Minnesota tech startup Omnia Fishing is the latest venture to make the jump from pre-to-post revenue.
Launched last fall by entrepreneurs Matt Johnson, Chris Morgal, and Dan Wick – Omnia set out to change the sport of fishing by using technology to map data, content, and products with specific bodies of water using machine learning.
Their lake-specific algorithms optimize for fish species, season, and water clarity – among other factors – which help to pair down ecommerce shopping recommendations from some 4,000 (and growing) unique sku’s to those most relevant to the customer. And it’s working:
“We see our business at the intersection of retail sales and saas metrics by offering a customized tackle shopping experience and lake organization tools that anglers see as added utility,” Johnson says. “Customers have started paying Omnia $29/year for a premium membership that includes free shipping on all orders, among other perks.”
He continues, “We’re further along that we thought we would be at this point based on our technology capacity, memberships, and transactions. We’re setup to scale.”
“The big opportunity is obviously to generate revenue through product sales which we can boost through annual subscriptions for repeat purchases and great technology for product relevancy.” He notes that in addition to their B2C focus, Omnia’s lake specific shopping allows them to expand into B2B by offering product manufacturers the ability to create their own marketplaces using Omnia’s platform and reach customers in different markets with similar lake characteristics.
Overall, Johnson said the the domestic fishing industry at large is a $45 billion dollar per year spend and “the categories we’re focusing on are everything that is required in the boat for the angler, which is about a $5 billion dollar slice of that each year.”
HQ in Golden Valley, the Omnia team has grown to six people “with a long runway” that’s paved by an earlier $1m fundraise from local angels including Daren Cotter, Seth Peter, and Steve London.