Fishbrain, a Stockholm-based sport fishing app, social network, and digital marketplace with ~12M users, raises $31M from Consensus, Adrigo Asset, and SoftBank. (FinSMEs)

In November 2016, Fishbrain announced it raised $31M Series B, led by the SoftBank Group. The round of funding was led by Consensus Capital, a venture capital firm focusing on investments in companies using Artificial Intelligence. This new round brings Fishbrain’s total funding to $46M since its inception in 2011. Fishbrain has already launched its first hardware product, the GoFish Smart Fishing Watch and the first fishfinder app for Android and iOS. The Fishbrain brand has grown to be one of the top 20 most-used brands in Sweden, and the Fishbrain app has been downloaded more than 12 million times worldwide.

What is Fishbrain, a Stockholm-based sport fishing app?

Fishbrain (fishbrain.se) launched in 2011 and was acquired by the leading international fishing and boating brand, GANFISH (ganfish.com), in 2018. Fishbrain allows users to share their fishing experiences, connect with fellow anglers and make new friends. Through its digital marketplace, Fishbrain allows anglers to buy and sell fishing gear and share stories. Fishbrain has developed a passionate community of anglers from around the globe. In 2017, Fishbrain had over 10M monthly active users across Europe and was the #2 best-selling app in the UK, Norway, Sweden, and Finland.

How did Fishbrain attract investors?

In 2009, the company needed some money for new equipment. While they had a lot of loyal users, Fishbrain didn’t have enough data to convince investors. So, the founders invited many existing users to test the beta version of the new tool and tell their friends about it. They were shocked by the results. The new tool was so much better than anything else on the market that within a few weeks, Fishbrain had raised its first round of venture capital funding and is now profitable.

 How does Fishbrain make money?

You might think, how could a company that sells a $2.00 toy that makes no money make any money? But when you consider that Fishbrain’s average revenue per user is almost $100, you realize that this company isn’t so different from others. With the help of this strategy, Fishbrain has been able to turn the profitless toy into a multi-million dollar business.

 How Fishbrain, raises $31M from Consensus, Adrigo Asset, and SoftBank?

Fishbrain was founded in Sweden in 2009 by Janne Sjöström and Magnus Bergman. The founders came together after Janne sold his mobile app business to Axelsson and sought ways to turn his knowledge into a full-time venture. They launched the platform in 2010, and by 2012 the company had 5,000 anglers participating. Fishbrain allows anglers to connect with friends, share fishing reports, and discover the latest gear and fishing tips. The platform also hosts live video broadcasts with anglers and lets anglers upload their photos. Fishbrain has over 12 million registered users and over 1 million active monthly users.

Conclusion

Fishbrain is a Stockholm-based social platform and online marketplace designed to connect fishermen with the right tackle and other gear and services to catch the best fish. Fishbrain launched on Android, iOS, web and Facebook Messenger in April 2018 and today has more than 12 million registered users. They recently raised a $31 million Series B round, led by Consensus Capital, which valued Fishbrain at around $600 million. Fishbrain is the latest in a string of Swedish startups to raise funding, including Mondo, which raised $30M in July 2018, and Zalando, the German fashion retailer, which raised $100M in September 2017.

FAQs

1. Who are some of the investors?

The company raised $31M from Consensus, Adrigo Asset, and SoftBank.

2. How did Fishbrain come up with the idea?

The company came up with the idea after realizing that most people who fish don’t know how to fish.

3. How does the app work?

It uses GPS technology to find charter boats nearby and connect users to them. Users can also use the app to find charter boats they’ve already booked.

4. Why did Fishbrain choose to be based in Stockholm?

The company chose Stockholm because it was a fishing mecca.