B2B animal protein marketplace Captain Fresh has raised additional funds worth around $7.5 million in its Series C round led by Evolvence India Fund. Last month, the Bengaluru-based startup had raked in $50 million in its Series C investment round co-led by Prosus Ventures and Tiger Global.
The shareholders of Captain Fresh haved approved the allotment of 566 Series C CCPS at issue price of Rs 9,98,369 per share amounting to Rs 56.51 crore or $7.5 million, regulatory filings of the company show.
With this investment, Evolvence India has acquired 1.54% stakes in Captain Fresh which is valued at over $500 million. Captain Fresh has raised back to back funds in the last 12 months including a $3 million Seed round in March last year followed by $12 million Series A in July and $40 million Series B in December.
As per Fintrackr’s estimates, the company’s valuation remained unchanged or stood at around $500 million after this tranche.
Led by Utham Gowda, Captain Fresh is a farm-to-retail platform for animal protein–fish, seafood and sheep. The startup procures directly from the agents or farmers, and supplies across B2B, B2R and B2B2C channels. It leverages its bid engine, proprietary quality inspection and satellite technology ensuring match-making of demand and supply.
The company claims that it has a distribution network in more than 20 cities and over 2,500 retail businesses and it eyes Africa, the Middle East and other parts of Asia.
For the fiscal year ending on March 31, 2021, Captain Fresh recorded operating revenue of Rs 33.14 crore. According to the company’s regulatory filings, the majority of its revenue came from the sale of products (animal protein). It also generated around Rs 11 lakh in non-operating income in FY21. During the period, its losses stood at Rs 9.07 crore.
