2023
CI VENTURES
IMPACT REPORT02

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CONTENTS

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Introduction

Partnerships

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Program
Highlights

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Impact Strategy

Showcasing Models

Impact by the Numbers

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Portfolio Snapshot

Capitalizing on
Our Results

Looking Ahead

Photo collage front cover: ©iStock48

52© Nick Fox

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INTRODUCTION© Mark Sullivan/NOAA

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CLOSING THE
FUNDING GAPFOR NATURE

There is an urgent need to act on the climate andbiodiversity crises that threaten human healthand put global economies at risk. While nature
can provide 30 percent of the solution, it receives
less than 3 percent of climate funding. This
leaves a US$ 700 billion funding gap in what isneeded annually to protect global biodiversity.

cooperation is fundamental to our approach. Our
success is intricately linked to our network of partners
that includes donors, investors, sector stakeholders
and, notably, the companies in which we invest.

Innovative financing mechanisms can help securesufficient and necessary funding for nature at thescale and speed needed. Cooperation is also
critical for driving action and accelerating thepace of progress toward adopting sustainable,
nature-based and climate-resilient production
systems that can support a livable planet.

•

Raising US$ 20 million from our venturephilanthropy partners•

Investing US$ 15 million in 40 companies across
10 countries•

Making a substantial impact on over 250,000
hectares through conservation, protection, or
restoration initiatives•

Mobilizing US$ 160 million in follow-on andco-investments•

Impacting over 70,000 livelihoods
and creating nearly 3,000 jobs

CI Ventures works to close the biodiversity funding
gap by financing nature-positive economies: wecooperate locally and globally to effectively drive
investments in enterprises that conserve someof the world’s most ecologically important places
in ways that deliver transformative change.

© Nora HydeCI Ventures is Conservation International’s awardwinning impact-first investment program that isaccelerating investments into nature-positive
small- and medium-sized enterprises to achieve
biodiversity, climate, and livelihood outcomes. We
combine over 35 years of climate and conservation
science to design, showcase, and mainstream
mechanisms that align economic activities withthe regenerative capacity of nature. By usingphilanthropic capital to de-risk investments, we
attract additional private-sector capital: many
companies in our portfolio have gone on to raise 7
to 10 times more funding in follow-on investments.

Bjorn Stauch
Vice President,
Conservation International Ventures

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By promoting sustainable practices and investing ininnovative environmental solutions, we redefine theparadigm of economic growth—one that prioritizes
the health of ecosystems and the benefits to thecommunities. Moreover, our commitment toSince 2018, our partners have helped us
achieve notable milestones that include:

As we reflect on the past year’s accomplishments
and challenges, one theme stands out: thepower of partnerships in amplifying our impact
and propelling us toward a future where we cancollectively have an even greater influence.
This report features many of the accomplishments
made possible by your contributions.
We extend our deepest gratitude to those
who are with us on this journey.

Bjorn© iStock, lenaleonova

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PROGRAMHIGHLIGHTS© Conservation International/photo by Russell A. Mittermeier

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CI VENTURES IS
CATALYZING NEW CAPITALINTO CONSERVATION© Luciano Candisani/iLCP

The market is incorporating CI Ventures’ investment
model into conservation and development opportunities.

The African Conservancies Facility1 (ACF) was
selected by the Finance Lab for Irrecoverable
Carbon (FLIC) to receive a development grantand expert advice.
The grant will allow the team to test thefeasibility of the ACF model in other high-value
conservation landscapes with vast stores ofcarbon that humanity cannot afford to lose. It
could result in a replicable investment blueprint
to unlock capital for conserving some of ourplanet’s most significant carbon reserves. If
the approach proves to be successful, the ACF
model — which currently finances conservancies
in the Maasai Mara landscape — could deliver
real and meaningful value beyond its initial focus
and be used to protect Africa’s standing forests
in places such as Uganda’s Bwindi Impenetrable
Forest, the Western Congo basin, Gabon and
Kenya’s Loita Forest.

1

The African Conservancies Facility was previously called theAfrican Conservancies Fund

CI Ventures secured private-sector funding
to expand investments
in mangrove-positive economies.
CI Ventures mobilized US$ 1.5 million
from a global consumer brand to invest in
mangrove-positive enterprises and explore
business models that integrate blue carbon
ecosystem protection and sustainablecommodity production. This investment isaligned with Conservation International’s
priority of expanding nature-positive
economies. The work includes cooperating
and collaborating with local communities
and corporations to design and implement
sustainable development initiatives thatconserve and restore nature.

A CI Ventures concept was selected fordevelopment under a Green Climate Fund
(GCF) program that aims to help Caribbean
Small Island Developing States (SIDS) address
adaptation and mitigation challenges.
The Caribbean Development Bank will beleading the implementation of the initiative
known as the Blue Co Caribbean Umbrella
Coordination Program. The main objective
is to secure significant funding to create alow-emission, climate-resilient regional blue
economy for 14 Caribbean SIDS. It will help
accelerate growth in new and establishedindustries while securing gains against climatechange. The program has a coordinatedapproach for attracting transformative andsustainable finance to bolster the Caribbean’s
emerging blue economy. It will place the region
at the forefront of climate finance.

CI Ventures and local implementing partner
Konservasi Indonesia have been acting as
convening agents for the Global Fund forCoral Reefs (GFCR) program.
Through this 10-year program, CI Ventures
mobilizes investment to reef-positive
businesses, innovations, and projects toprotect and restore essential coral reef
ecosystems and support local and Indigenous
communities’ livelihoods in Indonesia. CI
Ventures directly invests in enterprises that
reduce direct threats to reefs and/or promote
the recovery and sustainable growth of reefpositive industries and local economies. Our
goal is to leverage the GFCR fund by 7 times,
attracting follow-on investments of US$ 73
million by 2030.

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Our Partners Are
Critical to Our Success
Joining forces with like-minded organizations,communities and individuals strengthens
our ability to create positive change. It alsoenables us to expand our reach far beyond
what we could achieve alone.

PARTNERSHIPS

Here are two inspiring partnerships ofcooperation and collaboration that highlightthe tangible outcomes achieved through thesynergy of shared values and common goals.

© Fakhrurrazi

The partnerships we cultivated in 2023
enabled us to delve deeper into underserved
communities and implement innovative
solutions to address local needs.

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2 02 3 I MPAC T R E P ORTPRIORITIZINGPARTNERSHIPS
Sustainable Landscapes Ventures– A Consortium of Capacity
Builders, Impact Investors andConservation Experts© Sarah Karner/Hatch Blue

Forests can provide food andlivelihoods for over 1 billion people
worldwide, yet market demands
force small producers to engage
in unsustainable practices. The
Sustainable Landscapes Ventures
Project — led by Conservation
International México with partners
including CI Ventures, minkadev,
SVX México and El Buen Socio — isdeveloping sustainable and inclusive
value chains at scale that are marketdriven and investor-ready in threelandscapes in Mexico: Chiapas,
Oaxaca and the Yucatan Peninsula.
The project is working to ensure theadoption of nature-positive economies
to promote improved livelihoods andenvironmental outcomes.
Funded by the U.S. Agency forInternational Development (USAID),
the investment aims to avoid
deforestation in these landscapes by
consolidating long-term partnerships
among smallholder producers,
investors and buyers. It provides
a space for coordination between
diverse entities to solve the financing
barriers of the rural sector and provide
diverse services to producers, buyers
and investors.

© Jessica Scranton

The collaborative effort between CI
Ventures and Hatch Blue gives valuable
opportunities to participants such as
1:1 mentorship, over 30 workshops andsite visits. It also makes introductions toindustry leaders, blue economy impact
investors and regional stakeholders
that are crucial for the success of theirprojects and entrepreneurial endeavors.

© Sarah Karner/Hatch Blue

In 2023, CI Ventures secured funding
for the second cohort of the Womenin Ocean Food Innovation Studioin partnership with Hatch Blue. The
program’s goal is to address the gender
gap in venture financing by providing
business support and mentorshipto female entrepreneurs building
innovative blue economy businesses.
There was significant interest in the
program with more than 120 women
applying to participate. After two
rounds of interviews, 12 enterprises
with 21 participants were chosen from
Argentina, Brazil, Chile, Colombia,
Mexico and Peru.

© Jessica Scranton

Women in Ocean Food Innovation
Studio — A Collaboration Between
CI Ventures and Hatch Blue
(Second Cohort)

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IMPACTSTRATEGY© Sijmon de Waal/Marine Photobank

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2 02 3 I MPAC T R E P ORT© Cristina Mittermeier/SeaLegacy

C I VE N T UR E S© Adriano Gambarini

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USING AN IMPACTFIRST MODELTO SUPPORTNATURE-POSITIVEECONOMIESCI Ventures invests in enterprises that arealigned with Conservation International’s
mission of working toward a healthy,
prosperous world in which societies
are forever committed to caring forand valuing nature, for the long-term
benefit of people and all life on Earth.

Philanthropic capital is used
to provide flexible, patient and risktolerant investments to enterprises
in key ecosystems. All returns are
reinvested into more businesses, enabling
conservation to pay for itself and forcapital to be recycled, multiplying theimpact of every dollar invested.
Conservation International’s institutional
priorities on protection, restoration andmanagement of ecosystems are balancedwith activities that drive healthy local
and global economies. In parallel, CI
Ventures seeks a return on investmentthat contributes to climate resilience,
biodiversity protection, human health, ruraljobs and strengthened local economies.
We work in critical ecosystems such as
African rangelands, Amazonia, the Coral
Triangle in the Asia-Pacific and southern
Mexico. To deliver impact in such places,
we provide finance across diverse sectors
including fisheries, aquaculture, restoration,
agriculture, forestry, natural products,
cattle and ranching and ecotourism.

In every sector and region where
we invest, we consistently apply an
impact-focused approach to evaluate
how business models contribute to:•Protection of high conservation
value ecosystems and biodiversity•

Regenerative systems forfood production•

Circular economy andresource efficiency•

Nature-positive materials
and supply chains•

Technology and data for sciencebased project management© 2020 Logan Watts

CI Ventures is an impactfirst investment program thatprovides loans to small- andmedium-sized enterprises that
operate in key landscapesand seascapes where
Conservation International
works. Our investments have
one thing in common — acommitment to practices that
benefit ecosystems and humanwell-being at the same time.​

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SHOWCASING
MODELS© Paul Hilton for Conservation International

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IMPACT-FIRST INVESTING SETS US APART

Amplifying the impact ofevery dollar invested

Supporting innovative solutions
to environmental challenges

Victory Farms is a sustainable tilapia aquaculture enterprise
operating in Lake Victoria, Kenya. The company is preserving
the lake’s ecosystem by supporting improved regulations of
the nascent industry, reducing carbon emissions through asustainably raised, high-quality and locally produced protein
alternative, and supporting community livelihoods throughmeaningful job creation.

Thrive Natural Care is a pioneering public benefit
corporation that sells award-winning skincare productsthat restore your skin, the planet and farmer communities.
The company’s unique plant ingredients are sourced fromsmallholder regenerative farms in Costa Rica.

“By financially empowering small-scale fishers
and rural hunters, INVERSA is redirecting
fashion capital to communities most affected byconservation crises and the people most neglectedby global resources.”“CI Ventures’ investment and active partnershiphas helped Thrive Natural Care grow a pioneering
regenerative business and achieve terrific impact— ecologically, socially, and commercially — sinceinvestment in 2021.”

Gracie White, Director,
Global Oceans Investments, CI Ventures

Alex McIntosh, Founder & CEO, Thrive Natural Care

Leonard Akwany, Freshwater Director for the Center
for Sustainable Lands and Waters, Conservation
International

Mobilizing more funding into criticallandscapes

Supporting the growth of the global south
through flexible and patient capital

Café Capitán is a coffee cooperative of over 350
smallholders in the buffer zone of the El Triunfo Biosphere
Reserve in southern Mexico. A revolving credit linefrom CI Ventures enables the co-op to cover seasonal
expenses needed to fulfill export contracts that are criticalto its growth and profitability.

African Conservancies Facility (ACF) is a dedicatedfinancing mechanism that supports communityowned conservancies in East and Southern Africa, toprotect biodiversity and secure landowners’ livelihoods.
ACF was launched to provide financial relief to 4 Maasai
Mara conservancies that saw a 90 percent drop in
ecotourism during the COVID-19 pandemic. Besides
co-investing and administering ACF, CI Ventures was
instrumental in mobilizing the private sector to financethis highly successful and award-winning sustainable land
management initiative.

“We’re taking half the ponds used for
growing shrimp and restoring them as amangrove forest, while helping farmers
responsibly increase their output on the rest.
Jala’s technology helps us minimize the risks of
disease and mortality and realize greater
profitability for the farmer.”“CI Ventures’ credit line for Café Capitán has
allowed this cooperative to access new international
markets and improve the livelihoods of producers
and their families. They show us that it is possible
to be leaders in agroecological coffee productionin Chiapas, while taking care of one of the few lastcloud forests in the world — habitat for species suchas the tapir and the jaguar. A cup of Café Capitan
means fair trade and respect for nature.”“Conservancies are a life-changing thing.
Community members can profit from conserving
their lands — rather than turning to practices likeslash-and-burn farming or poaching for bushmeat
to survive. Local people can earn income byleasing their land to tourism companies for safaris.
And because they can see the tangible benefits ofconservation, they are eager to continue to protect
the land and wildlife.”

Dane Klinger, Senior Director, Blue Foods at
Conservation International

Leticia Gutierrez, Vice President, Conservation
International-Mexico

Daniel Sopia, CEO, Maasai Mara Wildlife
Conservancies Association

Leading with science
JALA provides end-to-end solutions for shrimp farming,
revolutionizing the industry with innovative technology
and support services. The company is digitizing datafor over 10K tons of shrimp across Indonesia and morethan 20K farmers use their platform. Conservation
International’s aquaculture and green-gray engineering
teams in partnership with Konservasi Indonesia areworking with JALA Technology to implement a Climate
Smart Shrimp pilot farm in Indonesia.

© JALA“The biggest social impact we are having is in
the area of supporting women. They are leadingambassadors for these conservation areas. The
more fish there is in the lake, the less gender-based
violence there is in the area.”© Jon McCormack

Inversa Leathers is addressing the immense and growing
threat that invasive species such as lionfish pose to local
biodiversity by financially incentivizing their removal andusing their skins for luxury, fashion-grade leathers.

© Neil Palmer/CIAT© INVERSA© GILLETT© 2021 Opmeer Reports

Investing in early-stage businesses

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PORTFOLIO COMPANIESDELIVERING IMPACTLOCALLY AND GLOBALLYKEY

CI Ventures prioritizes funding enterprises with businessmodels to address specific local and global needs.

GLOBAL

Protection of high-conservation
value ecosystems and biodiversity

Regenerative systems
for food production

Technology and data for science-based
project management

Circular economy andresource efficiency

Nature-positive materials
and supply chainsC I VE N T UR E S

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PORTFOLIO COMPANY SECTORS AND STAGES​SECTORS

Agroforestry

Aquaculture

Ecotourism

Waste Management

SeaweedNaturalProduct

Agriculture

Fisheries

Livestock &Ranching

BUSINESS STAGE DISTRIBUTION
60%

53%

50%

40%

35%

30%

20%

© Benjamin Drummond

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12%

10%

0%
Seed

Early Growth

Scale Up

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IMPACT BY
THE NUMBERS© Jessica Scranton

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BY THE NUMBERS
Our portfolio companies have mobilized over US$ 160 million
in funding, twice the amount reported in the previous year.
Conservation Impacts

Livelihoods Impacts

257,112 haprotected, conserved, or restored

320,098 ha

164

under sustainable production

protected species

2,113 tons

346 tons

2.98M CO2 tons

greenhouse gases avoided/reduced

waste divertedof bycatch reduced

78,4282,986

livelihoods impacted

full-time jobs (25% filled by women)

37%

18,387of core investees led by womenindividuals trained

Economic Impacts

capital mobilized

US$ 388.9M
revenue from sales

2.6M tons

sustainable production volume

33,935businesses in supply chain© iStock, Nikolai Grigorev

US$ 162.3M

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IMPACTS IN THE AMERICAS,AFRICA AND OCEANS

OCEANS

Advancing Regenerative Agriculture

Restoring Ocean Health© Eduardo Velasco

2,948 farmers have 14,008 hectares undersustainable production and 8 companies
are now championing regenerative
agriculture in vital landscapes filled withnatural treasures.

30,000 invasive lionfish were
removed from coral reefs and1,693 tons of waste were divertedor removed from the ocean.

AFRICA
Accelerating Sustainable Production
28,776 tons of sustainable protein were
produced by innovative enterprises in our
Sub-Saharan Africa portfolio, addressing foodsecurity through livestock, aquaculture, andinsect-based alternatives; promoting growthand development through the sustainablestewardship of nature.

© Tessa Mildenhall

AMERICAS© Amos Nachoum 2005/Marine Photobank

Here are examples of what our portfolio companies achieved in 2023 by priority areas.

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PORTFOLIOSNAPSHOTCI Ventures has invested in 40 nature-positive
companies since its founding. The six featured
on the following pages have some of the mostinnovative and promising approaches to solving
systemic environmental, social and sustainable
development challenges.

© Alex Krowiak

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2 02 3 I MPAC T R E P ORT© SWAY© SWAYC I VE N T UR E S

The packaging sector is thelargest source of single-use
plastic waste globally. Nearly
all this waste is fueled bypetroleum-based pellets
that are melted and formed
into finished products.
Sway is on a mission to replace plastic
packaging with compostable replacements
made from seaweed, helping to create amore ethical, resilient and regenerative
supply chain. The company extracts naturalpolymers that are abundant in seaweed
and blends them with starches and sugars
to create a packaging alternative thatenables a shift away from carbon intensive
inputs. Their product is certified bio-based,home compostable, durable, heat sealable
and printable — mimicking the qualities of© SWAYSUSTAINABLE
PACKAGING TO
REPLENISH THE
PLANET
plastic without any downsides. Impact partners
include ocean farms, packaging manufacturers
and supplier communities across the Americas.
After closing a US$ 5 million seed raise in 2023,
Sway launched two transformative products:•

Thermoplastic Seaweed (TPSea™) Resin:pellets designed to integrate into
existing plastic manufacturingsolutions to achieve scale•

Thermoplastic Seaweed (TPSea) Flex™
Film: a thin film plastic alternative madewith TPSea™ resin. This home-compostable
alternative can replace a range ofubiquitous packaging, including polybags
commonly used in the fashion industry.

In addition to getting several pilots
underway, Sway launched commerciallyavailable products in 2023 via sustainable
packaging distributor EcoEnclose. Sway
also won first place in the highly competitive
Tom Ford Plastic Innovation Prize.

Our US$ 200,000 investment is helping thecompany design and produce sustainable
packaging to reduce single-use plastic waste
and support small-scale seaweed farming in
Latin America and Southeast Asia, providing
sustainable livelihoods and coastal ecosystemservices. The CI Ventures investment helped
catalyze US$ 5 million in seed money in 2023.

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2 02 3 I MPAC T R E P ORT© SIMPLi© SIMPLi

C I VE N T UR E S

RESTORING THE
ENVIRONMENTFOR FUTURE
GENERATIONS© SIMPLi© SIMPLi

Through partnerships withallies, SIMPLi focuses on
improving crop productivity andfostering biodiversity, including
rainwater harvesting programs.
SIMPLi ensures that its products meet thehighest standards for soil health, farmworker
well-being and social equity by sourcing
ingredients with environmental stewardshipin mind and collaborating with growers toadhere to regenerative organic standards.
Through its Regenerative Pathway Program,
SIMPLi provides farmers with resources toattain Regenerative Organic Certification.
The program empowers farmers througheducation, financing and community building,fostering partnerships with Indigenous farming
communities globally and integrating traditional
wisdom with modern innovations. Their
operations are actively supporting over 2,500
livelihoods, with 542 individuals trained andindirectly protecting 903 hectares of land. The
company’s product line includes corn, beans,chilies, chocolate, chickpeas and quicklime.

Our US$ 500,000 line of credit to
SIMPLi provided working capitalfor business operations. This will
enable it to expand and replicate its
ethical sourcing model in Peruvian
regions such as Loreto and San
Martin — and expand its productportfolio with crops such as camu
camu, sacha inchi and cacao.

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2 02 3 I MPAC T R E P ORT© Conservation International/photo by Tim Noviello© INVERSAC I VE N T UR E S

SPEARHEADINGTHE EFFORTTO HELP HEALTHE PLANETWITH FASHION
INVERSA’s mission is to harness the buying
power of the US$ 3 trillion fashion industry
to drive significant and scaled removals ofinvasives for fashion-grade leather. They
raise awareness of the invasives threat
to everyday consumers through luxury
brands, department stores, and influencers
while providing sustainable options for
the US$ 100 billion leather market.
Since 2020, INVERSA has removed tens of
thousands of invasive species, including over
30,000 invasive lionfish. By empowering
small-scale fishers and rural hunters withfinancial incentives, INVERSA is redirecting
fashion capital to some of the communities
most affected by invasives and in need ofsustainable development alternatives. With
the introduction of its digital passport program,Reef to Runway, INVERSA is putting completematerial traceability and supply chaintransparency into the hands of consumers.

© INVERSA

Invasive species cause at least
US$ 423 billion in damages
annually, driving 60% of
native species extinctions,threatening food security, andexacerbating environmental
catastrophes, according to theUnited Nations. Without newand scalable interventions
to manage invasives, theirimpacts on biodiversity willcontinue to be disastrous.

Our US$ 500,000 investment
is supporting invasive removals
across a dozen communities in the
Caribbean and Americas — protecting
local biodiversity and changing
the economics of conservation.

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2 02 3 I MPAC T R E P ORT© Eduardo Velasco Vásquez© Eduardo Velasco Vásquez

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HONORING THE
PAST, CULTIVATINGTHE FUTURE
Today, the milpa is threatened by agro-industrial
monocultures that produce higher yields at theexpense of soil health and reduced crop biodiversity.
Industrial farming often has little or no cultural
knowledge and limits smallholder growers’ accessto markets. This leaves farmers with no choice but
to sell heirloom crops below cost to intermediaries,
which can perpetuate a cycle of poverty.
TAMOA, a certified B Corp based in Mexico,
collaborates with more than 70 families farming
across seven states. It specializes in exclusively
sourcing corn, beans and other crops such as
chili peppers from small rainfed crop farmers.
Farmers are not just partners but the driving force
behind the company’s mission. The company
is committed to building enduring partnerships
founded on trust. By directly engaging with families
and eliminating intermediaries, TAMOA ensures
traceability and maintains high-quality standards.
Recognizing the crucial role of farmers as
custodians of Mexico’s biodiversity, TAMOA
values their contribution to creating life-supporting
ecosystems within communities. The organization
works to strengthening farmer resilience throughcollaborative efforts. TAMOA shares knowledge andprovides tools to help farmers adapt to changing
conditions and meet evolving market demands.

© Eduardo Velasco Vásquez

Mesoamerica is a historic region
where crops such as corn, beans
and squash were first cultivated.
Its centuries-old gastronomic
heritage linked to the culture of
Indigenous peoples has preserved
heirloom crop varieties throughthe milpa, a life-sustaining
ecosystem where various crops
grow together to provide adiverse and nutritious diet.

Our US$ 100,000 loan helped TAMOA hire
field personnel to get farmers’ products
to restaurants around the world. The
investment also supported getting more
growers to use the milpa system, fostering
the continuation of this important culturaland sustainable production method.

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2 02 3 I MPAC T R E P ORT© Jurgen Westermeyer© Jurgen Westermeyer

C I VE N T UR E S

Abandoned, lost and discarded
fishing gear — otherwise known
as ghost gear — is a major
contributor to ocean pollution withextensive social, economic andenvironmental impacts. The U.N.
Food and Agriculture Organization(FAO) estimates that ghost gear
represents approximately 10% of
marine debris by volume. Recent
studies show that it accounts for
up to 70% of all macro-plastics inthe ocean that can degrade into
microplastics in the environment.

One way to address this is by collecting and reusing
the nets as part of a circular economy. Bureo’s
mission is to end fishing net pollution and protect
marine life through community empowerment.
Operating in the United States, Mexico, Panama,
Ecuador, Peru, Chile, Argentina and Japan, the B
Corp offers fishers a viable disposal solution forgear by purchasing nets at the end of their life.
Bureo transforms the nets into a high-quality nylon
product, Netplus®, that industry-leading consumer
brands are using in a wide range of products.

In 2023, Bureo worked with 35 coastal
communities in South America, and as partof its 1% for the Planet commitment, it has
implemented and helped fund 12 projects toclean, protect and restore marine environmentsin partnership with local organizations.
One of them, the Biobardas Project in
Mazatlan, Mexico, with MazConCiencia,
uses floating containers from reused buoys
and nets to trap solid waste from reaching
the ocean. Last year, it collected nearly 100
tons of waste from the Jabalines River.

The company collected over 1,600 tons of fishing nets
for recycling in 2023, and its brand partners produced
over 3.9 million products with NetPlus material.
Every ton of virgin plastic replaced by NetPlus recycle
material:•

Avoids 3,366 pounds of greenhouse gas emissions•

Saves 335,658 liters of water•

Prevents the consumption of 19 barrels of oil•

Funds low-income communities to end to themost harmful form of ocean plastic pollution

Our US$ 500,000 investment waspart of the company’s Series B raise(December 2023) led by Toyota Tsusho
Corporation and supported by Mirova
Sustainable Ocean Fund, Ocean 14
Capital and Susquehanna Foundation.

© Ian Kasnoff

CREATING
PRODUCTS THATGIVE BACK TO THE
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2 02 3 I MPAC T R E P ORT© Victory Farms© Victory Farms

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Fish from Lake Victoria in Kenya
are the most important sourceof affordable animal protein in
East Africa. Yet the demand forfish from a growing population
is putting this and otherecosystems under pressure.

It sells primarily to low-income neighborhoods
across Kenya. Most customers are microbusinesses led by women who support
conservation work because it reduces
gender-based violence that is part of asex-for-fish culture where women must
trade sex to get access to fish to sell.

Victory Farms is a sustainable aquaculture
enterprise that is working to feed 2 billion
Africans over the next two decades.

A team at Conservation International’sCenter for Sustainable Lands and Waters is
working with Victory Farms on a pilot program
developing innovative aquaculture feed andfeeding techniques at the lake. Through theinnovative model, native fish conservation,
sustainable inland fisheries and responsible
aquaculture can form a “three-legged stool”
that supports Lake Victoria’s ecosystems,
creates much-needed jobs and provides a
critical food source to local communities.

The company uses floating cages to breed
and sustainably raise tilapia on Lake Victoria
to improve food and nutritional security,
significantly reduce the impact of overfishing
native and endangered species in the lake
and reduce pressure on landscapes needed
to raise livestock as a protein source.

© Victory Farms

MAKING WAVESIN SUSTAINABLE
AQUACULTURE AND
ATTRACTING OVER
US$ 40 MILLIONIN FOLLOW-ON
INVESTMENTS

Victory Farms has trained more than 5,400
individuals in aquaculture in the communities
surrounding the lake. It also invests in
employees’ technical and management skills.

Our US$ 500,000 loan toVictory Farms was used toscale up operations and helped
catalyze over US$ 40 million— an 80x return — in follow-on
investments in 2022 and 2023.

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49

CAPITALIZINGON OUR RESULTS© Trond Larsen

08

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2 02 3 I MPAC T R E P ORT

CAPITALIZING ON
OUR RESULTS
Since our founding in 2018, we have achieved and surpassed two of our five10-year fund goals: improved livelihoods and jobs created. We are on track toachieve the other three. Our promising results serve as a catalyst for our growthambitions, propelling us forward as we eagerly embrace new challenges.

IMPROVED LIVELIHOODSDIRECT INVESTMENT

10-year fund goal

78,428010-year fund goal

US$ 15,000,000

60,000100,000

0

US$ 30,000,000

10-year fund goal

Impact Achieved

10-year fund goal

Impact Achieved

60,00078,428

US$ 30M

US$ 15M

LIVELIHOODSDIRECT INVESTMENTLIVELIHOODS

JOBS CREATED

2,986
0

DIRECT INVESTMENTINVESTMENT MOBILIZED

10-year fund goal

2,000

10-year fund goal

US$ 162,381,155
3,200

0

US$ 200,000,000

10-year fund goal

Impact Achieved

10-year fund goal

Impact Achieved

2,000

2,986

US$ 200M

US$ 162.3M

JOBS

JOBS

INVESTMENT MOBILIZEDHECTARES PROTECTED, CONSERVED, OR RESTORED 10-year fund goal

257,112 ha
0

500,000
10-year fund goal

Impact Achieved

500,000

257,112HECTARESHECTARES

US$ 40,000,000

600,000

INVESTMENT MOBILIZED

US$ 250,000,000

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LOOKING AHEAD© Conservation International/photo by S. Kēhaunani Springer

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2 02 3 I MPAC T R E P ORTLOOKING AHEAD
CI Ventures proves that investments to protect nature
is money well spent. Our model to accelerate andexpand nature-positive economies is working. Our
portfolio companies are creating jobs and improving
livelihoods while protecting and restoring ecosystems
that provide critical benefits for humanity.
To meet the growing demand for financing naturepositive deals, we will be capitalizing CI Ventures witha further US$ 30 million in philanthropic capital. Our
fundraising campaign is now underway.
New funding received in FY 2023 was given witha particular interest in improving ocean health andexpanding blue economies. We now see huge
potential to increase investments in key regions
including Amazonia, African Rangelands andIndonesia. These regions have urgent conservationand sustainable development needs and there
are multiple opportunities for financing to drive
transformative change.
There are many ways that you can make a difference
as our valued partner. Consider co-designinginnovative approaches to financing enterprises
based on themes or geographies. Or co-investing inbusinesses with a shared commitment to protect andrestore nature and support human well-being.
Together we can prove the power of partnerships toeffect change on the scale and speed needed.

© Alexpunker

Thank you from all of us at CI Ventures.

Back Cover Photos: © AndrisBarbans, iStock; © Jim Still-Pepper, iStockCONTACT US
civentures@conservation.org
Bjorn Stauch, bstauch@conservation.org
Click here to visit our website.