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Captain Fresh Secures $25 Million in Funding Drive

New Delhi: Captain Fresh, a startup specializing in fish and seafood technology, has secured $25 million in additional funding as part of an ongoing larger funding initiative. The extension of their Series C round sees investment from Nekkanti Seafoods Group and British International Investment (BII), alongside several family offices.

The capital raised will be utilized to expand distribution channels in the US and Europe and to enhance their multi-origin vertically integrated seafood platform, among other initiatives, according to a company statement.

This brings Captain Fresh’s total funding to $45 million across various tranches in its extended Series C round. In September last year, the company raised $20 million. The initial tranche was led by Strategic Business Innovators (SBI) and Evolvence Fund, with participation from Tiger Global, Prosus, Accel, and Matrix Partners India. In January this year, an additional $13 million was raised, with the extended Series C expected to close at $48 million.

According to TheKredible, a startup data intelligence platform, Captain Fresh was valued at approximately $480 million when it raised $13 million and is anticipated to conclude the ongoing round at $500 million.

Captain Fresh, founded five years ago, offers a product portfolio comprising over 100 species of fish and seafood sourced from more than a dozen countries globally, serving customers in over 30 countries. The company has offices in India, the US, Dubai, Paris, Oslo, Amsterdam, and Madrid.

The company claims to handle over 80,000 metric tonnes of seafood annually, with India accounting for 90% of this volume. Additionally, there is demand from Southeast Asia.

As part of its expansion strategy in the EU, Captain Fresh recently finalized the acquisition of Senecrus, a Paris-based shrimp cooker and distributor with a 40-year history.

According to TheKredible, Captain Fresh’s gross revenue surged nearly fourfold to Rs 817 crore in the fiscal year ending March 2023, while its losses also increased 2.6 times to Rs 294 crore in the same period.

Tags: Startup