Norway's Katapult and Octave Capital launch $75m Asian ocean fund to 'bridge' investment gap

Katapult Ocean and Octave Capital have launched a $75mn (€63m) fund to scale early-stage technologies across Asia's blue economy.

Jonas Skattum Svegaarden, Katapult Ocean’s chief executive, says that the Asian Ocean Fund seeks to “de-risk early-stage ventures and empower Asia’s ocean economy to lead globally.”

Bridging the funding gap

While investment in ocean startups in Asia has doubled to $400mn between 2020 and 2024, it still lags behind the US, where $800mn was raised in 2024 alone, according to Dealroom data.

"Asia’s blue economy holds immense promise, but what’s been missing is the bridge between innovation and capital," says Svegaarden.

The fund plans to invest in more than 20 ventures over the next five years, with an accelerator programme scheduled to begin in the first half of 2026.

Wading into the blue economy

Target sectors for the new fund include maritime decarbonisation, renewable energy, biodiversity restoration, circular resource use, and sustainable aquaculture.

“Asia is at the frontline of both challenges and opportunities," says May Liew, CEO of Octave Capital. "By channelling capital into ocean solutions here, investors can unlock growth while tackling urgent environmental and social needs."

Oslo-based Katapult Ocean has invested in and accelerated over 80 ocean tech startups across more than 25 countries since 2018.

Katapult is one of a growing number of European VCs wading into the blue economy. Among them are Luxembourg-UK headquartered Ocean 14, which closed a €200m fund in 2024, and Redstone Nordics, which recently unveiled a €25m ocean tech fund focused on reviving the ‘dying' Baltic Sea, Impact Loop exclusively revealed.