Singapore to host S$64 million fund by Norway-based firm for start-ups in Asia ocean health
[NICE, France] Norway-based impact investment firm Katapult Ocean will launch a US$50 million (S$64 million) fund in Singapore in early 2026 to invest in start-ups that support ocean health in Asia, The Straits Times (ST) has learnt.
The firm, which has made 75 investments in companies globally since 2018, is considered one of the world's most active ocean impact venture fund managers. It has investments in sustainable seaweed production and offshore wind power infrastructure, among other areas.
Katapult Ocean Asia associate director Maureen Bresil told ST on Jun 11 that there are many opportunities in the region, including in decarbonisation, tackling ocean pollution, sustainable aquaculture and eco-tourism.
Speaking on the sidelines of the UN Ocean Conference in Nice, Bresil said: 'We wanted to be in Asia – closer to funders, closer to issues we need to tackle.'
Existing estimates suggest that five Asian countries – China, Indonesia, the Philippines, Thailand and Vietnam – accounted for up to 60 per cent of the plastic waste leaking into the ocean.
UN data also shows that Asia accounted for 75 per cent of the world's total fisheries and aquaculture production.
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She added: 'We also want to be in Singapore, because we know that there is a lot of capital there that can be diverted into ocean impact in Asia.'
News of Katapult's Ocean Asia 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, which started on Jun 9, some of the world's top financial institutions gathered in Monaco on Jun 7 and 8 to spotlight the economic opportunity from investing in the health of the ocean and the perils of inaction.
The Blue Economy and Finance Forum hosted about 2,000 delegates from major banks, asset management funds and other financial institutions.
Singapore Foreign Minister Vivian Balakrishnan, speaking on behalf of Asean during a panel on advancing sustainable ocean-based economies on Jun 11, said the waters in the region are one of the most vital, congested, busy and strategic maritime spaces in the world.
'Our countries depend on these very waters for trade, livelihood, transportation and the other elements of life. Sustainable ocean-based economies, sustainable maritime transport and coastal community resilience are, therefore, key priorities for all Asean member states,' said Dr Balakrishnan.
He added that Asean is now formulating a blue economy implementation plan from 2026 to 2030, which aims to harness the economic system's potential across a range of key sectors.
'It will take into account the varying levels of development among the Asean member states to promote a regional blue economy development based on principles of value creation, inclusivity and sustainability,' he said.
Other developments show that the blue economy is picking up in South-east Asia.
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.
The coalition aims to help start-ups in the region scale up ideas or business models that are profitable or have the potential to generate profit, while also contributing to ocean health.
Thomas Knudsen, a principal of Singapore-based family office Rumah Group, which is a member of the coalition, said it was significant that Katapult Ocean decided to establish a fund for Asia based in Singapore.
'At this moment, there are no ocean-focused funds that are based in Singapore, so having one of the global leaders in this space is important,' he told ST.
Katapult's investments in start-ups based in South-east Asia could enable these firms to grow in the region, potentially helping them scale up globally too.
Knudsen said the Norwegian firm's global portfolio could also introduce potential new solutions for the region – concepts or technologies tested elsewhere that have relevance for South-east Asia.
'Katapult's involvement in the blue economy in South-east Asia gives companies based here more confidence to invest in the region,' he said.
'These companies may not have been comfortable in the past because the blue economy may be a new area for them but having a partner on the ground will allow them to deploy capital through this fund.'
Another key player in the ocean space in the region is Circulate Capital, a private equity firm founded in 2018 in Singapore. Its key mandate is to prevent plastic pollution from ending up in the oceans in South and South-east Asia.
Speaking to ST on Jun 11, founder and chief executive of Circulate Capital, Rob Kaplan, said: 'We are thrilled that Katapult is investing more in the region. I think the blue economy is an under-invested sector, particularly in South-east Asia, and it is where most of the impact is.'
Circulate Capital has a focus on the circular economy – promoting the reuse and recycling of plastics so that it does not end up in the oceans.
'We see a lot of great start-ups that are way outside our scope. But there are a lot of other areas, and there is not enough capital flowing to them,' he said.
On the business case for investing in plastic recycling, Kaplan said: 'The idea is that if we can build a market for plastics and profitably collect it, sort it, recycle it, manufacture using it, we can divert it from the environment and into the supply chains of global multi-national packaging and consumer goods companies.'
He noted that many such firms want access to recycled plastics but cannot get the quality and quantity they need to meet that demand.
'We saw that there were many quality recycling companies, small and medium-sized enterprises and family businesses, but they have never had any outside capital to help them professionalise and scale up. So that's where our strategy fits in,' he said.
Kaplan added that Circulate Capital has shown that investing in the ocean economy – particularly in efforts that prevent plastics from ending up in the blue – is feasible.
'The path forward for the next five years is... to unlock billions of dollars more,' he added. THE STRAITS TIMES
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