Why We Invested in Haddock: A Bet on the Future of Foodtech

We are glad to share with you our last investment in a startup that went through our 2023 program, that finished one month ago now. When it comes to investment, they say the real opportunity lies not only in the status quo but in the potential for the future. In our journey of investing in potential-filled companies, we’ve recently placed our bet on an exciting enterprise: Haddock. Here’s why.

Untapped Potential in a Blue Ocean Market

The European foodtech market is a vast blue ocean, with ample space for growth and innovation. This sector is seeing a steady annual increase of 13%, and yet, it’s still in its nascent stages with no clear market leaders, presenting an exciting opportunity for disruption. Haddock, with its unique value proposition, is well-positioned to step into this fragmented market and spearhead transformative change.

An Unfair Advantage: Geographical Edge

Haddock hails from Spain, which bestows upon it a geographical advantage in dominating the European market. Spain, with a whopping 280,000 restaurants and bars, has the highest ratio of these establishments to inhabitants in the world. This enormous, untapped market provides Haddock a significant edge in penetrating the industry.

Excepcional team

The team behind Haddock isn’t new to the game. They’re serial foundersand they attended YCombinator a year ago. Pol and Arnau, the cofounders, demonstrated exceptional empathy, resilience, and ambition during Decelera 2023. They complement each other’s skills impeccably and have an insatiable hunger for learning and innovating.

Breaking New Ground: A First for Decelera Ventures

This investment marks a first for us at Decelera Ventures: it’s the first time we’re delving into the Foodtech sector. We are thrilled to expand our portfolio with such a groundbreaking company as Haddock, diversifying our investments and tapping into the enormous potential of this growing sector.

Solid Client Validation

Haddock isn’t a mere concept; it’s already won the trust and investment of many of its initial clients due to the clear need to automatize restaurants’s back office management. This strong client validation speaks volumes about Haddock’s product efficacy and its potential to revolutionize the foodtech sector.

Impressive Financial Trajectory

Haddock’s financial metrics are nothing short of impressive. They boasted an exceptional ARR/MRR throughout 2023, backed by solid net revenue and ARPA growth. This strong performance demonstrates Haddock’s successful business model and its ability to achieve sustainable growth.

An Optimal CAC and Product Differentiation

Haddock’s efficient lead capturing stands out in the industry, and. coupled with an attractive LTV/CAC ratio, Haddock’s marketing efficiency shows it’s capable of not just acquiring customers, but doing so in a cost-effective manner.

Finally, the company is innovating on multiple fronts by integrating fintech and marketplace solutions, creating an offering that is difficult for customers to replace, and thereby increasing stickiness. This differentiation is not only unique but also a valuable competitive advantage in a rapidly growing market.