Northzone and Active Venture lead $2.4m FishBrain round

The investment will enable FishBrain to expand its international operations, having launched a UK version of its product in March this year.

Other new investors – GP Bullhound and Edastra Venture Capital – also took part in the round alongside existing backers including Industrifonden and angel investors.

The new backers stated they were attracted to the deal by FishBrain's growth record and the developing market for niche social networks.

The deal marks Northzone's second recent investment in Swedish social networking companies, having led a $7m series-A round for blog platform Bloglovin in April.

Company
Founded in 2010 and headquartered in Gothenburg, FishBrain is a social network for anglers, with apps on the iOS and Android operating systems. The company has 430,000 registered users and reports 130,000 customer-logged catches.

The free service allows anglers to log and share their activity, and provides specific meteorological and fishing data. Upgrading to a paid-for premium account offers enhanced features, such as information on which bait is likely to attract specific types of fish in a given location.

People
Tim He is an investment manager at Northzone. Ricard Söderberg is a founding partner at Active Venture Partners. Johan Attby is CEO of FishBrain and previously founded software company Tific, which was acquired by technology services solutions company PlumChoice in 2011.

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• Topics
• Expansion
• Nordics
• Technology
• Sweden
• Northzone
• Industrifonden