Catch Co., a startup that sells fishing lures and other gear, raised a new round of capital Wednesday as fishing enthusiasts flock to its products during the Covid-19 pandemic.
Catch Co., best known for its subscription box service called Mystery Tackle Box, announced that it raised $6 million in new funding led by existing investor Listen Ventures. Listen, also based in Chicago, is known for backing consumer startups and counts gift card marketplace Raise and meditation app Calm among its portfolio companies. It also backed Factor75, which just sold to HelloFresh in a $277 million deal.
As the weather warmed this spring and fishing became one of the socially distant outdoor activities people could partake in during the coronavirus pandemic, Catch Co. saw sales skyrocket. The company told Chicago Inno earlier this year that e-commerce sales in March were up 115% year-over-year, and April sales were up nearly 200%. The startup, founded in 2012, sold its 5 millionth tackle box this summer, and it expects to sell another 2.5 million over the next year.
Catch Co. also sells in retail stores like Dick's Sporting Goods and Walmart, and through its e-commerce shop Karl's Bait & Tackle. The company said Wednesday that its year-over-year growth across all of its sales channels is approaching 100%.
"Since the very beginning our focus has been on genuinely connecting with modern anglers in ways that build unmatched brand loyalty," founder and CEO Ross Gordon said in a statement. "We are making fishing more enjoyable, inclusive, and accessible for tens of millions of anglers and our approach is not only helping us grow, it's growing the sport."
Catch Co. also has a growing social media presence that aims to connect with the next generation of fishing enthusiasts. The startup has more than 1 million followers across Facebook, Instagram and YouTube, and its digital show "Unchartered" has surpassed more than 15 million minutes streamed on YouTube and Amazon Prime.
The startup said the funding will go toward investing in new product categories, including its first-ever fishing rod.
