B2B animal protein marketplace Captain Fresh raised over $13 M in an extended Series C round

Ila Dhond03/01/2024

277 1 minute read

In an extended series C round, B2B animal protein marketplace Captain Fresh has raised $13.25 million. After a four-month pause, the Bengaluru-based company has received its new tranche.

According to the company’s regulatory filings obtained from the Registrar of Companies, the board of Captain Fresh has approved a special resolution to issue 1,102 Series C6 compulsory convertible preference shares at an issue price of Rs 9,98,399 each in exchange for Rs 110 crore ($13.25 million).

Nekkanti Sea Foods, a seafood exporter based in Andhra Pradesh, led the funding tranche with an infusion of Rs 50 crore, or $6 million, followed by Rs 30 crore from Shakti Finvest Pvt Ltd.

The remaining amounts of Rs 2.50 crore and Rs 27.46 crore were invested by Shibu Mathai and Ravi Shankar Pemmasani, respectively. The company may end up raising more money because this round appears to be ongoing.

It’s noteworthy that the business raised new funding at the same premium, and its current valuation is almost Rs 3,970 crore. The business has raised about $150 million in total to date, including $20 million in funding from its September 2023 Series C round.

Fish, seafood, and sheep are the animal protein products sold on the farm-to-retail platform Captain Fresh. It purchases straight from farmers or agents and distributes via B2B, B2R, and B2B2C channels. The company is present not only in India but also in the US, Dubai, and Madrid.

Following the allocation, Nekkanti Sea Foods, Shakti Finvest Pvt Ltd, and Ravi Shankar Pemmasani acquired 1.26%, 0.76%, and 0.69% of the company, respectively, while the CEO and founder of Captain Fresh reduced his stakes to 19.20%. With a 13.44% stake, Matrix Partners is the company’s largest external shareholder.