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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 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.

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