Bumble Bee Seafood Company announces $40m investment fund

Shelf-stable seafood company Bumble Bee Seafood Company has announced a $40m investment fund for initiatives involving plant-based foods and sustainability.

Through its dedicated Accelerator Fund, the company aims to address some of the biggest challenges in the sustainability space.

Bumble Bee Seafood Company president and CEO Jan Tharp said: “Our sustainability journey started many years ago and we’re proud of our past accomplishments, but now is the time to accelerate our actions.

“It’s the right thing to do for our planet, for the billions of people who rely on seafood for sustenance and for the long-term success of our business.”

As part of the initiative, Bumble Bee intends to focus on plant-based foods by providing alternative, sustainable ways for consumers to enjoy ocean-inspired food.

Earlier this year, the seafood company entered a joint distribution venture with Good Catch Foods to foray into the plant-based protein sector.

The company said that it has also partnered with FCF Fishery Company and Ocean Outcomes to launch a longline albacore fishery improvement project (FIP) in the Indian Ocean.

Under the new partnership, the company intends to move the fishery towards the Marine Stewardship Council (MSC) standard, which has been designed to mitigate the impact of fishing on other species, as well as certify that the fishery is monitored and well-managed.

By 2022, Bumble Bee is planning to source light meat tuna from MSC-certified fisheries and aims to source all longline albacore from a credible FIP by 2023.

Additionally, the company is planning to minimise plastic on its multipacks through innovation and make its overall packaging nearly 95% recyclable this year, as well as expand this to 98% by 2025.

The company also partnered with World Oceans Day, a global ocean conservation collaboration that intends to raise awareness and encourage action to restore and protect the world’s oceans.

In February, Taiwan-based seafood product distributor FCF acquired all the assets of Bumble Bee Foods for $928m.