Happy Ocean Foods develops sustainable, purely plant-based seafood that is designed to be as good as the original in terms of appearance, taste, and texture. Founders Julian Hallet and Robin Drummond pitched their plant-based shrimp alternatives to TV investors on the Vox show 'Die Höhle der Löwen' (The Lion's Den). Julian Hallet explains the problem his company wants to help solve:
"93 percent of commercially exploited fish species are critically endangered. Over 300,000 dolphins and whales die in fishing nets each year."
First, the Munich startup dedicated to the plant-based replacement of shrimp, such as Robin Drummond explained:
"If caught in the wild, countless seals and dolphins die as bycatch. When farmed in aquaculture, the animals often live in miserable conditions or are frequently treated with antibiotics."
For every kilo of wild-caught shrimp, there are 5 to 20 kilos of bycatch, according to Drummond.
“It tastes like shrimp”
Happy Ocean Shrimp are made from 100 percent plant-based ingredients, primarily algae extracts, soybeans, and sea salt. The shrimp get their ocean flavor from a combination of plant-based oils, spices, and flavorings. They also contain nutrients such as omega-3 fatty acids and protein. Next, the founders plan to expand their offerings to include plant-based tuna and salmon. To do this, they need an investment of €300,000 and are offering 10 percent of their company.
The investors tasted the Happy Ocean Plain Shrimp, the marinated Herbs de Provence, and a crispy breaded shrimp one after the other. All five TV backers were impressed by the product. Dagmar Wöhrl says:
“It tastes really crunchy, you can’t tell the difference.”
Judith Williams follows:
“Great, it tastes like shrimp.”
And also Ralf Dümmel is enthusiastic:
“The look and the consistency: amazing.”
One cancellation and two double offers for Happy Ocean Food
Although the vegetarian shrimp alternative has already been successfully tested in a pilot project in restaurants, the Munich-based company has yet to generate measurable sales. Therefore, Ralf Dümmel, despite his popularity, is the first to withdraw from the bidding process: he believes the asking price is too high given the lack of sales.
Nico Rosberg and Dagmar Wöhrl jointly submitted an offer to the two founders: the requested 300,000 euros for 20 percent of the company instead of the initially offered 10 percent. Nils Glagau and Judith Williams also wanted to jointly invest in the Munich-based company. They also demanded 20 percent for the 300,000 euros. This means the founders have two identical offers from four investors.
The two founders return from a consultation and offer 12 percent for €300,000. Judith Williams and Nils Glagau then withdraw from the bidding for the time being. After Rosberg and Wöhrl propose 16 percent, Judith Williams and Nils Glagau also return with individual offers. Williams also demands 16 percent, while Glagau only 15 percent for the requested capital. After a lengthy back and forth, Rosberg and Wöhrl finally join Happy Ocean Foods and together receive 14 percent of the company.
