Sky Ocean Ventures is an impact investment vehicle that will invest in new ideas and businesses who can help solve the oceans plastic crisis. With Sky’s cornerstone commitment of £25m and the ambition to quickly scale up to £100m with the support of other businesses, Sky Ocean Ventures will seek to find solutions to everyday plastic problems.

Sky Ocean Ventures is encouraging, among others, businesses and innovators who are developing plastic packaging alternatives, new tech for the home that will help assist recycling and those developing alternative fibres for clothing to share their ideas and seek support. Ideas could include alternatives to coffee cups, plastic bottles and plastic bags as well as tech that foster a virtuous recycling circle between consumers, retailers and local authorities.

Sky is bringing its deep consumer knowledge and entrepreneurial experience to Sky Ocean Ventures to support these initiatives and to create meaningful change.

Alongside Sky Ocean Ventures, Sky is also launching Innovators in Residence, an incubator project that will offer businesses the opportunity to pilot and test their products at Sky’s London campus. This will enable businesses to gain insight on consumer responses and the practicality of their products in live environments while also receiving mentoring and drawing upon the expertise of Sky’s teams.

The first residency will be Skipping Rocks Lab, a start-up who are pioneering the use of natural materials extracted from plants and seaweed to replace traditional plastic packaging. The first products will include juices and water contained in biodegradable seaweed orbs as well as solutions for sauces and condiments.