Swedish-based Hooked Foods announced today a new round of funding totaling SEK 5 million (approximately $600k USD). Investors include Katapult Ocean, ProVeg in collaboration with VC firm Veg Capital, Wave Ventures, PlusCap, Kale United, and Food Angels Germany.
Hooked was one of the startups that participated in the fourth cohort of the ProVeg incubator this year, and received an initial €150,000 ($182,283 USD) investment. The newly acquired capital will be used for launching the company’s latest product, a plant-based product called Toona. The alternative tuna is made from a combination of soybeans, sunflower oil, and algae, and boasts a high protein content with Omega 3 fatty acids. Toona will be launched in restaurants throughout Sweden in the Spring of 2021.
Plant-based burger alternatives often get the spotlight, as plant-based seafood only accounts for 1% of the plant-based protein sales. However, the Good Food Institute calls the plant-based seafood space a “white space”, meaning there is an opportunity to fill a gap in consumer demands and interest. Plant-based seafood offers a solution to global concerns of microplastics found in seafood and overfishing, so there is ample room for this sector to expand.
US-based Good Catch Foods is one of the biggest players in the plant-based space, and the company recently expanded to the European market. Good Catch Foods also produces plant-based tuna (made from a blend of legumes), with other products such as fishless burgers and vegan crab cakes. Besides Good Catch Foods, Hooked Foods does not face much competition in the European market.
In addition to Toona, Hooked produces plant-based shredded salmon. After its initial launch in Sweden, the company plans to expand internationally sometime in late 2021.