Chicago-based tech startup Catch Co. catches $38 million Series B funding round to modernize the fishing industry
More than 50 million Americans fish every year. In 2017, 16.5% of the U.S. population, ages 6 and up, went fishing at least once. In 2017, 49.1 million people went fishing at least once, according to data from Outdoor Industry. Catch Co is a Chicago, IL-based tech startup that rescues people from the indoors by connecting them with America’s top outdoor sport: fishing.
On Friday, Catch closed a $38 million Series B funding round to advance its mission of creating amazing products, content, and shopping experiences for the modern angler. The round was led by Silicon Valley venture capital firm True Ventures with participation from Chicago-based prior investor TechNexus. To date, Catch Co. has raised $56 million in total funding.
The $38 million round, which includes both primary and secondary capital, will position Catch Co. to grow its team, expand into new product categories, build out an already robust library of video content, and test new shopping experiences that meet the evolving needs of today’s consumers.
Catch Co. was founded in 2012 by fishing enthusiast Ross Gordon as a monthly fishing tackle subscription offering called Mystery Tackle Box. It has since evolved to also offer its own eCommerce platform called Karl’s Bait & Tackle and a range of compelling content like the original series Unchartered. Catch Co. recently built upon its digital-first heritage by expanding distribution of its own products into third-party retailers nationwide, including Dick’s Sporting Goods and Walmart.
Catch Co.’s mission is to ‘rescue people from the indoors’ with the best products, content, and shopping experiences in all of fishing. Catch Co. is best known for its innovative commerce brands Mystery Tackle Box, the original monthly subscription box of lures and tackle, and Karl’s Bait & Tackle, a membership-based eCommerce platform.
The company has developed some of the industry’s most innovative products entirely in-house. It has a passionate social community of over two million followers and produces an original video series that has garnered millions of minutes of attention.
Catch Co. was founded in 2012 as a monthly fishing tackle subscription offering called Mystery Tackle Box. It has since evolved to also offer its own eCommerce platform called Karl’s Bait & Tackle and a range of compelling content like the original series Unchartered. Catch Co. recently built upon its digital-first heritage by expanding distribution of its own products into third-party retailers nationwide, including Dick’s Sporting Goods and Walmart.
“Catch Co. has perfectly positioned itself as a must-have for passionate anglers across the U.S.,” said Jon Callaghan, co-founder of True Ventures. “We’re thrilled to partner with Ross and his team as they grow the brand and expand the sportfishing industry in new and creative ways.”
As demand surged in 2020, Catch Co. experienced year-over-year revenue growth of close to 100 percent. That momentum has further accelerated into 2021, with the company expecting to ship more than three million Mystery Tackle Boxes this year. In addition to ramping up growth across its own eCommerce offerings and its partnerships with third-party retailers, Catch Co. remains focused on delighting customers with a unique mix of engaging content, a vibrant social community of over two million followers, and industry-disrupting offerings like the world’s first Tackle Insurance program.
“I could not be more excited to partner with True Ventures in helping us realize our purpose of rescuing people from the indoors,” says Ross Gordon, Catch Co.’s Founder and CEO. “Their passion for the outdoors and ability to help amazing companies scale were both clear from our very first conversation.”