Swedish seafood alternative brand, Hooked Foods, has successfully raised over $1m in its latest round of funding. The company plans to enter the German market and expand its plant-based offerings in the Nordic region. Founded in 2019, Hooked Foods achieved its crowdfunding target of €560,000 ($612,700) within the first day and has now raised over €625,000. This comes in addition to the €600,000 it raised earlier this year, bringing the total funding for this round to over €1.2m. Hooked Foods has previously secured €5m ($5.5m) in venture financing from investors such as Oysterbay, Big Idea Ventures, and Brightly.
Hooked Foods intends to utilize the funds raised in this round to develop new products and expand its presence in the entire Nordic region. The company has witnessed a strong demand for its plant-based fish substitutes, as indicated by the overwhelming support from investors and the community. CEO Tom Johansson expressed gratitude for the support received, emphasizing the company’s commitment to drive innovation and provide sustainable and delicious alternatives for fish enthusiasts worldwide.
Co-founded by Johansson, Emil Wasteson, and Peter Liu, Hooked Foods is now valued at approximately €11.7m. In its upcoming expansion, the company has partnered with German sales agency Ooha to penetrate the European market. Hooked Foods currently offers its plant-based seafood alternative products, including fish-ish sticks, salmon substitute “Salmoonish,” and tuna substitute “Toonish,” in Sweden, Finland, and Iceland. The sales agency believes that Hooked Foods possesses all the necessary elements for success, including a talented team, a strong brand, competitive pricing, and top-notch products.
In fiscal year 2022, Hooked Foods experienced a 180% year-on-year increase in revenue, reaching €450,000, with an approximate EBITDA of €2m. The success of Hooked Foods reflects the growing trend of plant-based seafood companies raising funds, particularly in the US market. Aqua Cultured Foods, for example, recently secured $5.5m in its seed round, adding to its total fundraising of $7.6m. The company aims to launch in the US this summer, with a focus on restaurant and foodservice outlets, and has already established partnerships with European companies. Similarly, The Plant Based Seafood Co. received funding from US investment firm S2G Ventures.
