Hooked Seafood, the developer of the world’s first plant-based shredded salmon, has signed its first major investor – Katapult Ocean.
The investment of EUR 150,000 (USD 176,000), announced on 30 September, will enable Hooked Seafood to make an initial launch on the Nordic market.
“Hooked is very excited to have signed Katapult Ocean, which is also an accelerator that helps startups focusing on sustainable solutions for the ocean. We are just about to launch Hooked Toona onto the market and we are in the final stages of our Hooked Salmoon product. The initial market is Nordic, but we are thinking big. Our ambition is to become the biggest in Europe,” Hooked Seafood Co-Founder Emil Wasteson told SeafoodSource.
Products will be launched in restaurants in November, in ready-to-eat snacking format in April 2021 and in retail packs in April 2022.
Wasteson said the market for plant-based meat alternatives is growing fast and that plant-based seafood is also expected to be received well. The market potential in Europe is estimated to reach EUR 2 billion (USD 2.3 billion) by 2025 and to capture 2 percent of the overall seafood market. As one of the pioneers in this sector, Hooked is well-placed to capitalize on this trend, he said.
“We can make a significant impact on the planet, the marine ecosystem and human health. We estimate that in our first year alone, we will save 1,000 metric tons (MT) of carbon dioxide (CO2) and save 50,000 salmon and tuna,” Wasteson said.
Hooked took part in a 12-week Proveg Incubator program earlier this year, which helped it to develop the business case for their first seed round – and to impress Katapult Ocean with their pitch.
“Plant-based seafood is an upcoming megatrend. When interviewing startups for this investment round, we saw several exciting startups in this space. The Hooked team combines massive drive, passion and strategic focus. They are here to make a change and we are proud to support their journey,” Katapult Ocean CEO Jonas Skattum Svegaarden said.
Hooked has been trialing the development products with potential customers in Nordic countries, including Hawaii Poké, a sushi and salad chain, and is delighted with the positive feedback received so far, particularly related to its taste and nutrition.
“At Hawaii Poké, we have tried several plant-based seafood products in the past year, and none have come close to the quality that Hooked have crafted. Their focus on product is second-to-none, and with nutrition at the cornerstone of their work, we cannot wait to launch their nutritious plant-based seafood, starting with Toona," Hawaii Poké Founder Aaron Colman said.
Photo courtesy of Hooked Seafood
