The global fish market is set to reach $253 billion in 2021, and despite the controversy surrounding the industry, that figure is still growing. Today, a startup that created a platform to make the fishing business more efficient, making the overall process more traceable and less wasteful, announced a funding round to help fight the floods. Rooser, which provides a fish supply market that caters to those who fish as well as those who buy wholesale, trade or retail, has raised $23 million – funds to help both use the market, through of platforms as to expand to more markets, and to create additional functions.
Today, the company focuses on inventory management, providing tools to help vendors manage, implement and track sales, and assess the broad market for their products. Soon the plan will include more quality control tools, supply chain financing, adjustment for buyers and sellers to increase trade; Additionally, the startup will provide its clients with more business intelligence and analytics.
Index Ventures led the round, which also included GV (formerly Google Ventures) and Point Nine Capital, as well as Dylan Field, CEO and co-founder of Figma, and David Notaker, co-founder and CEO of Shipping & Carrier Launch. .
The essence of the problem that Roser is trying to solve is that fishing is a large and developing industry, but it is based on serious inefficiencies, inefficiencies that have always been disastrous not only for the company, but for the economy as a whole. .
Joel Watt, CEO who co-founded the company with Commercial Director Nicolás Desormo, COO Erez Matan and Technical Director Thomas Quiroga, has seen this happen while running his own fishing business.
Originally an accountant by education, Watt hails from the north of Scotland (with an accent that sometimes can't get over my American ear), and after years of working for a large corporation, he returned to his roots and hometown to start fishing. . Deal. – a thriving market driven by technology and big data gameplay, and real fishing farms, wet floors, cold rooms and yellow boots following in the footsteps of his family, his father and grandfather also fish.
In nearly 10 years in business, he grew his business to 50 employees and £10m turnover, "and then we started to see how inefficient it was," he says. According to him, the biggest problem in the fishing industry is uncertainty.
“You have boats and fisheries that turn products into food, wholesalers and distributors, and then restaurants and fishmongers. All of this requires individual communication, but in reality there are many players and many prices,” he said. The market is huge (140,000 connected businesses in Europe alone), but those operating without a platform to access and manage a larger customer base are typically only able to manage 20 contracts at a time. , no matter how many fish they have. . , they sell.
As for the fish for sale, this is also a problem. Fishmongers typically sell 250 species of fish, but if you add in a variety of sizes and other variables, Wat says there are 35,000 SKUs, and prices in this field are a bit monotonous. "No one knows how much it will cost."
Add to this the many layers of people in the chain and the steps they go through, as well as the delays that lead to perishable product, and you have a chaotic situation. Of every two fish or other shellfish taken from the water, only one is eaten.
So Watt did what any accountant building and running a fishing business would do: he started looking for software that could help him manage the business aspects of his business. Rooser is a word from the Doric dialect spoken in the Scottish region of Waden and means "watering can".
"A crew member at my tackle shop said we always put out the fire somewhere," Watt said. The idea is that Rooser software will now help fight these fires. In fact, the software called Sea.Store was effective and others started using it.
Buyers on the platform can source seafood from 13 different countries, although Watt says that Iceland is currently a leading supplier country. On the buyer's side, 95% of all sales are currently made in France.
France is indeed a large market for seafood, but not the only one. Roser pushed him as the main buyer, he said.
"We want to enter the market and then expand the supply," he said. "Now we can easily move to other countries as we expand across Europe."
Georgia Stevenson, Lead Investment Partner at Index, said it was interesting for Index to be Ruser's success in meeting the needs of this particular industry and creating a relevant market.
“It allows less waste to be spent, but it also allows fish traders to do their job better,” he said. And while many critics condemn the fishing industry for overstepping borders and depleting stocks; Along with an increasingly bureaucratic industry, Stevenson appears to be tackling both problems, he says. "We've invested in grades and infrastructure to be more resilient, and we see Ruzer fitting in with that."