Swedish foodtech company Hooked Foods has secured SEK 8.4 million in a combination of equity financing, loans, and grants to support its expansion and new product launches. The capital will primarily be allocated towards the introduction of new plant-based items, slated to hit the market this month.
“Investments in AI are crucial to scaling quickly and cost-effectively”
The company has been focused on refining its product range, including the development of new recipes and improvements in production efficiency. These efforts have resulted in reduced operational costs and better profit margins.
New offerings, such as Vegobitar Original, Vegobitar Kebab, Vegobitar Seafood Flavors, and Vegofilé Original, will be launching soon. These products are designed to deliver over 20g of protein per 100g, with simple ingredient lists that provide high nutritional value.
In the past year, Hooked Foods expanded its vegan seafood offerings and introduced new plant-based products to two of Sweden’s largest retail chains. With this new capital injection, the company is positioned to further strengthen its presence in the Swedish market and explore additional growth opportunities.
Scaling through AI technology
Hooked Foods has also experienced a notable increase in turnover, signaling strong potential for further growth. The company plans to leverage AI technology in various areas, including logistics, marketing, and sales, to streamline operations and improve profitability while maintaining cost efficiency.
Tom Johansson, the company’s founder, stated, “With this funding round, we are taking a decisive step forward in our growth journey. Investments in AI are crucial to scaling quickly and cost-effectively to meet the growing demand for healthy, sustainable, and delicious plant-based products.”
