Captain Fresh, the Indian digital platform-based seafood distribution company, has announced a successful C-funding round, raising a further US $20 million to fuel its expansion worldwide.
The Bengaluru-based startup was founded by former seafood and financial executive Utham Gowda in 2019, offering a farm-to-retail platform for animal protein, particularly fish and seafood. It procures directly from agents and farmers and supplies across B2B, B2R and B2B2C channels.
The company previously raised US $50 million to support expansion of its tech-enabled distribution offerings in African and Middle Eastern markets.
The latest round means the company is now setting its sights on Europe and North America. Captain Fresh indicated that talks are "already in motion with potential allies" in the European and US markets.
"This milestone marks a significant step in our journey towards transforming the B2B fish and seafood industry," said a company statement on LinkedIn.
"We have come a long way in the seafood industry by integrating technology across the value chain. We're harmonizing people, processes, and technology to provide the best possible service to our customers in over 30 countries worldwide."
The investment was led by Japan-based SBI Investment and Evolvence Capital, and complemented by continued support from Captain Fresh's internal investors, including Accel, Matrix Partners India, Prosus Ventures and Tiger Global, the company confirmed in a statement. Captain Fresh is also backed by Ankur Capital and Incubate Fund.
The latest funding takes the company's total funding raise to US $77.4 million since March 2022, with a valuation of US $500 million, according to India's Economic Times.
Recently-appointed CEO for Captain Fresh Europe, Basola Valles, said the company's tech solutions can be a game changer for European players.
"We will bring Captain Fresh's improved and still improving tech enabled sourcing capabilities to Europe, delivering a multi species, multi origen approach to distribution," Valles said.
"We aim to reduce turnaround times, invest in product innovation, and deliver on transparency and traceability needs. We will initially focus on selected European countries in partnership with local players," she added.
