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Captain Fresh acquires Poland-based salmon company Koral

EntrackrEntrackr · 1y ago
Captain Fresh acquires Poland-based salmon company Koral
Medial

Seafood supply chain firm Captain Fresh has acquired Koral, a Poland-based producer and distributor of branded salmon products. Captain Fresh has signed the agreement with Abris Capital Partners, the ESG transformation specialist private equity investor, and Boguslaw Kowalski, the company’s founder. The transaction is subject to the Polish antimonopoly office and other regulatory approvals. Prior to this, Captain Fresh had acquired CenSea, an American importer of frozen seafood and Senecrus, a French shrimp cooker and distributor. The Bengaluru-based company says that Boguslaw Kowalski and Justyna Frankowska will lead its global salmon strategy. According to market research, the salmon market is estimated at $33.5 billion in 2024. Koral manufactures smoked salmon products that are sold across domestic and international markets under the brand SuperFish. The company has 26 production lines, processing 120 tons of fish daily. Launched in 2020 by Utham Gowda, Captain Fresh is an online B2B platform offering seafood products. The platform offers trade of seafood such as shrimps, salmon, tuna, crab, lobsters, and more. It procures, processes, and distributes for retailers. Its mobile application is available on Android and iOS platforms. Fresh Captain is backed by major investors including Tiger Global Management, Prosus Ventures, British International Investment, Matrix Partners India, Accel, SBI Holdings, Evolvence Group, Ankur Capital and Incubate Fund. It has raised $165 million till to date. The firm is expected to close the current financial year at a revenue run rate of $650 to $700 million.

Captain Fresh acquires Spain-based tuna processor Frime

EntrackrEntrackr · 9d ago
Captain Fresh acquires Spain-based tuna processor Frime
Medial

Bengaluru-based seafood supply chain company Captain Fresh has completed the acquisition of Spain-based tuna processor Frime. The deal strengthens its presence across key global seafood categories. Founded in 1977 and headquartered in La Roca near Barcelona, Frime specialises in premium yellowfin tuna and serves retail and foodservice customers across 33 countries. The company generates more than €180 million ($213 million) in revenue and holds over 20% share of Europe’s yellowfin tuna market. With this acquisition, Captain Fresh expands its multi-species portfolio and gains a major processing footprint in Europe. Frime operates four production sites across seven factories with an annual processing capacity of 15,000 tonnes of frozen products, 9,000 tonnes of fresh tuna, and 3,800 tonnes of semi-preserved products. The company recently invested €50 million ($59 million) in modern processing facilities in Barcelona. Captain Fresh said that the acquisition strengthens its presence across three large seafood categories including crustaceans, salmon, and tuna. The company plans to scale Frime’s tuna through its distribution network in the United States and expand its crustacean and salmon portfolio across Europe. Frime’s leadership team, including chairman Salvador Ramon Mateo and CEO Pablo Múgica, will continue to lead the company within the Captain Fresh group. The development comes months after Captain Fresh withdrew its draft red herring prospectus filed with the Securities and Exchange Board of India. The company took this step to facilitate closure of a material acquisition and maintain flexibility in its capital structure. Captain Fresh has expanded globally through acquisitions. In 2024, it acquired Poland-based salmon company Koral to strengthen its presence in the European salmon market. Earlier, it acquired US-based seafood importer CenSea and France-based seafood distributor Senecrus. According to its FY25 financials, Captain Fresh reported a 2.5X jump in gross merchandise value to Rs 3,421 crore in FY25 from Rs 1,395 crore in FY24. The company also posted a net profit of Rs 42 crore compared to a loss of Rs 229 crore in the previous year.

Captain Fresh raises Rs 290 Cr from Blue Earth Capital

EntrackrEntrackr · 2d ago
Captain Fresh raises Rs 290 Cr from Blue Earth Capital
Medial

Captain Fresh raises Rs 290 Cr from Blue Earth Capital Seafood supply chain startup Captain Fresh has secured Rs 290 crore in sustainability-linked financing from global impact investor Blue Earth Capital. The funding will be used to expand Captain Fresh’s global distribution capabilities and strengthen sustainability initiatives across seafood value chains. Founded in 2020 by Utham Gowda, Captain Fresh operates a technology-driven platform that integrates seafood sourcing, processing and distribution. The company’s digital operating system focuses on improving traceability and efficiency across the fragmented seafood supply chain. Captain Fresh sells packaged seafood through a portfolio of brands including CenSea, Frime, Koral, Senecrus, ChopServe, Ocean Edge and Ocean Garden. Its customer base includes distributors and retailers across markets such as the US, Europe, the UAE and India. During FY25, the company claims to have served around 1,300 customers across more than 30 countries and traded in over 90 seafood species including shrimp, salmon, tuna and lobster. Its sourcing network spans more than 650 suppliers across 35 countries. Bengaluru-based Captain Fresh has expanded globally through acquisitions. Last week, it completed the acquisition of Spain-based tuna processor Frime. In 2024, it acquired Poland-based salmon company Koral. Earlier, it acquired US-based seafood importer CenSea and France-based seafood distributor Senecrus. According to its FY25 financials, Captain Fresh reported a 2.5X jump in gross merchandise value to Rs 3,421 crore in FY25 from Rs 1,395 crore in FY24. The company also posted a net profit of Rs 42 crore compared to a loss of Rs 229 crore in the previous year.

Captain Fresh raises $25 Mn in ongoing funding round

EntrackrEntrackr · 2y 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).

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