B2B seafood company Captain Fresh secured $20 M in extended Series C round
Captain Fresh, a B2B fish and seafood company, has acquired $20 million in an extended Series C round led by SBI Investment and Evolvence Capital of Japan. Accel, Matrix Partners India, Prosus Ventures, and Tiger Global were also internal investors that took part in the round.
The Bengaluru-based business raised $50 million in a Series C round in March 2022. It was estimated to be worth around $500 million, according to media sources. It was impossible to determine the valuation from the most recent round. To date, $125 million has been raised.
According to a press release from Captain Fresh, the new profits will be put to use developing international markets, with a particular emphasis on Europe and the United States. The company wants to speed up turnaround times, invest in new products, and meet customers’ demands for transparency and traceability.
Captain Fresh is a farm-to-retail platform for animal protein, including fish, seafood, and sheep, and is run by Utham Gowda. The startup purchases products from agents or farmers directly and distributes them through B2B, B2R, and B2B2C channels.
With more than 100 different types of fish and seafood available, Captain Fresh serves customers in more than 30 different nations. Captain Fresh has operational offices in India, the US, Dubai, and Madrid and now wants to grow throughout all of Europe.
According to the company, it has 2,500+ retail locations and a distribution network spanning more than 20 cities.
90% of the platform’s current revenue comes from India. Captain Fresh has not yet submitted its FY23 results, but according to information obtained, it brought in Rs 211 crore in revenue in FY22. During that time, the company lost Rs. 105 crores.
