Investment Dossier Seagreen.pdf

1. Investment Dossier for ADB-PEA
Blue Economy Knowledge Product
Company: Sea Green & KMB/Asia Affinity Group
Country: Singapore/Indonesia
Sectors: Commercial & Technology Infrastructure for the seaweed industry
For: SME BlueImpact Asia (BIA)

2. 02
CONTENTS
Executive Summary
Impact Overview
Market Analysis
Governance
Business Model Features
Business Rationale: MARI Oceans
Business Model Assets
Roadmap
Core Team
Revenue Model & Investment Summary
Contact Information
1.
2.
3.
4.
5.
6.
7.
8.
9.
10.
11.

3. EXECUTIVE
SUMMARY
03
WHAT
WHERE
WHAT Commercial infrastructure and data services on blockchain for the global seaweed industry
WHY Seaweed potential as vector for coastal resilience, food security and climate mitigation
Singapore. Initial target market and primary partners in Indonesia. Globally scalable
WHO Subsidiary of KMB, impact accelerator of the Asia Affinity Group (SME solutions since 2014)
HOW Provide beneficial front-end services at primary level to create industry connectivity platform
CAPITAL RAISE Total US$ 9M. US$ 2.2 M for Capital Expenditure ; US$ 6.7 M for Operating Expenses

4. SEAWEED: A NATURE BASED SOLUTION
04
* IMTA = Integrated Multi Trophic Aquaculture. Farmers combine fed aquaculture (e.g., fish, shrimp) with inorganic extractive (e.g., seaweed) and organic extractive
(e.g., shellfish) aquaculture to create balanced systems for environment remediation (biomitigation), economic stability (improved output, lower cost, product
diversification and risk reduction) and social acceptability (better management practices).
FOOD SECURITY
SOCIO-ECONOMIC
HEALTH &
NUTRITION
Rich source of
protein and bioactive
compounds for use
in the food market
SUSTAINABLE CROP
Requires limited
freshwater and no
chemical fertilizers to
maintain
REGENERATIVE FARMING
Can be an abundance
multiplier when farmed in
IMTA* systems to
diversify yield, optimise
farm productivity and
support biodiversity
POST-COVID RECOVERY
Job creation and
employment opportunities
for ensuring a sustainable
blue-green economy
rebuild
ECONOMIC DEVELOPMENT
Market development and
relative growth potential
highlights the commercial
value of seaweed and can
increase earnings for farmers
RESILIENT LIVELIHOODS
Alternative, and stable,
livelihood option for at-risk
artisanal fishermen and
coastal communities
CLIMATE & BIODIVERSITY
CARBON DIOXIDE REMOVAL (CDR)
Ability to turn carbon dioxide into
biomass, some of which is then
sequestered in the deep sea or in
coastal sediment
ECOLOGICAL ENHANCEMENT
Mitigates ocean acidification
and runaway land-based
pollution through nutrient
removal and reallocation
DECARBONISATION
Seaweed products substituting
fossil-fuel based products to
decarbonize value chains such
as biofertilizer, bioplastics,
animal feed and more
HABITAT RESTORATION
Artificial reef system for
restoration of habitats
and ecosystems

5. TARGET
IMPACT
METRICS
05
Sea Green seeks to create safe spaces for
humanity to operate that balance social
foundations within ecological means.
Consequently, we look to enable impact
measurement – direct and indirect –
across a range of metrics, achieved
through multiple methodologies. Initially
this will be indirectly via primary level data
collection by our our partner organisation,
MARI Oceans, but ultimately all achieved
through the platform.
Built around the framework of the UN
Sustainable Development Goals, we have
prepared a list of metrics for baseline
impact measurement. The list of detailed
below is indicative and non-exhaustive,
with Sea Green’s platform technology
opening a wide range of further potential
opportunities for quantifying tangible
impact.
CARBON DIOXIDE REMOVAL POVERTY ALLEVIATION
INCOME DIVERSIFICATION
MARKET STABILITY
JOB CREATION
ACCESS TO FINANCE
EQUITABLE GROWTH
DIGITAL LITERACY
EDUCATION
ENVIRONMENTAL IMPACT SOCIAL FOUNDATION
Bio-sequestration (export to deep sea or coastal
sediments) carbon dioxide removal during
seaweed cultivation
DECARBONISATION Replacing fossil-fuel based products with carbon
negative seaweed products to drastically reduce
value chain (Scope 3) emissions
Breaking poverty cycle for farmers through
increased earnings and diversified income
Reducing price volatility and stabilising income for
primary producers to foster strong markets
Local jobs created and stabilised through
technology, data and systems management,
community and restoration operations, and services
Development and provision of needs-based
financial products for empowering household
resilience
Redistribution of wealth to equitably represent
value in productivity through transparency and fair
trade
Enhancing global connectivity and boosting digital
capabilities for upstream actors
Providing online modules to improve financial
literacy, sustainable practices and business
productivity
Diversifying revenue streams through integrated
aquaculture systems and product innovation
BIODIVERSITY GAINS Restoring abundance to local marine ecosystems
through sustainable practices and coastal
conservation projects
ECOLOGICAL
ENHANCEMENT
Local moderation of ocean acidification and
deoxygenation through nutrient removal and
enhanced ecological conditions
CLIMATE RISK
REDUCTION
Data-driven insights to minimise the impact of
increasing climate risks (e.g. marine heatwaves
and heavy rainfall events) through environmental
monitoring, water quality management and
subsequent financial protection mechanisms
PLASTIC REDUCTION
Minimising local plastic pollution, microplastics
and debris through sourcing of alternative
sustainable production materials

6. MARKET
LANDSCAPE
The commercial seaweed industry is
on track for explosive growth, with
CAGR estimates through 2028 at
between 7-12%.
However, even current growth rates do
not enable the full utilisation of
seaweed’s potential at a global scale.
At just 2.6% of global production, the
regions outside Asia are only just
recognising the universal potential
benefits of a thriving seaweed
industry. Cross-regional collaboration
will considerably accelerate
development.
Asia represents over 97% of global production; the
region is the nexus of the industry, where expertise
in coastal communities is focused, and from which
innovation will flow.
Unfortunately, the current industry is siloed at all
levels, with little transparency.
06
South Korea, 5.1%
Philippines, 4.2%
Rest of Asia, 3.5%
Rest of the World,
Indonesia, 27.9%
China, 56.8%
COMMERCIAL SEAWEED
CAGR 7.51%
Fortune Business
Insights, 2021
$15.01 B
2021
$24.92 B
2028
FAO, 2021
Chile
AMERICAS
EUROPE
Peru
Canada
Mexico
United Stated of America
Rest of the Americas
Norway
France
426 605
36 348
12 655
7 336
3 394
904
163 197
51 476
1.19
0.10
0.04
0.02
0.01
0.00
0.46
287 033 0.80
487 241 1.36
COUNTRY/AREA
Tonnes
(net weight)
Share of World
Production (%)
0.14

7. MARKET ANALYSIS
07
SeaweedTrace is a web and mobile
application traceability solution,
developed by Koltiva, that focuses on
traceability. Downstream companies use
it to verify supply chain sustainability and
fair working practices at primary level.
Successful project, piloted and operational
with up to 3,000 farmers, but only focused
on traceability and sustainable
management, so far not supporting
commercial trading infrastructure
Investment in seaweed and aquaculture innovation is growing, but there is a gap in the market for solutions
that directly support and enable seaweed farmers and their communities. Sea Green fills this gap.
Koltiva Seaweed Trace - Indonesia
In a recently published investor memo, Seaweed for
Europe, the continent’s leading industry body,
identified exponential growth in sector investment in
the last ten years, at approximately 24x
The report identified a pipeline of 223 startups and
SMEs working in the sector, across hatchery,
cultivation, processing, product, technology and
services, and a broad trend towards undervaluation
• International investment in seaweed aquaculture is
accelerating
INTERNATIONAL SEAWEED
INVESTMENT
Indonesian startup Jala Tech, providing hardware and software
support to shrimp farmers in the country, recently secured USD
6, million to scale up its solution from international partners
eFishery, providing equivalent solutions for the nation’s fishing
sector raised an estimate USD 15 million in series B funding in
2020, and is rumoured to be in discussion for a much larger
sum this year
• Regional aquaculture innovation is already attracting
significant investment
REGIONAL AQUACULTURE
INNOVATION

8. Asia Affinity Holdings Limited
Feb-2014 / Hong Kong
Insurance &
Reinsurance
Community &
Capacity Building
KMB Pte. Ltd.
“KMB”
Sep-2021 / Singapore
Yayasan MICRA
Indonesia
“MICRA”
Apr-2006 /
Indonesia
MARI Oceans Pte. Ltd.
“MARI Ocean”
Aug-2021 / Singapore
Sea Green Pte. Ltd.
“Sea Green”
Aug-2020 /
Singapore
Technology &
Outsourcing
GOVERNANCE
08
• Company: Sea Green (Private Limited)
• Registration: Singapore, August 2020
• Project Location: Singapore & Sulawesi Indonesia
• Owner: 100% Asia Affinity Holdings Limited
(through KMB Private Limited)
• Core Business: Ecosystem Platform for seaweed

9. 09
SEA GREEN A DIGITALLY DRIVEN
FLYWHEEL FOR VALUE CHAIN ENHANCEMENT
FRONT-END
APPLICATIONS
PLATFORM
SERVICES
Operational teams work with
farmers and their
communities, and other
actors bring these new, value
add methods and practices to
the supply chain, building
towards integrated coastal
management as a standard.
Data forms the basis of value chain specific,
collaborative research activities which:
And sustainably contribute to both climate
mitigation and food security.
Reporting and analytics platform
tools connect value chain
stakeholders with research
insights, which allows Sea Green
to work together globally, using
data and research insights, to build out new and
better ways of working for the seaweed industry
that integrate restorative practices.
Traceability, Commerce &
Monitoring mobile app services
for seaweed farmers facilitate
transparency and connectivity.
These services generate big
data, collated and stored in Sea
Green’s digital infrastructure.
Develop
markets
Enhance
operations
Enable
communities
Data
Gathering
Continuous
Improvement
Targeted
Research
Design &
Change

10. Indonesia produces over 10 million metric tons of wet seaweed per year –
largest eucheumatoid seaweed producer, and 2nd largest overall
An extensive study* of the Indonesian seaweed sector reveals the strengths,
weaknesses, opportunities and threats of this significant part of the country’s
economy – 40% of national fisheries output
Less than 20% of cultivable coastline used – up to 10 million hectares of
available growing area
250,000 seaweed farming households, 1,000,000 possible farmers, 60-70%
located in Sulawesi
INDONESIA & MARI: THE CASE FOR INNOVATION
10
Indonesia
Sulawesi
Indonesia’s seaweed sector is uniquely placed as one of the largest existing
producers, but also amongst the highest potential for growth and optimisation
However, the value chain is complex, fractured and imbalanced. Farmers are
often indebted to traders, unbanked and ill-equipped to grow their businesses.
* Research carried out by KMB, Sea Green’s parent company, in 2019/2020

11. 11
MARI Oceans works to:
Rebalance
Simplify
& Optimise
Indonesia’s seaweed sector
The MARI model creates replicable,
scalable governance structures for coastal
communities which foster innovation,
stability, and growth
MARI positions the wealth of expertise and
experience in the hands of its farmers in
models specifically designed to maximise
sustainable blue economy output
But not everything can be achieved alone.
Whilst MARI draws strength from within, it
is also collaborative, reaching outside its
bounds to partner for impact
Primary Process:
Seeding, Growth & Monitoring, Harvesting,
Drying, Quality Management
Aggregation:
Supply Chain Simplification, across
Collection, Warehousing, Transportation
Finance, Sales & Structure:
Formalised Finance & Payments Processing
Infrastructure, Market Access
Education:
Capability Building, Farming Process
Excellence, Financial Literacy
Technology:
Traceability, Digital Connectivity, Service
Integration
Challenges Solution?
MARI NEEDS:
TRANSPARENCY
INSIGHT
SCALE
CONNECTIVITY
INNOVATION
INDONESIA & MARI: THE CASE FOR INNOVATION

12. State model – farming data
attributes
Tagging* Ownership
tracking
Traceability - The Challenge of Fragmentation
Traceability creates transparency and builds trust in supply chains. Demonstration of
provenance is the best way to guarantee quality of sourcing for end users. However, its
provision faces multiple challenges including:
• Cost to implement
• Complexity to operate
• Incentive to use
• Reliability for certification
Indonesia is no exception. Solutions are unstandardised, rarely digital and often
exclusive for a single trader, aggregator or purchaser. This limits market benefit to a
narrow cross-section of the value chain and reduces incentive to innovate.
State Models - Reimagining Traceability
The Sea Green platform changes this. Leveraging mobile technology to bring
traceability directly to the hands of farmers who need it most, the “state model” tracks
attribute data at every stage and change of ownership in the seaweed supply chain.
This functionality is:
• Free to use
• Easy to operate
• Buyer agnostic
• Blockchain based
Use of blockchain explicitly resolves issues of integrity and reliability
– once hashed to the chain, data inputs become immutable. This upgrades traceability
from a simple means to achieve transparency into a vector for trust in between market
participants.
12
MOBILE APP SERVICES:
TRACEABILITY
* Exemplar physical tag – Sea Green will encourage context-specific, sustainable tag market development through research, assessment
and recommendation

13. A key vector for adoption of
any new technology is
incentivisation. To encourage
record of traceability data, the
Sea Green platform augments
its front-end services with
additional capabilities.
IOT linked sensor data feeds
give farmers greater control
of their growing
environments.
13
MOBILE APP SERVICES:
ENVIRONMENTAL MONITORING
Target environmental data points
specific to seaweed farming:
Sea Surface Temperature
Light Intensity
Salinity
Turbidity
Dissolved Oxygen
pH
Nutrients
Co2 removal

14. 14
Payments services link the seaweed sector to
established financial services, ensuring primary
producers are paid fairly and on time.
Configurable commercial terms:
• Customised per business need, underpinned by data privacy
• Consignment model – retained ownership and visibility until
automated payment dispersal
MOBILE APP SERVICES:
COMMERCE & MONITORING
Stripe enabled as standard
worldwide
Augmented by local market
preferred service (e.g. Xendit in
ID)
Stripe enabled as
standard worldwide
Augmented by local
market preferred service
(e.g. Xendit in ID)

15. 15
DIGITAL
PLATFORM
ARCHITECTURE
Sea Green’s platform is designed to be headless. The core platform microservices exist independently
of the state model and mobile app. This means that a new model and application can easily be
instantiated to support a specific region or new seaweed species, or an entirely different commodity.
The front-end user, payment and
sensor services of the platform,
combined with the attribute
inputs to the state engine, are an
unprecedented source of value
chain data.
Application vs. Platform Services Distributed Ledger
A further benefit of blockchain is realised here –
distributed ledger standardises data access
across external user groups. Sea Green’s use of
Corda ensures privacy and protection.
This allows for interoperability of services in both
directions. Buyers can procure seaweed more
easily from the market, whilst financial institutions
gain visibility of farmers’ risk profiles, enabling
needs-based and demand-driven finance and
protection product offerings
Buyers Banks Insurers
Sea Green data services harness this resource,
protect it, clean it, enrich it and ultimately make it
accessible for other business and external
value-add functions:
Public API/SDK
USER
SERVICES
PAYMENT
SERVICES
DATA
SERVICES
TOKEN
SERVICES
SENSOR
SERVICES
LEDGER
SERVICES
STATE
ENGINE
Core Platform Microservices
RESEARCH AND DEVELOPMENT – data reporting/analytics
DIGITAL EDUCATION – bespoke training modules
SUPPLY OPTIMISATION – product supply transparency
The public API of the platform enables
configurable connectivity to the platform
for external institutions.

16. 16
TOKEN
SERVICES:
CARBON AND
NUTRIENT VERTICALS
*Quantification of exact sequestration rates and attribution of lost biomass currently being explored through Ocean 2050 research, with findings to be presented in late 2022. Sea
Green’s joint PhD research study with Blue Carbon Lab linking blue carbon potential of seaweed aquaculture to markets and determining economic, social, technical and ecological
feasibility of large-scale seaweed carbon farming.
Duarte, C et al (2017) Can Seaweed Farming Play a Role in Climate Change Mitigation and Adaptation. Frontiers in Marine Science, https://doi.org/10.3389/fmars.2017.00100
Krause-Jensen, D., Duarte, C. (2016) Substantial role of macroalgae in marine carbon sequestration. Nature Geosci 9, 737–742 . https://doi.org/10.1038/ngeo279
PLATFORM CAPABILITY
Token services enable attribution of multiple values to a
single asset. Combined with digital verification technology
(such as satellite and IoT sensors), this could dramatically
multiply the market potential of seaweed.
SCIENTIFIC BASIS
Research is ongoing into the potential of seaweed for:
Carbon sequestration* and capture
Nutrient removal
Biodiversity gains
With the goal of agreeing attribution methodology and
standards for each. Sea Green is monitoring these
developments closely.
OPPORTUNITIES
The combination of verification technology and attribution
standards paves the way for coastal communities to access
new markets for their produce:
Initial: Voluntary Carbon Credits, Payments for Ecosystem
Services
Future: Gold Standard Carbon Credits, Nutrient and
Biodiversity credits
Equivalent access could also be used to incentivise
preservation of natural capital, including mangrove forests
and seagrass meadows.
Master
Token
Seaweed
Token
Nutrient
Token
Carbon
Token

17. ROADMAP
17
The Sea Green business road map for the next five years can
be divided into two main categories:
Horizontal expansion – new seaweed markets
Vertical expansion – new functionality and verticals
Deployment throughout Southeast Asia is planned to encompass the main global seaweed
farming markets and support of planned MARI Oceans activity.
Beyond Year 3, development planning is subject to prevailing market demand and research
trends, with activity prioritised for impact.
Development
Deployment
MVP Development
-Tropical Seaweed
Organisational
Development
Nusa
Tenggara
1st Major
Upgrade &
Regional
Support
2nd Major
Upgrade &
Financial
Services
Support
Nationwide
Y1 Y2 Y3 Y4 Y5
Mindanao
Luzon
Cross-
continental
expansion
Nationwide
Temperate Seaweed
& IMTA Support
Carbon &
Nutrient
Credit
Support

18. CORE TEAM
18
Fred Puckle Hobbs – Chief Operating Officer
Fred brings international operational experience
from the world of investment banking to the
growing seaweed industry. Well-versed in service
delivery, risk management, and process
innovation, he oversees the company’s business
design and technological development from
Singapore, collaborating with partners from
Indonesia and across the world.
Tris Chen - Product Manager
Tris is responsible for initiating the delivery of the
Sea Green platform, building the solution through
close collaboration with stakeholders across the
value chain. Based in Singapore, She leverages her
expertise in project management, data analytics
and commercial strategy to support and drive
product excellence.
Paddy Tarbuck – Director, Research &
Development
Paddy is a sustainability and climate change
professional, responsible for ensuring both Sea
Green and aquaculture industry growth is
decoupled from environmental impact and
misuse of resources. Based in the UK, he leads
the company’s research and development
efforts and partner outreach across the globe.
Ching Wen Wong – Director
Ching Wen is an experienced marketing and
blockchain consultant and business owner,
with considerable expertise supporting
firms of all sizes with growth, revenue and
profitability challenges. Founder of two
other established firms, she supports Sea
Green’s early-stage market and business
development in Singapore.

19. 19
REVENUE MODEL
SEAWEED AND BEYOND
The Sea Green mobile app will be free to download and use. Customers are only charged at the time of a commercial
transaction with another party. At point of sale, a percentage fee will be added to the price paid by the purchaser,
regardless of state in the value chain (seedling, wet seaweed, dried seaweed, etc.) – this is currently set at 2.99%. This
charge will be automatically calculated and collected by platform services.
Separately, Sea Green will also market its platform-enabled data services. Data visualisations and reporting will be made
available to clients, whether purchaser, farming organisation, seedling producer or any other value chain participant. This
will be on a subscription basis for a flat, periodic fee, or licensed appropriately for other non-commercial actors.
Adoption targets for the first five years are 18,000+ onboarded hectares in Indonesia, and 4,000+ onboarded hectares for
the Philippines. Simultaneously, the target for platform data subscription is 12 corporate clients, currently pegged at USD
5,000 per month.
The first Sea Green mobile app and state model supports the Indonesian seaweed sector specifically, but will
subsequently be re-instantiated to support other seaweed supply chains globally through the same infrastructure and
revenue model. From then, the platform will expand to support new chains on a demand basis, opening a new revenue
stream with each expansion.
TROPICAL SEAWEED
TEMPERATE SEAWEED
CRUSTACEANS
MOLLUSCS
FIN-FISH
AGRICULTURE
US$
PLATFORM
CHARGES 97.34%
2.66%
52,691
20,280
1,995,000
19,474
5,516,630
233,690
9,593,809
350,536
14,059,942
350,536
17,317,503
350,536
48,535,574
72,971 2,014,474 5,750,320 9,944,345 14,410,478 17,668,038 49,860,625
1,325,051
CORPORATE
CLIENT
SUBSCRIPTIONS
TOTAL
AVG. RATIO YEAR 1 YEAR 2 YEAR 3 YEAR 4 YEAR 5 YEAR 6 TOTAL
2.99%
Data
Gathering
Continuous
Improvement
Targeted
Research
Design &
Change

20. INVESTMENT
STRUCTURE
20
Pre-launch preparation:
Value chain analysis & report preparation 2019-20
Pre-launch business and solution design:
July 2020-Present
Phase One funding to cover:
Platform development, organisational build-out
Initial business development: Indonesia farming
community & corporate relationships
Phase Two funding to cover:
Deployment and rollout across Indonesia to drive
revenue
Platform instantiation in Philippines and market 3
US$ COMMITTED
FUNDING DRAW DOWN
AMOUNT
430,000
5,500,000
3,500,000
9,000,000
JUL 2020 - FEB 2022
PRE-LAUNCH
FUNDING
H1 2022
PHASE 1 (PLATFORM
DEVELOPMENT)
H1 2023
TOTAL
PHASE 2 (SCALE-UP)
US$ PHASE 1 RATIO PHASE 2 RATIO CUMULATIVE RATIO
1,662,447 34.63%
3,138,415
540,570
3,057,695
2,203,017
6,196,110
4,800,862 4,899,670 8,399,127
TOTAL
CapEx
OpEx 65.37%
11.03%
62.41%
26.23%
73.77%
COST TYPE PERCENTAGE
SUPPORT FOR
WORKING CAPITAL
AMOUNT
2,203,017
1,606,553
4,049,556
540,000
8,399,127
26.23%
19.13%
CAPITAL
EXPENDITURE
PEOPLE COSTS
TOTAL
FINANCE COSTS
48.21%
6.43%

21. fred.pucklehobbs@sea.green
COO, Sea Green
graham.clark@asiaaffinity.com
Director, KMB (Pte. Ltd.)
Director, KMB