Swedish seafood alternative brand Hooked Foods has raised over $1m in its latest round of funding with plans to break into the German market.
Founded in 2019, the start-up has now turned to crowdfunding and surpassed its target of €560,000 ($612,700) within the first day, now reaching more than €625,000.
Stockholm-headquartered Hooked initially began this fundraising round earlier this year where it raised another €600,000, totalling over €1.2m for the round which will close at the end of the week.
The plant-based brand has previously raised €5m ($5.5m) in venture financing from firms such as Oysterbay, Big Idea Ventures and Brightly.
On its crowdfunding page, Hooked wrote that it will use the funds raised in this round to develop a new range of products and expand across the entire Nordic region.
“We are overwhelmed by the support we have received from our investors and the community, which clearly indicates the strong demand for our plant-based fish substitutes,” said Tom Johansson, CEO of Hooked Foods.
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“With the funding we have secured, we will continue to drive innovation and provide sustainable and delicious alternatives for fish lovers worldwide,” he added.
Launched by Johansson alongside Emil Wasteson and Peter Liu, Hooked is now valued at circa €11.7m, according to its crowdfunding platform Crowdcube.
The company has also recently partnered with German sales agency Ooha to launch in the European country. Hooked offers its plant-based seafood alternative products, including fish-ish sticks, salmon substitute ‘salmoonish’ and tuna substitute ‘toonish’, in Sweden, Finland and Iceland.
A spokesperson for the sales agency stated: “After extensive exploration and discussions with several vegan seafood companies, it became clear that Hooked possesses all the key ingredients for success. With their talented team, strong brand, and top-notch products at competitive prices, Hooked stands out as the ultimate challenger ready to conquer Germany.”
In its fiscal 2022, Hooked’s revenue rose 180% year-on-year to €450,000, with EBITDA of circa €2m.
Other plant-based seafood companies have been raising funds in recent months, especially in the US.
In April, Aqua Cultured Foods secured $5.5m in its latest seed round, taking its total fundraising to $7.6m. At the time, the company told Just Food it hopes to launch in the US this summer, focusing on restaurant and foodservice outlets, but has also secured deals with European companies.
One month earlier, The Plant Based Seafood Co. secured funding from US investment firm S2G Ventures.