SINGAPORE \u2013 A Singapore-based impact investment firm, Octave Capital, on Sept 18 joined forces with Norwegian venture capital company Katapult Ocean to raise funds for its Asia Ocean Fund, which aims to invest in start-ups that support ocean health in the region. <\/p>\n
Octave Capital is backed by family business TPC (Tsao Pao Chee), which has roots in the maritime industry. <\/p>\n
Oslo-headquartered Katapult Ocean is among the world\u2019s most active ocean impact venture fund managers.\u00a0It has since 2018 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. <\/p>\n
<\/p>\n The Straits Times reported in June<\/p>\n <\/a> that Katapult Ocean will be launching the Asia Ocean Fund in Singapore in early 2026, with a target of raising US$50 million. <\/p>\n With Octave Capital\u2019s participation, the fund now aims to raise US$75 million (S$96 million).<\/p>\n The fund will be equally co-managed by the two firms. <\/p>\n 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.<\/p>\n Ms May Liew, the chief executive and executive director of Octave Capital, told The Straits Times on Sept 15, ahead of the signing, that fund-raising efforts will commence following the announcement. <\/p>\n \u201cWe believe the opportunities will appeal to family offices, foundations and shipping companies,\u201d she said. <\/p>\n Ms Liew added that the Asia Ocean Fund will aim to start investing in start-ups within the next 12 to 18 months. It has a target of making more than 20 investments over the next five years. <\/p>\n The fund will focus on six key areas \u2013 maritime decarbonisation, ocean renewable energy, green shipping infrastructure, ocean biodiversity and restoration solutions, circular resources, and sustainable aquaculture and marine biotechnology. <\/p>\n Circular resources refer to the concept of promoting the reuse and recycling of materials like plastics so that they do not end up in the oceans. <\/p>\n Existing estimates suggest that five Asian countries \u2013 China, Indonesia, the Philippines, Thailand and Vietnam \u2013 account for up to 60 per cent of the plastic waste leaking into the ocean.<\/p>\n In a joint statement, both firms noted that the Asia Ocean Fund unites Octave Capital\u2019s regional presence and deep maritime expertise with Katapult Ocean\u2019s global leadership as the world\u2019s most active ocean impact venture fund manager. <\/p>\n Ms Liew said Octave Capital was introduced to the fund during the UN Ocean Conference, which was held in Nice, France, in June. <\/p>\n \u201cThat\u2019s where discussions kicked off, and it made sense for both our organisations to come together,\u201d she said. <\/p>\n Noting TPC\u2019s heritage in the shipbuilding and maritime sector for over 120 years, Ms Liew added: \u201cThe 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.\u201d<\/p>\n Mr Tharald Nustad, the founder of Katapult Ocean, told ST that through the company\u2019s work raising funds for oceans globally, it has seen growing interest in Asia\u2019s ocean economy from investors around the world. <\/p>\n He added that the new fund will also provide opportunities for technologies developed in Europe, where the ocean innovation space is more mature, to be tested in Asia. <\/p>\n Mr Nustad pointed to the wide gamut of ocean innovations out there 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. \u00a0<\/p>\n Biofouling refers to the accumulation of marine creatures like barnacles on a ship\u2019s submerged surfaces, causing increased drag, fuel consumption and emissions. <\/p>\n Mr Jonas Skattum Svegaarden, the chief executive of Katapult Ocean, said: \u201cAsia\u2019s blue economy holds immense promise, but what\u2019s been missing is the bridge between innovation and capital.\u201d <\/p>\n 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. <\/p>\n \u201cThis could empower entrepreneurs and the Asian ecosystem to drive the global transition towards a thriving ocean economy. We\u2019re proud to co-manage this pioneering effort with Octave Capital,\u201d Mr Svegaarden added. <\/p>\n The launch of the Asia Ocean Fund comes amid growing interest from the private sector in the blue economy.\u00a0The 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.\u00a0<\/p>\n Ahead of the\u00a0UN Ocean Conference in June, some of the world\u2019s top financial institutions <\/p>\n gathered in Monaco<\/p>\n <\/a> to spotlight the economic opportunity of investing in the health of the ocean and the perils of inaction.\u00a0<\/p>\n Other developments show that the blue economy is picking up in South-east Asia.<\/p>\n