Asia Ocean Fund gets S'pore firm’s backing to raise $96 million

The fund aims to invest in start-ups that support ocean health in the region

- Audrey Tan Assistant News Editor

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 startups that support ocean health in the region.

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. It has since 2018 invested in over 80 ocean-tech startups across more than 25 countries, in areas such as sustainable seaweed production and offshore wind power infrastructure.

The Straits Times 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 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 May Liew, the chief executive and executive director of Octave Capital, told The Straits Times on Sept 15, ahead of the signing, that fundraising efforts will commence following the announcement.

“We believe the opportunities will appeal to family offices, foundations and shipping companies,” she said.