Followfood wants to grow faster with new investor
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Followfood, distributor of MSC-certified fish products and organic food, has brought another investor on board. Sven Schulz, co-founder and CEO of Akasol, a manufacturer of high-performance batteries for vehicles, trains and ships, has taken over around 29 percent of Followfood as a minority shareholder through his investment company Summiteer.
The two Followfood founders Harri Butsch and Jürg Knoll remain majority shareholders of the company. Green tech investor Thomas Holeczek also remains a minority shareholder in Followfood, according to the company.
Together with the new investor, Followfood wants to greatly expand its market presence. "By joining forces, the Followfood brand is to become significantly better known, grow faster and become the leading brand for ecological transformation in Europe," the company announced in a press release. According to the company, Followfood has been growing at a double-digit rate for years and achieved a turnover of more than 73 million euros in 2020 with over 90 products.
"Followfood is a real success story that I have been following with keen interest for some time. With great vision, a clear focus on serious sustainability and sound commercial management, the company fits perfectly into our portfolio of green, ecologically oriented companies with enormous growth potential," Schulz said, explaining his entry into the company.
Followfood introduced a tracking code for catch fish back in 2007, which customers can use to find out about the origin, producers and production routes of the fish. In addition to the introduction of fair trade canned tuna, the company also launched a so-called Soil Saving Fund in 2019 to financially support organic farmers who want to improve their quality standards even further. At least 100,000 euros per year are to be distributed from the fund for corresponding projects.