B2B fish and seafood company Captain Fresh has scooped up $20 million in an extended Series C round led by Japan-based SBI Investment and Evolvence Capital. Internal investors: Accel, Matrix Partners India, Prosus Ventures and Tiger Global also participated in the round.
In March 2022, the Bengaluru-based company raised $50 million in a Series C round. As per Entrackr’s sources, it was valued at around $500 million valuation. The valuation from the latest round could not be ascertained. It has raised $125 million to date.
The fresh proceeds will be used towards expanding overseas markets, particularly focusing on Europe and the USA, Captain Fresh said in a press release. The company aims to reduce turnaround times and invest in product innovation, and deliver on transparency and traceability needs.
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.
Captain Fresh offers over 100 varieties of fish and seafood, catering to clients in more than 30 countries worldwide. With operational offices in India, the US, Dubai, and Madrid, Captain Fresh now plans to expand across Europe. The company claims that it has a distribution network in more than 20 cities and over 2,500 retail businesses.
At present, India constitutes 90% of the platform’s total revenue. While Captain Fresh is yet to file its FY23 results, it registered Rs 211 crore revenue in FY22, as per data sourced from TheKredible. The company incurred Rs 105 crore loss during the period.
