GoFish Cam

GoFish Cam aims to be the GoPro of the sea.

This hardware and mobile technology company has developed a camera that lets fishing enthusiasts see what’s happening underwater.

The camera sits directly on a fishing line, and connects to a mobile app. Users can capture action-packed footage, gain insight into what's happening underwater, and review/edit video content to be shared on social media.

In addition, the mobile platform enables fishermen to review and leverage other users’ experiences to plan their next fishing trip, which builds a community through content.

With its camera and mobile app, GoFish Cam is targeting the nearly 13 million fishing enthusiasts — known as “anglers” — in the U.S.

Each year, these fishermen spend more than $45 billion on recreational and sport fishing products.

Traditionally, anglers share pictures of their catches online, yet pictures don’t tell most of the story.

95% of the fishing experience — from the cast of the line, to hooking the fish, to reeling it in — happens underwater.

In 2014, company Co-Founder Ryan Austin was on a fishing trip in Trinidad, when a member of the trip had a giant fish on his line. He struggled to reel it in, and eventually it got away. But afterwards, his companions on the boat had questions about the type and size of the fish.

Ryan quickly realized there was an opportunity to create a product that could capture that part of the story. He soon created GoFish Cam.

GoFish’s camera features a 1080p HD recording lens, as well as night-vision capabilities.

The camera can withstand up to 1,000 pounds of tension, and works in water up to 500 feet deep.

It costs GoFish roughly $63 to manufacture each device, and the company has three distribution channels:

Cameras are sold wholesale to distributors for $120 each, resulting in a $57 profit for each device…

Sold to small retailers for $144 each, resulting in an $81 profit for each device…

And sold directly to customers for $239 each, resulting in a $176 profit for each device.

Since launching in 2016, GoFish Cam has sold more than 4,000 devices and generated $530,000 in revenue. The company is on track to achieve an annual revenue run-rate of nearly $500,000 in 2018.

GoFish has secured retail partnerships with notable companies including Amazon and B&H Photo and Video.

GoFish has filed both for design and utility patents for its device, and graduated from the Telluride Venture Accelerator and Capital Factory Accelerator programs.

Telluride has more than 100 mentors who are successful entrepreneurs and investors that guide start-ups. Its portfolio contains several companies focused on recreational activities, including Hyperlite Mountain Gear and The Dyrt, a platform for finding available campgrounds.

Capital Factory is a venture capital firm and accelerator program focused on tech-related start-ups. It has invested in several companies that have achieved successful exits, including Pristine (an online collaboration tool) and SpareFoot (an online marketplace for finding available storage units).

In addition to being sold as a recreational device for anglers, GoFish’s devices are being used for research purposes. The company has secured commercial contracts with multiple research programs as well as the U.S. Navy Seals.

With funds raised, GoFish will increase its digital marketing efforts and increase its sales team to secure more agreements with retailers and other commercial clients.

In late 2018, GoFish aims to release multiple accessory packs that will be compatible with all camera models.

In late 2019, the company will launch GoFish Cam 2.0. This product will be an enhanced camera that collects and shares more data about the fishing experience.

GoFish projects to generate $2.6 million in revenue in 2019, $6 million in 2020, and $15 million in 2021.

Down the road, the company believes it could be an attractive acquisition target either for a large consumer technology company such as Garmin (NASDAQ: GRMN) or Navionics, or a large fishing company.

Team Background

Ryan Austin - Co-Founder & Advisor

In addition to starting GoFish Cam, Ryan previously founded ExpertKnowledge. This company was formerly known as In.acuity, the development company where his brother, Brandon, served as a consultant.

Ryan previously served as Senior Vice President for World Trade Group, an organization offering live events and training courses. While there, he helped develop and design the company’s Training Division and, in 2012, World Trade Group was acquired by GCP for $36 million.

He formerly served as Founding Partner of SweeptoKeep.com, a website offering businesses content solutions.

He graduated from The Next Founders program, which provides masters-level education taught by faculty from schools including Harvard and MIT.

Ryan studied Sociology at York University, and Business Communications at Western University.

Brandon Austin - Co-Founder & CEO

Prior to starting GoFish with his brother, Brandon worked at Assent Compliance, a software-as-a-service start-up focused on streamlining companies’ compliance programs. While there, he helped generate new business initiatives and sales leads, as well as trained new team members.

He formerly served as Head Consultant with Baustin & Partners Consulting Co., a Toronto-based consulting firm for businesses.

In addition, he served as a consultant for In.acuity, a company that developed training and development workshops for individuals and small businesses.

Brandon received a Bachelor’s degree in Communications from Carleton University.

Co-Investors

Telluride Venture Accelerator

Supports entrepreneurs with mentorship and capital. Portfolio companies include Pickett, Hyperlite Mountain Gear, and Mountain Drones.

Capital Factory

Investment firm working with early- and late-stage start-ups whose portfolio includes companies such as Cisco Systems, Buzzfeed and WikiBuy.