Vegan seafood startup Hooked Foods nets over €600K in crowdfunding

Stockholm-based vegan seafood startup Hooked Foods has secured 1 million SEK or €644,000 through a Crowdcube crowdfunding campaign

The company earlier secured €5 million in venture financing from investors like Oyster Bay, Brightly and Big Idea Ventures. The fresh funding will support the development of a new product line and enable expansion throughout the Nordic region and German market.

According to Hooked Foods CEO Tom Johansson, the company is grateful for its support from investors and the community. He noted that this support indicates the high demand for plant-based fish substitutes.

Johansson also mentioned that the secured funding will enable the company to sustain its commitment to innovation and “provide sustainable and delicious alternatives for fish lovers worldwide.”

Johansson said last year that leading and creating a “new category” requires considerable dedication. He attributed the company’s accomplishments to “innovative products and an attractive brand.”

Johansson also underlined the company’s unwavering focus on developing “scalable recipes and technology.” He said that with its proof of concept established in Sweden, the company can venture into “new markets” and extend its impact towards fostering a “healthier ocean.”

Hooked Foods’ range of plant-based seafood alternatives include fish-ish sticks, “Salmoonish” as a substitute for salmon and “Toonish” as a substitute for tuna.

Diving into German market

Hooked Foods has been working towards forming partnerships with prominent food distributors. A notable example of this effort is its recent collaboration with Ooha, a well-established sales agency specializing in the German market.

According to a representative from Ooha, the agency identified the remarkable potential of Hooked Foods following a comprehensive evaluation of the vegan seafood market in Germany.

“After extensive exploration and discussions with several vegan seafood companies, it became clear that Hooked possesses all the key ingredients for success,” an Ooha representative said.

The representative also highlighted Hooked’s “talented team, strong brand and top-notch products at competitive prices.”

During its fiscal year 2022, Hooked saw a significant increase in revenue, with a year-on-year growth of 180 percent to reach €450,000. The company also achieved an estimated EBITDA of around €2 million.