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A company from the home of iconic lure makers has secured funding that will set it on a sustained growth plan thanks to its appearance on Finland’s equivalent of the hit television series Dragon’s Den.
The founders of Norolan – a Finnish-based maker of high quality environmentally-friendly lures and apparel – successfully secured €60,000 of investment from two of the five judges on the Shark Tank show.
Co-Founder and CGO Petri Janhunen said “This was a once in a lifetime, unforgettable journey that continues Norolan’s revolutionary passage towards its great goals.”
Janhunen added that the company was invited to take part in the show as programmers sensed that the brand offered something different from the fishing industry norm and was regarded as a gamechanger for the trade.
“During our two-minute pitch to potential investors, I explained that following outsourcing of products, Finland had lost its soul after being renowned across the world for its pioneering lure craftsmanship and heritage.
“I emphasised that Norolan is a Finnish brand that makes sustainable lures and fishing apparel. We are the second largest lure maker in the country with more than 30,000 customers across the Nordics.”
The company was co-founded by lure maker Jyrki Kasanen in 2019 with the vision of making lures that represented his values of traditional Finnish craftsmanship. Its achievements and plans for the future enticed investment from Finnish YouTuber Roni Bäck and Elias Aalto, owner of Wolt, one of the country’s top retailers.
The investors in the business have taken up a 2% stake in Norolan and Janhunen said the involvement of Bäck (pictured below) will be a particular asset for the future. “The winning package involves mentoring and business advice on our journey and as a YouTuber with an audience of millions, his expertise in digital promotion will prove very useful to Norolan. He will be able to work with us. He is different from an investor with a portfolio of companies.”
Janhunen added that the €60,000 investment will go towards the €240,000 already reserved for business expansion.
“One of our plans is to return lure making back to Finland. The country has some of the best lure makers in the world. Hundreds of them across the country are designing and selling their baits locally and are known for their quality and phenomenon knowledge.
“We want to employ them and let them show off their skills.”
The funding has already delivered one positive for the company, with Janhunen being able to join the business on a full-time basis. This will be followed by new products – ten are planned for this year – and new product lines.
“We are also looking to establish brand awareness across every country in Scandinavia while also looking further afield to develop sales in Germany and France. They are two of the largest markets in Europe for sportfishing and we believe we have products that will flourish in there.”
