New Bedford, Massachusetts-based KnowSeafood, a direct-to-consumer seafood company, has joined Walton-backed S2G Ventures, as the investor fund grows its seafood portfolio.
S2G said in a post on its website it has invested an undisclosed amount in KnowSeafood that will be used "to open a second distribution facility in California to reduce shipping costs, drive customer acquisition, increase product variety, and build out its data and analytics team for direct insights into consumers' behaviors toward seafood."
Founded during the pandemic in 2020 KnowSeafood requires all supply partners to adopt its VeChain blockchain technology, making the food chain fully transparent and allowing the end consumer to see exactly when and where their fish was harvested, processed, and shipped.
Before founding KnowSeafood, company CEO Daniel McQuade pioneered the first USDA-approved Natural Light Beef company, and has also founded three companies.
In 2019 McQuade worked directly with IBM FoodTrust to deliver the first fully integrated blockchain solution that allowed consumers to see the entire journey of their seafood from point of harvest to plate. He also promoted blockchain technology while serving as Raw Seafoods'vice president of marketing in 2019.
Earlier this month S2G announced it was investing an undisclosed amount in The Plant Based Seafood Company's "Mind Blown" brand of plant-based seafood alternatives.
The Virginia-based company, a spin-off from Van Cleve Seafood, manufactures a range of frozen plant-based shrimp, scallops and a crab cake alternatives. Its products are carried in Publix, Sprouts and specialty supermarkets throughout the United States.
S2G Ventures says it manages more than $1.5 billion (€1.4 billion) in capital among more than 70 portfolio companies.
In 2020, Chicago-based S2G Ventures launched its $100 million (€84.1 million) oceans and seafood fund under the management of market specialists Kate Danaher and Larsen Mettler.
Backed by Lukas Walton, grandson of Walmart founder Sam Walton, S2G Ventures started in 2014 as a pioneer in sustainability in food and agriculture.