Jump to:

Fishbrain hero image

Fishbrain

Follow

A mobile app, marketplace, and social network for fishing, one of the world's most popular hobbies.

0%
 - 
Funded 25 Aug 2022
€1,000,007 target
€1,107,259 from 0 investors
More
Less

Business overview

Location Stockholm, Sweden
Social media
Website fishbrain.com/
Sectors Travel, Leisure & Sport Digital Mixed B2B/B2C
Company number 556796-5370
Incorporation date 9 Dec 2009
More
Less

Investment summary

Type Equity
Valuation (pre-money) €108.1M
Equity offered 0.92%
UK tax relief N/A
More
Less

Business highlights

  • Over 14 million registered users worldwide
  • Backed by Softbank, B Capital Group, NorthZone, Industrifonden
  • Over 13 million catches logged
  • Over 500 brands and 100K fishing products
More
Less

Key features

  • Secondary Market
  • Nominee investment min. €39.93 +

Idea

Introduction

Fishbrain is a popular mobile app and social network for people who love fishing. Used by more than 14 million anglers worldwide, Fishbrain helps deliver the best possible fishing experience by providing every angler - whether beginner or pro - with the tools, insights, and support they need to fully enjoy one of the world’s most popular hobbies.

There are more than 55 million anglers in the U.S., who collectively spend nearly $50 billion in retail sales. Fishing is one of America’s most popular and top-grossing hobbies — almost three times the size of the music industry. In Europe, the annual expenditure by anglers is an estimated EUR 25 billion.

Fishbrain disrupts an industry that has remained traditional, not only making fishing more accessible but also leveling the playing field for the growing numbers of women, minorities, and young people looking to take up the sport.

Our mission is to make fishing dreams come true, today and tomorrow.

Substantial accomplishments to date

• Backed by VCs including Softbank Ventures Asia, B Capital Group, NorthZone, and Industrifonden

• 14 million users worldwide

• 13 million catches logged

• $10.4m in revenue for 2021*. An average of 9% increase in monthly revenue in 2022 ahead of 2021.

• Market Place Sales +155% for YTD 2022 vs 2021

• Subscription Sales +15% for YTD 2022 vs 2021

• Number of Paying subscribers +15% for YTD 2022 vs the full year of 2021

• A marketplace of over 500 fishing brands with over 100K fishing gear products

• Twice named by WIRED as one of Europe’s Hottest Startups

• Editor's Choice App by Apple

*Based on unaudited management accounts.

Monetisation strategy

Fishbrain's monetization strategy is built on both freemium subscriptions and marketplace sales.

The social media component of the platform, which is free, generates data by users logging catches and interacting with each other. That data can then be analysed and generates insights as well as recommendations to "Pro" users, so they can catch more and bigger fish.

The company offers three different subscription options for its users, ranging from monthly to annual offerings at price points of approximately £8 per month to £65 per year.

On the marketplace, Fishbrain takes a 15% commission on GMV for facilitating the sale of fishing gear on the platform by merchants and retailers. The company is also exploring in-app ads as an additional revenue stream.

Use of proceeds

The investment will be primarily used to support efforts in sales, marketing, and business development initiatives, with the remaining balance for working capital for the company.

• 30% salaries & other employee benefits

• 40% marketing & business development-related costs

• 10% legal, consulting, and IT

• 20% other operating costs necessary for conducting the business not covered above

Key Information

Share classes

The company has 4 different classes of shares, Ordinary shares, Series A preference shares, Series B preference shares and Series B1 preference shares.

All investors in this round, including Seedrs investors, will receive Ordinary shares.

The Series A, Series B, and Series B1 preference shares carry a 1x non-participating preference. On an exit or liquidation, the proceeds will be distributed as follows:

1. First, the Series B1 preference shareholders will receive the higher of (i) USD 33.55 per Series B1 preference share and (ii) the amount they would be entitled to if all shareholders shared pro-rata in the proceeds regardless of share class.

2. Second, the Series B preference shareholders will receive the higher of (i) USD 33.55 per Series B1 preference share and (ii) the amount they would be entitled to if all shareholders shared pro-rata in the proceeds regardless of share class.

3. Third, the Series A preference shareholders will receive the higher of (i) SEK 251.9747 per Series A preferred share and (ii) the amount they would be entitled to if all shareholders shared pro-rata in the proceeds regardless of share class.

4. Finally the remaining proceeds will be distributed amongst ordinary shareholders.

The Series B preference shares also carry a broad-based weighted average anti-dilution right, i.e. in the event the company issues shares at a lower share price than USD 33.55, holders will be entitled to additional shares at nominal value to mitigate some of the dilution.

Lead investment

The lead investor has invested US $1,000,000 as part of this round at a share price of $42.09. This has been converted to EUR and reflected as €948,696.87. We have also converted the share price and pre-money valuation based on an FX rate of $1 / €0.948.

Open an account to get access to the team members of Fishbrain

Sign up

Already have an account? Log in

To comply with financial regulations, we can only show full campaign details to registered users.

Open an account to get access to the Fishbrain campaign updates

Sign up

Already have an account? Log in

To comply with financial regulations, we can only show full campaign details to registered users.

Open an account to get access to the list of investors in the Fishbrain campaign

Sign up

Already have an account? Log in

To comply with financial regulations, we can only show full campaign details to registered users.

Open an account and verify your identity to get access to the Fishbrain discussion

Sign up

Already have an account? Log in

To comply with financial regulations, we can only show full campaign details to registered users.

Open an account and verify your identity to get access to the Fishbrain pitch deck and other documents

Sign up

Already have an account? Log in

To comply with financial regulations, we can only show full campaign details to registered users.

Investing involves risks, including loss of capital, illiquidity, lack of dividends and dilution, and should be done only as part of a diversified portfolio. Please read the Risk Warnings before investing. Investments should only be made by investors who understand these risks. Tax treatment depends on individual circumstances and is subject to change in future.

This campaign for Fishbrain has been approved by Seedrs Limited (trading as Republic Europe) ("Republic Europe", "us" or "we"), as of 27 June 2022 as a financial promotion. Republic Europe is authorised and regulated by the Financial Conduct Authority with firm reference number 550317. In approving this campaign, Republic Europe has concluded that the information, taken as a whole, is "fair, clear and not misleading." This means that for factual statements we have reviewed evidence of their accuracy, and that for aspirational statements we believe they are phrased appropriately in light of their speculative nature. You should note that in the case of factual statements, the evidence we review is provided by the business, and we do not audit it, which means that we may not be able to identify forged or altered evidence. You should further note that in the case of aspirational statements, the nature of the type of businesses presented on the Republic Europe platform is such that they are likely to have high ambitions, and we may approve statements that convey those ambitions even where we do not believe, or we do not have a view on whether it is likely, that they will be fully realised. The pre-money valuation and investment sought in the campaign are those set by the business: they are not reviewed or established by us, and the valuation is not an independent view of what the business is worth. Given the nature and type of businesses presented on the Republic Europe platform, it is possible that the business has very little cash remaining prior to receiving this investment, and the investment sought may be necessary for the business's on-going existence.

Republic Europe does not make investment recommendations to you. No communications from Republic Europe, through this website or any other medium, should be construed as an investment recommendation. Further, nothing on this website shall be considered an offer to sell, or a solicitation of an offer to buy, any security to any person in any jurisdiction to whom or in which such offer, solicitation or sale is unlawful. Republic Europe does not provide legal, financial or tax advice of any kind. If you have any questions with respect to legal, financial or tax matters relevant to your interactions with Republic Europe, you should consult a professional adviser.

Tax Relief (SEIS)

This business is eligible for SEIS relief - providing qualifying investors with income tax relief of 50% of their investment and certain other tax reliefs. Tax treatment depends on individual circumstances and is subject to change in future. Click to learn more.

Tax Relief (EIS)

This business is eligible for EIS relief - providing qualifying investors with income tax relief of 30% of their investment and certain other tax reliefs. Tax treatment depends on individual circumstances and is subject to change in future. Click to learn more.

Valuation (pre-money)

Valuation rounded from €108,135,591

This is the fully-diluted pre-money valuation of the business (i.e. before the new investment comes in and including issued options and other equity interests). In contrast, the post-money valuation is based on inclusion of the new investment in the value.

It is calculated as the pre-money valuation plus the amount of new investment. e.g. If Company A is ascribed a pre-money valuation of £1,200,000 by prospective investors investing £300,000, its post-money valuation is £1,500,000.

The investee business is responsible for setting its own valuation, it has not been prescribed by Republic Europe.

Pitch type

Investing in a regular equity campaign is the simplest and most common way to invest in a startup. You decide which business you want to invest in, and if the campaign hits its funding target then you will become one of their shareholders. As the company becomes more valuable, so do your shares; allowing you the opportunity to share in the future success of the business.

Learn more about pitch type on Republic Europe

Equity Offered

The equity offered is the percentage of the company’s shares being issued in return for the amount of investment raised.

When the amount raised is less than 100%, the equity offered is based on the target raise. Once the company has raised over 100% it is based on the total raised.

In some scenarios, entrepreneurs may accept additional direct investment after closing their Republic Europe campaign. Provided this is within 6 months of the closing and on the same terms, we do not typically offer pre-emption rights on that extra investment (where you have the opportunity to invest again to maintain your percentage shareholding).

Learn more about investing and pre-emption rights.

Nominee investment

This shows if you are able to choose, when making an investment, that you be represented by, and your shareholding be managed by, the Nominee investment.

Find out more

Custodian

If you invest in this Campaign, Republic Europe will act as Custodian rather than provide our standard nominee service. This is due to the fact that the business is not directly involved in the share sale and Republic Europe will not benefit from any rights under a shareholder agreement. As a result, Republic Europe will handle administrative tasks as we do normally, but you will not have information or voting rights, updates from the business, preemption on future fundraising, or ongoing support about business trading activity.

Learn more about Custodian here

Secondary market

This shows if the business has opted-in or opted-out of allowing its shares to be bought and sold on the secondary market.

Find out more

Direct investment

If available, this is an option to invest and hold shares 'directly' in the company (rather than via the Nominee investment). This option is only available to those investing over the threshold amount, which is determined by the fundraising company.

If you choose to hold your shares directly, you will be responsible for any contractual or administrative arrangements with the company you are investing in.

Find out more

Payment options

We are not able to accept card payments for investments into this sector. You can pay for your investment by creating a bank transfer or using funds in your investment account. Your investment will only be completed once the funds have reached our account.

Business Involvement

This Campaign offers shares for sale in business that is not directly involved in this Campaign or the sale. As a result, the Campaign and post-investment experience, including investor rights, will differ from a business-led campaign on Republic Europe. Most notably, the business will not engage with investors in the discussion forums both during and after the sale or provide any updates to investors.

Learn more here

Payment options

We are not able to accept Pay by Bank payments for investments into this sector. You can pay for your investment with a card payment, by creating a bank transfer or by using funds in your investment account. Your investment will only be completed once the funds have reached our account.

Drawdowns

This campaign offers the ability to pay for an investment by drawdowns.

Security Token

A security token is a digital asset that represents ownership or other rights. It is a digital form of traditional investments. In the future, you may be able to trade your investment through compatible exchanges.

Warning

You are following a link outside of europe.republic.com.

None of the information in constitutes part of the campaign and it has not been approved or reviewed by Republic Europe.

ContinueCancel