Captain Fresh, a startup specializing in fish and seafood technology, has raised $25 million as part of its ongoing funding round. The extension of the Series C funding round sees participation from Nekkanti Seafoods Group and British International Investment (BII), a UK-based development finance institution and impact investor, along with several family offices.
The funds will be utilized to expand distribution networks in the US and Europe and to enhance its vertically integrated seafood platform, as stated by the company in a press release.
This brings Captain Fresh’s total funding to $45 million across various tranches in its extended Series C round, with $20 million raised in September last year. Strategic Business Innovators (SBI) and Evolvence Fund led the first tranche, with support from Tiger Global, Prosus, Accel, and Matrix Partners India. In January this year, the company raised an additional $13 million, with the extended Series C expected to close at $48 million.
Captain Fresh was valued at approximately $480 million when it secured $13 million in funding and is projected to reach a valuation of $500 million by the end of this round.
Established five years ago, Captain Fresh offers a product portfolio comprising over 100 species of fish and seafood sourced from more than a dozen countries worldwide, serving customers across over 30 countries. The company has offices in India, the US, Dubai, Paris, Oslo, Amsterdam, and Madrid.
Captain Fresh handles over 80,000 metric tonnes of seafood annually, with India accounting for 90% of its operations. Demand also comes from Southeast Asia to some extent.
Recently, Captain Fresh completed the acquisition of Senecrus, a 40-year-old shrimp cooker and distributor based in Paris, as part of its expansion strategy in the EU.
Captain Fresh’s gross revenue surged nearly four times to Rs 817 crore in the fiscal year ending March 2023, while its losses increased 2.6 times to Rs 294 crore in the same period.
