Captain Fresh, a B2B fish and seafood startup, has raised $20 million in a fresh round of funding as part of its extended Series C round led by Japan based SBI Investment and Evolvence Capital.
The round also saw participation from existing investors Accel, Matrix Partners India, Prosus Ventures and Tiger Global.
Captain Fresh plans to use the fresh capital on global expansion, especially in the high-margin markets of Europe and United States.
“We stand at a transformative juncture in our aim to establish Captain Fresh on the global stage. Over the past three years, we’ve built significant supply side capacity by establishing a robust network connecting us directly to Indian coastal fishermen and farmers,” said Captain Fresh’s Founder Utham Gowda.
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Founded in 2019, Captain Fresh has cumulatively raised $151 million over 10 rounds, prior to the latest capital raise. The startup’s last funding round was in January this year when it raised $13.2 million.
Captain Fresh handles over 80,000 metric tonnes of seafood annually. The Indian Ocean region accounts for the entirety of the platform’s supply, with India constituting 90% of this. From a demand perspective, India, Europe and United States are the key markets for the startup. Some percentage of demand also comes from Southeast Asia.
Captain Fresh has offices in the US, Dubai, and Madrid.
Commenting on the investment in Captain Fresh, SBI Investment Chairman & CEO Yoshitaka Kitao said, “As the vertical leader and technology driven company, Captain Fresh is revolutionising the B2B seafood marketplace and supply chain. We believe in the management’s vision.”
Evolvence India’s Managing Partner, Rohit Batra, said, “They (Captain Fresh) have successfully consolidated a highly fragmented and unorganised industry and have built a robust demand network while demonstrating impressive execution and attractive unit economics.”
Edited by Swetha Kannan
