2024 Impact Report: Progress, Challenges, and the Path to a Thriving Blue Economy
Katapult Ocean is proud to present our 2024 Impact Report — a snapshot of progress across our portfolio, the challenges we continue to face, and the opportunities we see in shaping the New Blue Economy.
A Shifting Tide in the Ocean Economy
Six years ago, ocean technology and sustainable use of marine resources were niche conversations at the fringes. Today, the Blue Economy has become a global movement. Investment, entrepreneurship, and innovation are now reshaping how industries engage with the ocean — from food production and renewable energy to transport, climate solutions, and ecosystem restoration.
As our CEO Jonas Skattum Svegaarden notes, the opportunity is enormous. Yet the gap between the capital available and the scale of solutions needed remains wide. Early-stage funding in particular is still critically low, threatening to slow down the transition to a thriving Blue Economy.
At Katapult Ocean, our mission is clear: to bridge this gap by backing startups with bold ideas, scalable business models, and measurable impact. To date, we have invested in 75 Ocean Impact Companies, and we remain committed to expanding this number in the years ahead.
Raising the Bar on Reporting and Transparency
One clear area of progress in 2024 has been impact reporting and transparency. 70.8% of our portfolio companies submitted reporting through Worldfavor, up from 60.7% in 2023. This shows stronger awareness, accountability, and a commitment to understanding impact beyond financial results.
The Ocean Impact Navigator continues to be a cornerstone, providing a structured framework to define, assess, and communicate impact potential. Through our NORAD-supported project with OceanHub Africa and Katapult Africa, we are sharing learnings and methodologies beyond our own portfolio. In parallel, we are working with peers in the 1000 Ocean Startups coalition to raise standards and strengthen the field of ocean impact investing as a whole.
An important learning is reinforcing the difference between impact management and ESG. Impact management enables startups to measure and maximize the positive outcomes they create, while ESG ensures companies identify, monitor, and mitigate broader environmental, social, and governance risks so that their overall impact remains net positive.
Both are necessary, and together they give investors, partners, and founders a clearer picture of how value is created and protected over time.
Navigating the Challenges of Impact Risk
At the same time, impact risk management remains a clear challenge. Impact risk refers to the possibility that a solution fails to deliver its intended positive impact, or worse, generates unintended negative impact as it scales. It’s a sobering consideration, and it must be assessed before we invest. Opportunities with excessively high impact risk are excluded, while others may be mitigated depending on the severity and potential consequences of the risk.
Identifying, assessing, and mitigating impact risks is not a one-time exercise. It is an ongoing learning process that requires continuous reevaluation as a product, service, project, or policy develops. We are eager to hear how others are addressing impact risk and what approaches or tools are working best in their contexts. Sharing these experiences helps us, and the field, advance more quickly.
Small Companies, Big Ocean Impact
One of the most inspiring observations from 2024 is how much early-stage, fairly resource-light companies can achieve. We are proud to see our portfolio companies delivering meaningful solutions, from tackling plastic waste to restoring ecosystems and cutting emissions. These examples show that progress is not driven only by established players with scale; even small companies can create significant change for the ocean.
When these efforts are connected across dozens of ventures, investors, and coalitions like 1000 Ocean Startups, the results begin to multiply. Piece by piece, we are building a larger mosaic of solutions that point toward the future of the Blue Economy. It is this collective, and often underestimated, force that gives us genuine reason for hope.
Dive Deeper: Read the 2024 Impact Report
The 2024 Katapult Ocean Impact Report shares our progress, challenges, and vision for the future. Inside, you’ll find our impact strategy, updates on our portfolio and pipeline, stories of ventures driving change, and how we plan to increase our impact as investors. You’ll also find stunning ocean photography by Ofek Liepaz, capturing the beauty we are all working to protect.
