FishBrain, a mobile app and social network for anglers, has closed a $2.4 million funding round led by Northzone and Active Venture Partners. Other investors include GP Bullhound and Edastra Venture Capital.
FishBrain (www.fishbrain.com), the world’s fastest-growing mobile app and social network for anglers, has closed a $2.4 million funding round lead by Northzone and Active Venture Partners. Other investors include GP Bullhound and Edastra Venture Capital, as well as Mathias Ackermand, Rikard Steiber and ALMI, who are existing investors in the company. Earlier investors in FishBrain include Industrifonden, Umando, Henrik Torstensson, CEO of Lifesum, and Mattias Miksche, Founder and CEO of Stardoll.
Available on iOS and Android, the free-to-use FishBrain app helps sport-fishing enthusiasts catch more (and bigger) fish by gathering and managing vast amounts of meteorological and user data, and allowing them to share fishing trips and catches with their peers. Users can also upgrade to a Premium Account for £3.99 per month or £27.99 annually, which allows deeper insight and personal analysis that helps improve an angler’s performance, for example by predicting what bait would be most effective in catching a particular type of fish in a specific lake.
Already the largest platform of its type in the US, this investment will be used to accelerate product development, and to firmly establish FishBrain as the market leader in its space. With 430,000 registered users and 130,000 logged catches within the app, FishBrain is the fastest, easiest way to log fishing activity and share it with anglers worldwide. Angling is the world’s biggest popular sport, and with over 4 million regular participants in the UK, is worth in the region of £3bn to the British economy. In the United States this figure is reported to be around 40 million active participants, who spend over $48 billion annually on the sport.
Johan Attby, CEO of FishBrain, comments: “This is an exciting time for FishBrain, and we are delighted to welcome high calibre new investors Northzone, Active Venture Partners, GP Bullhound, and Edastra Venture Capital. The continued development of our product is hugely important to us, and we look forward to further expansion in international markets, and the opportunity to bring FishBrain to even more anglers and sports fishing fans worldwide.”
Tim He, Investment Manager at Northzone, comments: “There’s a great opportunity in niche social networks. Fishing is the world’s largest hobby and digitally underserved. FishBrain is the best and fastest growing app and social network for anglers. With its world class team, I am confident FishBrain will become the go-to app for fishing.”
Ricard Söderberg, Founding Partner of Active Venture Partners, said: “We have been following new mobile services within the sports fishing sector for a couple of years and we are very pleased to be working with the team behind Fishbrain, which has created a very clever and unique product for this community. We look forward to supporting their continued growth at a worldwide level.”
Northzone is a technology investment partnership. With four offices and nine investment professionals across Scandinavia and the UK, Northzone’s focus is on disruptive companies tackling challenging problems in attractive markets. Since its inception in 1996, Northzone has invested in over 75 companies, injecting some 200 years of collective operational and investment experience into businesses that truly make a difference. Notable investments include Lastminute.com, Pricerunner, Spotify, Nextgentel, Funcom, Stepstone, Nimsoft, EPiServer, Avito and Mamut. www.northzone.com
About ACTIVE Venture Partners
ACTIVE is a European venture capital company focused on positively disrupting its traditional sector. Spearheaded by a diverse, passionate and multinational team, it is building a reputation for providing support that goes beyond capital for high growth businesses. With a presence in Barcelona, Hamburg and Stockholm, ACTIVE targets entrepreneurial teams driving digital start-ups and seeking holistic partnerships based on shared values and pro-active support. Start-up founders connect to the unique ACTIVE community to engage with sector specialists, growth experts and senior advisors. Since 2004 ACTIVE has invested in 23 companies in two funds totalling EURO 74m. In 2007, ACTIVE created the Venturepreneurs’ Organisation, which promotes relationships between successful serial entrepreneurs investing in early stage companies. www.active-vp.com
About GP Bullhound
GP Bullhound is an international technology investment banking group with offices in London, San Francisco, Stockholm, Berlin and Manchester, which has served companies and their founders and investors since 1999. The firm provides advice on mergers & acquisitions and private/public placement as well as research and asset management to a diverse range of corporate clients, institutional investors and high net worth individuals. www.gpbullhound.com
About Edastra Venture Capital
Edastra is a Stockholm-based venture capital company with a strong belief in the evolution of the internet. Edastra invests in companies within mobile, internet and consumer electronics. Founded in 2008 by venture capitalist and entrepreneur Robert Ahldin, Edastra provides intellectual capital and equity to help building great companies. www.edastra.com
Almi Invest invests in companies with scalable business concepts and prospects for long-term capital growth. The company invests from the seed phase to the expansion phase. www.almi.se
Already a success in its native Sweden, and the fastest growing platform of its type in the US, FishBrain launched in the UK in March 2014 in association with the Angling Times, tapping into this active and burgeoning market by providing users with a tool to maximise the success of their fishing trip.
Founded in 2010, by Jens Persson, FishBrain has already amassed over 400,000 registered users and 130,000 user-logged catches. Johan Attby, CEO of FishBrain is an experienced serial entrepreneur, and previously founded Tific, a software company which was acquired by technology services solutions company PlumChoice Inc in 2011.
FishBrain has received investment from Umando, Almi Invest and Industrifonden. Additional investors include high profile entrepreneurs and business angels including Mattias Miksche, Founder and CEO of Stardoll; Rikard Steiber, EVP and Chief Digital Officer at MTG and former global marketing director of mobile and social advertising at Google; Hans Lindroth, CEO of Lingfield; Henrik Torstensson, CEO of Lifesum who previously held leading roles at Spotify and Stardoll; and Mathias Ackermand, business angel and former Founder and CFO of Transmode.
FishBrain has achieved widespread recognition, having won several awards including Slush in Helsinki in 2012, MTGx Google Glass Hackathon in San Francisco in 2013 and Seedcamp Berlin in 2013.