B2B fish & seafood startup Captain Fresh raises $20M led by Japan's SBI Investment, others

Business-to-business (B2B) fish and seafood startup Captain Fresh has raised $20 million Rs 166 crore in an extended Series C funding round led by Japan-based SBI Investment and Evolvence Capital. The round also saw Accel, Matrix Partners India, Prosus Ventures, and Tiger Global participation.

The startup will use the fresh capital to fuel its expansion plans in Europe and the US, according to a statement. Elluminate Capital was the financial advisor for Captain Fresh in this transaction.

Prior to the current round, Captain Fresh raised $50 million in a Series C round in March 2022 from Prosus Ventures and Tiger Global, with participation from Accel, Matrix Partners, Ankur Capital, and Incubate Fund.

Founded in 2019 by Utham Gowda (former Associate Vice President of o3 Capital), Infifresh Foods Pvt. Ltd. which owns and operates Captain Fresh, a seafood-based B2B marketplace that leverages technology to deliver fresh fish and seafood to retailers in the industry. The startup procures directly from the agents or farmers and supplies across B2B, B2R and B2B2C channels.

The startup sources about 90% of its supply from the Indian Ocean Region, predominantly from India. Regarding demand, Europe, the US, and India each contribute roughly equal shares, with additional demand originating from South East Asia.

It claims to have a wide range of products, with 100 varieties of fish and seafood. Captain Fresh said it has clients from more than 30 countries and has offices in India, the US, Dubai, and Madrid (Spain).

($1 = INR 83.05)

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