Plant-based seafood startup Hooked Foods announced plans to raise €10 million ($10 million) in series A financing that the company hopes will help it expand its reach across European markets.
Series A financing refers to an investment in a privately-held start-up company after it has shown progress in building its business model and demonstrates the potential to grow and generate revenue. It often refers to the first round of venture money a firm raises after seed and angel investors.
In 2021, $116 million (€99.5 million) was raised globally by alternative seafood companies.
“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,” CEO Tom Johansson told plant industry news site Green Queen.
Hooked, which Johansson co-founded with Emil Wasteson and Peter Liu, raised €4.2 million ($4.3 million) in seed funding soon after it was launched in 2019.
According to the company, its range is now available in more than 75 percent of Swedish retailers.