Unveiled at Impact Week 2025 in Singapore, Katapult Ocean and OCTAVE Capital are proud to announce the launch of the Asia Ocean Fund, Asia’s largest dedicated ocean impact investment vehicle, targeting US$75 million.
A Singapore-based impact investment firm, Octave Capital, on Sept 18 joined forces with Norwegian venture capital company Katapult Ocean to raise funds for the Asia Ocean Fund, which aims to invest in start-ups that support ocean health in the region. Co-managed 50/50 by OCTAVE Capital and Katapult Ocean, the fund is targeting US$75 million (S$96 million).
RELEVANT SUSTAINABLE GOALS
Asia’s Largest Dedicated Ocean Impact Vehicle
Katapult Ocean and OCTAVE Capital are proud to announce the launch of the Asia Ocean Fund, Asia’s largest dedicated ocean impact investment vehicle, targeting US$75 million. Unveiled at #IMPACTWEEK2025 in Singapore, this pioneering fund aims to bridge the region’s critical US$5.5 trillion investment gap needed to meet SDG14 by 2030. Fund-raising efforts will commence following the announcement.
Octave Capital is backed by family business TPC (Tsao Pao Chee), which has roots in the maritime industry. Oslo-headquartered Katapult Ocean is among the world’s most active ocean impact venture fund managers; since 2018 it has invested in over 80 ocean-tech start-ups across more than 25 countries, in areas such as sustainable seaweed production and offshore wind power infrastructure.
Six Priority Sectors
The Asia Ocean Fund addresses urgent climate and sustainability needs by providing early-stage and growth capital to breakthrough ocean-tech ventures. It targets six key sectors: maritime decarbonisation, green shipping infrastructure, ocean renewable energy, biodiversity restoration, circular resources, and sustainable aquaculture. The fund will focus on six key areas – maritime decarbonisation, ocean renewable energy, green shipping infrastructure, ocean biodiversity and restoration solutions, circular resources, and sustainable aquaculture and marine biotechnology.
Asia’s ocean economy is crucial — producing the majority of the world’s seafood, managing over two-thirds of global maritime trade, and supporting millions of livelihoods. Yet it faces urgent climate and sustainability challenges that require accelerated investment to secure food security, decarbonisation, and resilience. Existing estimates suggest that five Asian countries – China, Indonesia, the Philippines, Thailand and Vietnam – account for up to 60 per cent of the plastic waste leaking into the ocean.
Targeting over 20 investments over the next 5 years, the first accelerator is set to launch in H1 2026. Ms May Liew, the chief executive and executive director of Octave Capital, said that fund-raising efforts will commence following the announcement. “We believe the opportunities will appeal to family offices, foundations and shipping companies,” she said. Ms Liew added that the Asia Ocean Fund will aim to start investing in start-ups within the next 12 to 18 months and has a target of making more than 20 investments over the next five years.
How the Partnership Came Together
The partnership agreement between the two firms was inked on Sept 18 during Impact Week, a global conference organised by TPC touching on topics relating to sustainability and well-being. Ms Liew said Octave Capital was introduced to the fund during the UN Ocean Conference, held in Nice, France, in June. “That’s where discussions kicked off, and it made sense for both our organisations to come together,” she said. Noting TPC’s heritage in the shipbuilding and maritime sector for over 120 years, Ms Liew added: “The maritime sector depends on a healthy ocean. Investing in maritime decarbonisation and ocean health is a good opportunity for us to partner Katapult on the Asia Ocean Fund.”
Mr Tharald Nustad, the founder of Katapult Ocean, said that through the company’s work raising funds for oceans globally, it has seen growing interest in Asia’s ocean economy from investors around the world. He added that the new fund will provide opportunities for technologies developed in Europe, where the ocean innovation space is more mature, to be tested in Asia. He pointed to ocean innovations that can help contribute to climate action, such as offshore renewable energy generation, or innovations that can make ships more fuel-efficient by preventing biofouling. Biofouling refers to the accumulation of marine creatures like barnacles on a ship’s submerged surfaces, causing increased drag, fuel consumption and emissions.
Mr Jonas Skattum Svegaarden, the chief executive of Katapult Ocean, said: “Asia’s blue economy holds immense promise, but what’s been missing is the bridge between innovation and capital.” He added that the Asia Ocean Fund could be that bridge, as it funds early-stage ventures. This de-risking can attract broader investment, he said. “This could empower entrepreneurs and the Asian ecosystem to drive the global transition towards a thriving ocean economy. We’re proud to co-manage this pioneering effort with Octave Capital.
The Blue Economy Builds in Southeast Asia
The Changemakr Asia reported in June that Katapult Ocean will be launching the Asia Ocean Fund in Singapore in early 2026, with a target of raising US$50 million. With Octave Capital’s participation, the fund now aims to raise US$75 million (S$96 million). The fund will be equally co-managed by the two firms.
The launch of the Asia Ocean Fund comes amid growing interest from the private sector in the blue economy. The World Bank defines the blue economy as the sustainable use of ocean resources for economic growth, improved livelihoods and jobs, while preserving the health of the ocean ecosystem. Ahead of the UN Ocean Conference in June, some of the world’s top financial institutions gathered in Monaco to spotlight the economic opportunity of investing in ocean health and the perils of inaction. In May, the 1,000 Ocean Startups coalition Asia-Pacific was launched in Singapore as the regional chapter of a World Economic Forum initiative that started in 2021, aiming to help start-ups scale ideas or business models that are profitable or have the potential to generate profit, while contributing to ocean health.
