Tuna Giant Bumble Bee Seafoods announced Monday it has created a $40 million (€35.4 million) accelerator fund "focused on further closing the gap on some of the biggest industry challenges in the sustainability space."

The company said it will make a commitment through the fund over the next five years to restore and protect the health of the world's oceans.

Jan Tharp, CEO of Bumble Bee, said the company will use the accelerator fund to pursue new ideas, partners and technologies, while also continuing to advance several current initiatives making a significant impact.