I happened upon the line above from Rachel Carson recently. I was thinking about Propeller. Our work. Our portfolio. Our pipeline. I was thinking about the vast array of technologies and innovators we get to meet, and the outer edges of what’s contained in our ocean thesis.
Of course, suggesting that the ocean, and our thesis, can be contained, is, well… futile.
On a map, it’s easy to point and say “This part’s the ocean. This part’s the land.” The cartographers make the boundaries so crisp and clear.
But what of the tidal zones? Or of the water table below ground, its mixture of waters salty and fresh? What of the salt sprayed across our coastal cities? What about the proteins, and sands, and minerals dragged from the depths and shipped across continents?
I’m speaking literally here, but metaphorically, too… What are the ocean’s true edges? What are the ways in which the ocean is affecting and affected by our greatest industries? What are the ocean industries waiting to be built? What are the outermost edges of ocean entrepreneurship and innovation?
Because that’s where we want to be. At these edges. Finding and investing in the teams and technologies that cross-cut sectors and have an ocean-sized impact on the world.
Kurt Vonnegut wrote, "Out on the edge you see all kinds of things you can't see from the center."
We began scoping Propeller in 2021 and made our first investment at the end of 2022. Now, we’re beginning to see the world we envisioned then, on the cusp of reality – the combo-swell of high technology and high quality founders building companies that aren’t considered crazy anymore… just crazy-ambitious.
Some of the “indefinable boundaries” are already being pushed further in our portfolio (and you can see it on our updated press page here). Some of the boundaries are being pushed in our pipeline, as we keep uncovering new challenges and opportunities for innovation and investment.
Of course, top of mind is the dismantling of the Ocean Observatories Initiative (OOI), yet another attack on science, and the foundational data that so many of our ocean industries rely on (regardless of which side of the political spectrum they sit or whether they’re a startup or an incumbent). Whether it’s the fundamental measurements that enable our sonar systems to be most performant, or our fisheries to yield the greatest catch, or furthering our understanding of marine heat waves, algal blooms, flooding and the like, the OOI is critical infrastructure. This letter of support for the OOI outlines its importance to our national (and global) interests, and if your organization relies on the ocean in some way (hint: it does!), then you might consider signing or finding a way to support.
The timing of the announcement didn’t go unnoticed – just days ahead of World Ocean Day, today June 8th. That won’t stop us from celebrating the ocean, and supporting our friends across the globe who are activating in various ways all June -- World Ocean Month. I’ve just returned from NYC where I joined the OceanTech NYC Summit, and Foundation House’ forum on Blue Finance for Restoring Ocean Health. Rodrigo was interviewed for an article in TIME’s annual “Ocean” issue this month. And I keep hearing that Steven (pictured above) looked and sounded sharp on stage at the Blue Economy & Finance Forum recently in Monaco.
More to come. Hope you enjoy and hope you get to the water to celebrate this World Ocean Month.
Yours at the ocean’s edge,
Reece + team