly hard hit by market disruption.”
In 2021, it appears that intensive financial interventions are necessary to repair the damage done to the blue economy.
Firstly, what is the BlueInvest Fund?
The short answer is that BlueInvest is the EU’s financial solution for uncertain food chains, marine life, oceans impacted by the climate and the people stuck in between those things.
Essentially, BlueInvest is a targeted investment pipeline.
The Commission defines the blue economy as: “All economic activities related to oceans, seas and coasts. It covers a wide range of interlinked established and emerging sectors.”
The long answer is that The Commission partnered with the European Investment Fund to create a direct way to get money to investors who can make significant changes in their local blue economy. It is supported by the BlueInvest platform, which encourages investment readiness and access to finance for early-stage businesses, SMEs and scale-ups.