Scottish startup Rooser, which offers a marketplace for seafood, has reportedly raised $23 million in Series A funding round. The company intends to utilize the new capital to expand into more markets and add more functions to its platform.
Merchants on Rooser can either be those who fish or those looking to buy seafood for retail, wholesale, or trade purposes. Its product catalog has around 45 species which totals over 71,000 kgs, and over 300 active users. The platform has processed about 50,000 transactions since inception.
The funding round was led by European VC firm Index Ventures and saw the participation of Point Nine Capital and Alphabet Inc.’s GV, along with Dylan Field, co-founder and CEO of Figma and David Nothacker, co-founder and CEO of Sennder.
Rooser aims to fix the fishing industry, which is built upon major inefficiencies that have often proved disastrous for the businesses, as well as economic and ecological ecosystems.
Joel Watt, co-founder and CEO of Rooser, stated that he witnessed these inefficiencies while running his own fishing business for almost 10 years, during which he noticed that the business’s biggest problem is uncertainty.
Watt explained that with so many players in the industry, including boats and fisheries, wholesalers and distributors, and restaurants and fishmongers, one-to-one communication is needed. However, many work without having the support of a platform to access further customer bases or manage their relationships with various entities.
Another issue Watt stated was inconsistency in prices, adding that nobody knows how much anything actually costs. Along with that, with many people involved in the chain, managing various stages, often there are delays in supplying the highly perishable product.
Rooser focuses on stock management, offering tools that help suppliers manage their stock and also handle and track sales while accessing a wider marketplace for their products. The firm plans on incorporating more quality control tools, along with supply chain finance and customization for sellers and buyers to connect more trades. It also aims to bring more business analytics and intelligence to customers.
With Rooser, buyers can also source seafood from 13 different nations, with Iceland currently being the largest source country, according to Watt.