Captain Fresh raises $25M in ongoing funding round led by BII, Andhra Pradesh-based Nekkanti Seafoods Group

Captain Fresh, an online seafood firm, has raised $25 million in a funding round led by UK government-backed British International Investment (BII) and Andhra Pradesh-based Nekkanti Seafoods Group.

The funding is part of an ongoing $48 million extended Series C round, which values the company at $500 million. The startup previously raised $20 million led by Japan-based SBI Investment and Evolvence Capital, with notable participation from Tiger Global, Prosus, Accel, and Matrix Partners India.

Raising additional capital and expansion 

Notably, It is also in discussions to secure an additional $3 million from SBI Investment, aiming to further solidify its financial base. 

The raised capital will be used for expanding operations, particularly in the US and European markets. The startup plans to enhance its supply chain in Southeast Asia, with a focus on sourcing from countries like Indonesia and Malaysia.

Impact on global seafood distribution

Captain Fresh's operational model, which primarily revolves around a business-to-business (B2B) format, will undergo significant transformation, as per the company's statement. The startup anticipates that over the next two to three months, more than 50% of its business will originate from the US market, a substantial increase from the current 25-30%.

Furthermore, the European and US markets combined are expected to account for 80-85% of its total business. This shift underscores Captain Fresh's pivot from focusing on the Indian market to targeting international exports, which offer a more lucrative path to profitability.

Revolutionize the traditional seafood industry

Captain Fresh aims to revolutionize the traditional seafood industry by implementing best practices and leveraging technology to streamline supply chains.

With offices in key global locations, including the US, Dubai, Paris, Oslo, Amsterdam, and Madrid, Captain Fresh is on a robust growth trajectory.

Its product portfolio boasts over 100 species of fish and seafood, sourced from more than a dozen countries and catering to customers in over 30 countries.

According to Utham Gowda, Founder & CEO, The company's strategy focuses on aggregating high-quality seafood supplies using a technology-led asset-light model, aiming to enrich the monetization potential for seafood on their platform.