S2G Ventures, the US venture-capital firm that was an early investor in Beyond Meat, has launched a fund for investments in the seafood industry.

The Chicago-based investor said it had a pot worth US$100m to back companies in areas including “seafood and alternative protein sources”, as well as “aquaculture and supply chain innovation”.

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In announcing the new fund, S2G Ventures pointed to how “the seafood industry is a critical protein source for over three billion people” and, citing UN data, raised the impact climate change had had on the world’s oceans.

“According to the United Nations Intergovernmental Panel on Climate Change, since 1970 the oceans have absorbed over 90 percent of excess heat trapped in Earth’s climate system. This warming is causing significant changes in currents and sea levels, which affect the health of marine species, nearshore and deep ocean ecosystems, as well as weather systems across the globe,” S2G Ventures said.

“Entrepreneurs are working on significant advances in technology and science that will further enhance our understanding of species and habitats, and ultimately create more sustainable fishing and ecosystems. S2G launched the new oceans and seafood strategy to support these entrepreneurs in successfully developing scalable solutions to the challenges that threaten the health of our oceans and ultimately people and our planet.”

S2G Ventures, which has made investments in companies including mushroom-based ingredients supplier MycoTechnology and cell-based meat start-up Future Meat, has hired former Silver Bay Seafoods executive Larsen Mettler as one of two managing directors to lead the new fund. The VC firm appointed Kate Danaher, senior manager at US impact investor RSF Social Finance, as the second managing director.