The Venture Opportunity in Hunting and Fishing

Is it finally time for these outdoor sports to have their venture moment?

Each year, 54 million Americans in the US spend $144 billion on hunting and fishing between gear, licenses, trips and more. That’s more than:

• 3x the combined 2024 revenue of the NFL, NBA, and MLB

• 4x what parents pay on youth sports

• 10x the total revenue of the US sports betting market

Despite the size and spend of this market, few investors are talking about this.

Hunting and fishing is a huge market filled with dedicated enthusiasts who are willing to spend significant money on their passions. But there's still plenty of room to grow. Even experienced hunters and anglers often face frustrating challenges that limit their experiences. Solving these problems presents two major opportunities: making hunting and fishing more accessible for beginners, and dramatically improving the experience for existing enthusiasts who are eager to spend even more.

Imagine you’re going hunting for the first time. You’re excited but quickly overwhelmed: licenses and permits can be confusing and vary by state. Rules about what animals you can hunt or fish (and when you can do it) are complex. And good gear can set you back thousands of dollars. For example, a decent hunting rifle can easily cost $500 to $1,000+, a scope might run $300-$500, and quality outdoor clothing could add another $500. By the time you've navigated the specifics, you've spent weeks researching and thousands of dollars without even stepping outdoors. It's no wonder many potential hunters and fishermen feel like outsiders looking in.

Historically, hunting and fishing have felt like niche hobbies dominated by older generations, steeped in tradition, local connections, and hard-to-crack insider knowledge. While this culture has fostered loyalty and passion, it’s also made the space challenging for both first timers and outdoorsmen looking to expand their hobby. Think complicated regulations, tough access to great locations, fragmented knowledge, and pretty hefty startup costs (unless you’re just buying a cheap fishing pole and some worms). All of this means the industry has stayed somewhat closed-off and slow to embrace technology, preventing many from getting started or having new experiences.

At the same time, these common challenges have led to startups breaking into the market to try to ease the pain and build a better experience. Below I lay out some of the biggest problem areas that startups are tackling.

Opportunities for Emerging Companies.

1. Making Regulations Easier to Navigate

Regulations around hunting and fishing (licenses, lotteries, tags) are notoriously complicated and vary wildly from state to state. Platforms like GoHunt are already simplifying this chaos, providing insights and tag draw probabilities/tracking. More innovation here could open the doors wide to new hunters and anglers - Imagine a future where acquiring a hunting or fishing license is as easy as booking a hotel online.

2. Opening Up Access

Finding great hunting land or fishing guides has traditionally relied heavily on local know-how and personal connections. But companies like Guidesly, Mallard Bay, LandTrust, and HLRBO are creating simple, user-friendly marketplaces, benefiting users and landowners alike. Whether you want a guided trip or DIY on private land, these companies increase access across the board.

3. Closing the Information Gap

Success in hunting and fishing often hinges on detailed insights. Migration patterns, species behavior, and habitat conditions were previously available only to seasoned pros. Now, platforms like OnX Hunt (87.4 M Series B) to expand to all outdoor activities), HuntWise, and FishTips are putting that power into everyone’s hands, democratizing expert-level knowledge. This presents a world where real-time, personalized hunting advice is just a click away.

4. Accessing High-End Gear

Advanced equipment like trail cameras, sonar devices, and optics were once just for professionals or those willing to spend big. Thanks to mobile tech and AI, companies like Tactacam Reveal, Moultrie Mobile, and Garmin Livescope are bringing these high-end products within reach for everyday enthusiasts, enhancing the overall experience and leveling the playing field.

5. Supporting Independent Guides

Guides often face headaches around booking, managing clients, and payments. Platforms like AnyCreek and FareHarbor are solving these challenges, helping guides scale their businesses smoothly so they can focus more on great customer experiences and less on administrative hassles.

6. Creating Standardized Experiences ("The Ikon Pass Model")

Industries like skiing and golf have seen huge success by standardizing experiences with brands like Ikon Pass and Troon. Applying a similar model to hunting and fishing could simplify experiences, build trust, and generate steady revenue. Imagine a membership that offers easy, trusted access to premium hunting and fishing experiences across various locations.

7. Sustainability and Conservation

With growing environmental awareness, sustainability and conservation have become central to hunting and fishing communities. Technology can significantly amplify these efforts by tracking wildlife populations, improving resource management, and encouraging sustainable practices. Platforms focusing on conservation can help hunters and anglers become active participants in preserving ecosystems, aligning the industry with broader environmental goals and opening doors to a new generation of eco-conscious consumers.

But What Gets These Companies to Venture Scale?

While each of the solutions mentioned above addresses specific challenges effectively with some adding additional capabilities, there's a compelling case for consolidating them into one centralized platform. Such integration could significantly improve the customer experience by streamlining processes, enhancing convenience, and fostering deeper engagement. A company capable of capturing multiple aspects of this ecosystem under one umbrella would not only provide a superior experience but also stand to capture a larger share of the market.

Imagine a seamless ecosystem driven by an AI agent that knows exactly what type of outdoorsman you are where you can effortlessly navigate regulations, apply for tags, book amazing locations, get expert-level knowledge, and buy the best gear all in one place.

Industries from entertainment (think Disney) to travel (think Airbnb) have proven that vertical integration can deliver unbeatable experiences, strong customer loyalty, and huge business opportunities. A unified hunting and fishing platform that nails this would be massive, tapping into both new and existing consumer bases to create an industry powerhouse.

The question then becomes what’s the best wedge to capture more of the market?

One interesting wedge is content. Meateater built its initial success through compelling storytelling and engaging content focused on hunting, fishing, cooking, and conservation. Their authentic media presence created a deeply loyal community, laying the groundwork for further expansion. After securing strategic backing from The Chernin Group, Meateater expanded into commerce, acquiring brands across apparel and equipment for both hunting and fishing. Today, Meateater generates over $100 million annually, clearly demonstrating how an initial content strategy can drive venture-level growth. See my colleagues Aaron and Yash’s article on Creator Holdcos, which provides further insights into this successful model.

Another interesting wedge is mapping technology. OnX started by solving one of the biggest pain points for outdoorsmen (and became one of the leading companies in the whole market): navigating property boundaries and accessing accurate maps for hunting. Its intuitive app provides users with detailed maps showing public and private land boundaries, trails, and other critical terrain data, allowing outdoors enthusiasts to plan trips seamlessly and legally. The company has since expanded its platform beyond hunting into broader outdoor activities such as hiking, off-roading, and skiing, further expanding its user base and market potential.

HLRBO demonstrates the power of being the marketplace that distributes exclusive access to premium land. By securing and controlling these limited resources on their tech platform, they create a strong competitive advantage that's difficult for competitors to replicate. Owning direct access to prime hunting and fishing properties and positions HLRBO to dominate a significant segment of the market. This control allows them to introduce highly targeted products and services based on detailed insights into customer trips and destinations, ultimately driving higher revenues and deeper customer loyalty.

The Bottom Line

The billion-dollar opportunity in hunting and fishing is clear: creating a centralized, digital ecosystem that simplifies experiences, captures consumer loyalty, and unlocks powerful cross-selling opportunities. The company that nails this approach first will not only reshape the hunting and fishing industries but create a massive, category-defining business.

At Will Ventures, we’re actively looking to invest in this space. If you're building here or see other exciting opportunities, we'd love to hear from you!