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Captain Fresh raises $25 Mn in ongoing funding round

EntrackrEntrackr · 1y ago
Captain Fresh raises $25 Mn in ongoing funding round
Medial

Captain Fresh, a fish and seafood tech startup, has raised $25 million as part of a continuing larger funding round. The extension of the series C round is joined by Nekkanti seafoods group and British International Investment (BII), a UK-based development finance institution and impact investor, and a few family offices. Proceeds will be used to fuel its distribution presence in the US and Europe, and enhance multi-origin vertically integrated seafood platform, among others, the company said in a press release. With this, Captain Fresh has raised a total of $45 million across multiple tranches in its Series C extended round with $20 million raised in September last year. Strategic Business Innovators (SBI) and Evolvence fund led the first tranche with participation from Tiger Global, Prosus, Accel and Matrix Partners India. The firm also raised $13 million in January this year and will close the extended Series C at $48 million. As per startup data intelligence platform TheKredible, Captain Fresh was valued at around $480 million when it raised $13 million and is likely to close the ongoing round at $500 million. Five-year-old Captain Fresh’s product portfolio encompasses over 100 species of fish and seafood, sourced from over a dozen countries globally and catering to customers in more than 30 countries. Captain Fresh has offices in India, the US, Dubai, Paris, Oslo, Amsterdam and Madrid. The firm claims that it handles over 80,000 metric tonnes of seafood annually with India constituting 90% of this. Some percentage of demand also comes from Southeast Asia. Captain Fresh recently completed the acquisition of a 40-year-old, Paris-based, shrimp cooker and distributor, Senecrus, as part of its EU expansion strategy. As per TheKredible, Captain Fresh’s gross revenue surged nearly 4X to Rs 817 crore in the fiscal year ending March 2023 while its losses also shot up 2.6X to Rs 294 crore in the same period.

Captain Fresh appoints Mathew George as Group CFO

EntrackrEntrackr · 1y ago
Captain Fresh appoints Mathew George as Group CFO
Medial

Captain Fresh, a B2B fish and seafood supply chain company, has announced the appointment of Mathew George as its Group chief financial officer (CFO). Prior to this appointment, Mathew was the Group CFO at Medi Assist Health Care Services, where he led multiple successful M&As. He was also instrumental in managing the company’s recent IPO, which was oversubscribed 14.3 times. Before this, Mathew had held leadership roles in Jumbo Electronics, HCL Technologies, Cognizant Technologies Accenture, GE Capital, and Genpact. We look forward to leveraging Mathew’s leadership as we aspire to evolve into a publicly listed institution,” said Utham Gowda, founder and chief executive officer, Captain Fresh. Starting as a seafood supply chain player, the four-year-old company has raised over $160 million in a series of funding rounds. In February, Captain Fresh had raised $25 million in its extended Series C round. During the same month, it acquired CenSea Inc., a US-based frozen fish and seafood importer and distributor. Captain Fresh India’s gross revenue surged 3.7X year-on-year (YoY) to Rs 773 crore in FY23 from Rs 208 crore in FY22. The firm registered a 2.45X jump in its losses to Rs 252 crore in FY23. While the company is yet to file its audited financials for FY24, it expects to close F25 with revenues of over $650 million (more than Rs 5,000 crore).

IPO-bound Captain Fresh to secure debt from Trifecta

EntrackrEntrackr · 2m ago
IPO-bound Captain Fresh to secure debt from Trifecta
Medial

Captain Fresh is set to raise Rs 30 crore in debt funding from Trifecta Ventures ahead of its public listing. The company will issue 3,000 Series B5 non-convertible debentures to Trifecta Ventures Debt Fund for the aforementioned sum, according to its regulatory filings sourced from the Registrar of Companies (RoC). Captain Fresh operates a farm-to-retail platform for animal protein, primarily dealing in fish, seafood, and sheep. It sources directly from farmers and agents, catering to B2B, B2R, and B2B2C segments. This debt infusion comes on the heels of its Rs 250 crore (around $30 million) raise in an ongoing pre-IPO funding round. Financially, Captain Fresh reported a 71% jump in gross revenue (GMV) to Rs 1,395 crore in FY24 from Rs 817 crore in FY23. The company also narrowed its net loss by 22% to Rs 229 crore during the same period. Captain Fresh is preparing to file for its IPO by the end of this year. As per media reports, the company has appointed Axis Capital and BofA as bankers for a proposed IPO worth $350-400 million.

Exclusive: The Whole Truth kicks off Series C with 3.6X valuation surge

EntrackrEntrackr · 5m ago
Exclusive: The Whole Truth kicks off Series C with 3.6X valuation surge
Medial

Exclusive: The Whole Truth kicks off Series C with 3.6X valuation surge Clean-label health food brand The Whole Truth is raising Rs 133.3 crore (approximately $15.8 million) in a series C round led by Sofina Ventures, with the participation of Peak XV and Matrix Partners. The board at The Whole Truth has passed a special resolution to issue 45,097 Series C preference shares at an issue price of Rs 29,556.5 each to raise Rs 133.3 crore or $15.8 million, its regulatory filing accessed from the Registrar of Companies (RoC) shows. Sofina Ventures is leading the Series C round with an investment of Rs 65.8 crore, while Peak XV and Matrix Partners will contribute Rs 25 crore and Rs 29.5 crore, respectively. Sauce Continued Fund will also participate with an investment of Rs 13 crore. The fresh funds will be used to meet financial requirements and support business expansion. According to Entrackr’s estimates, the Mumbai-based company will have a post-allotment valuation of approximately Rs 2,135 crore ($254 million). This marks a 3.6X increase in valuation compared to its previous Series B round, which closed at $70 million. According to the filings, after the fresh funding round, Peak XV will hold 21.14% of the firm, while Matrix Partners will own 21.4%. Sofina Ventures and Sauce Continuity will hold 3.08% and 3.77%, respectively. The Whole Truth was reportedly in discussions to raise $25 million in a new funding round. The company has secured $15.8 million so far and may raise additional funds as the round progresses. The Whole Truth offers a range of products, including protein bars, peanut butter, dark chocolates, energy bars, immunity balls, and muesli. The company provides subscription options and claims that 80-85% of its sales come from its website, with the remaining revenue generated through partnerships. The Whole Truth recorded an 81% year-on-year growth, with revenue rising to Rs 65.3 crore in FY24 from Rs 35.96 crore in FY23. The company reduced its losses by 33% during the same period.

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