Swedish fishing app Fishbrain raises fresh funding, says it accomplished "a turnaround"

This news was covered on September 17, 2024 in the daily PRO newsletter.

Fishbrain, a Stockholm-based fishing app with users globally, recently raised SEK 11.9 million (€1.1 million, $1.2 million) from its existing investors, according to data registered with the Swedish Companies Registration Office (sourced via Eivora).

For a while, Fishbrain faced a serious bankruptcy risk. A year ago, the company raised a $6M growth financing round led by existing investor Industrifonden, and co-led by new investor Lucerne Capital – at a massively lowered valuation.

However, Fishbrain "has now accomplished the turn around", the company's Chairman Johan Englund says to Breakit (paywall). The just published 2023 numbers show net revenue growth of 27% year-over-year to SEK 162.7 million, and halved losses to SEK 55.3 million.

Fishbrain was founded in 2012 (though some sources cite 2010 as founding year) by Johan Attby and Jens Persson.