Catch Co. has raised a sizable round of funding as demand for its lures and other fishing equipment continues to grow.
The company announced Friday that it raised a $38 million Series B round led by Silicon Valley-based True Ventures, with participation from TechNexus, a Chicago-based VC firm.
To date, Catch Co. has raised $56 million. It last raised $6 million in 2020.
Originally founded in 2012 only selling its monthly fishing tackle subscription, the Mystery Tackle Box, Catch Co. has evolved into a full e-commerce platform with a full line of fishing gear, as well as offering video content and a tackle insurance program, which replaces up to four lost tackle products per year for free.
Its e-commerce brand, Karl’s Bait & Tackle, sells bait, clothing and rods. Karl’s items are also sold at retailer like Dick’s Sporting Goods and Walmart.
During the pandemic, Catch Co.’s business took off as interest in fishing and other outdoor activities picked up. The company says it saw nearly 100% year-over-year revenue growth in 2020. Last year, Catch Co. also gained increased attention when several NBA players used its lures while fishing in Orlando at the NBA bubble in Disney World.
In 2021, Catch Co. expects to ship more than 3 million Mystery Tackle Boxes this year.
The new funding will be used to hire new employees, launch new products and expand its library of video content.
