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B2B fish and seafood startup Captain Fresh on Tuesday said it has raised $20 million as part of an extended Series C round led by Japan-based SBI Investment and Evolvence Capital.

Existing investors such as Accel, Matrix Partners India, Prosus Ventures, and Tiger Global also participated in the round, the company said in a statement.

The startup will use the fresh capital to fuel its global ambitions, with expansion plans in Europe and the US. Captain Fresh says it has already initiated discussions with potential partners in these markets. Elluminate Capital was the financial advisor for Captain Fresh in this transaction.

To further accelerate its expansion efforts in the European market, Captain Fresh has appointed Basola Valles as CEO – Europe.

“We will bring Captain Fresh’s improved and still improving tech-enabled sourcing capabilities to Europe, delivering a multi-species, multi-origin approach to distribution. We aim to reduce turnaround times, invest in product innovation, and deliver on transparency and traceability needs.” Valles said.

Captain Fresh says it relies on the Indian Ocean Region for its supply, with India representing a significant 90% of the supply. In terms of demand, Europe, the US, and India each contribute roughly equal shares, with additional demand originating from South East Asia.

The startup says it has a wide range of products, with 100 varieties of fish and seafood, serving clients in more than 30 countries worldwide. It has operational offices in India, the US, Dubai, and Madrid.

“They have successfully consolidated a highly fragmented and unorganised industry and have built a robust demand network while demonstrating impressive execution and attractive unit economics,” Rohit Batra, Managing Partner at Evolvence India said, according to the statement.

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Utham Gowda established Captain Fresh in 2019 with the vision of revolutionising India’s fish and seafood supply chain.

Captain Fresh’s approach involves combining a digital commerce platform with a robust physical fulfillment layer to provide retailers across various formats with dependable, equitable, and transparent purchasing experiences.

Last March, Captain Fresh said it raised $50M in a Series C funding round co-led by its existing investors Prosus Ventures and Tiger Global.

In June 2021, it raised $12 million in a Series A round led by Accel Partners and existing investor Matrix Partners India, with additional participation from Ankur Capital and Incubate Fund.