A Chicago venture capital firm that raised a $100 million fund last year to invest in ocean and seafood startups announced the first five companies it has cut checks to.
S2G Ventures, founded in the Windy City in 2014, is led by Chuck Templeton, the founder of OpenTable. Since its inception, the firm has raised more than $1 billion to invest in food, agriculture, ocean and seafood companies across four different funds.
It raised a debut fund in 2015 of $125 million, a $280 million fund in 2017 and two funds in 2012—a $550 million fund and a $100 million fund that’s specifically focused on ocean and seafood sustainability.
S2G announced Monday the first five startups that received cash from its ocean and seafood fund, though didn’t disclose the exact amount invested in each company. Four of the five investment rounds were led by S2G, and the firm has taken active board seats with three of the companies, the firm said.
S2G said the investments reflect the firm’s commitment to supporting startups focused on a sustainable and resilient ocean ecosystems.
"The entrepreneurs that we have invested behind are doing incredible work in making our oceans and water ecosystems more resilient and sustainable," said S2G's Managing Director Kate Danaher in a statement. "Sustainably managed and healthy ecosystems are a pillar of global environmental recovery, a driver of economic growth, and a foundation for food security and human health."
Here are the five startups:
ReelData: Based in Canada, this startup has created software to help fish farmers accurately feed and take care of their populations. The software uses artificial intelligence to give farmers an idea of when the best time to feed fish is and how much they need, among other things. The company was founded in 2018 by Mathew Zimola and Dr. Hossein Salimian.
ViAqua Therapeutics: Based in Israel, ViAqua is a biotech startup making orally administered medication for shrimp populations that prevents disease. The startup’s proprietary double-strand RNA product helps shrimp cells fight and suppress white spot syndrome. The company was founded in 2014 by Shai Ufaz and Shai Einbinder.
Moleaer: The startup makes industrial-scale nanobubble production technology that purifies water without chemicals and helps the recovery of natural resources. It was founded in 2016 by Warren Russel and Bruce Scholten.
(The last two companies’ names were not revealed, but descriptions were provided by S2G.)
“Ocean Surveillance Company”: The startup is developing technology to track dark vessels and monitor illegal maritime activities to improve the efficiency and safety of shipping and travel across the globe.
“Fishmeal and Oil Technology Company”: The startup has created proprietary zero-waste fishmeal and oil production technology, which converts “low-value resources into high-end products in a sustainable and cost-efficient manner.” S2G said the technology could be used to combat invasive aquatic species and reduce pressure on overfished wild stocks.
