Hooked Foods Raises €644,000 in Crowdfunding Campaign, Sets Sights on German Market
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Swedish vegan seafood startup Hooked Foods, has raised more than one million Swedish Kroner (€644,000) via a crowdfunding campaign on Crowdcube.
Hooked Foods says that it reached its financial goal, entering the overfunding phase after its first day on Crowdcube. The brand raised €5m ($5.5m) in venture financing last year from firms including Oysterbay, Big Idea Ventures, and Brightly.
The new funding will be used to develop a new range of products and expand across the entire Nordic region. It is also expanding its presence into Germany.
‘Continue to drive innovation’
‘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,” Tom Johansson, CEO of Hooked Foods, said in a statement. “With the funding we have secured, we will continue to drive innovation and provide sustainable and delicious alternatives for fish lovers worldwide.”
Hooked Foods has intensified its efforts to establish partnerships with leading food distributors. Its recent collaboration with Ooha, a prominent sales agency with expertise in the German market, showcases its commitment.
A spokesperson for Ooha highlighted the exceptional potential of Hooked Foods, “After carefully evaluating the vegan seafood market in Germany, it was evident to us at Ooha that we should seek a brand with tremendous potential,” the agency said. “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.”
Global vegan seafood market
The global plant-based seafood market is exploding’ it’s expected to see a CAGR of 30.4 percent through 2027 — with a global market valuation of $1.3 billion expected by 2031.
“To lead and build a new category requires a lot and we have been able to achieve this performance by a combination of innovative products and an attractive brand,” Johansson said last year.
“We have always been radically focusing on working with scalable recipes and technology, so now when we have nailed the proof of concept in Sweden, we are more than ready to enter new markets and scale our impact for a healthier ocean.”