Captain Fresh Funding of $25 Mn to Boost US & Europe Presence


Captain Fresh, a leading fish and seafood technology startup, has raised $25 million in an ongoing larger funding round. 


This extension of the Series C round sees participation from Nekkanti Seafoods Group, British International Investment (BII), a UK-based development finance institution and impact investor, along with several family offices.


The capital infusion will be utilized to bolster Captain Fresh’s distribution footprint in the United States and Europe and enhance its multi-origin vertically integrated seafood platform, among other strategic initiatives, as outlined in the company’s official press release.


With this latest funding, Captain Fresh has raised $45 million across multiple tranches within its extended Series C round. Notably, the initial $20 million was secured in September of the previous year. 


The first tranche was led by Strategic Business Innovators (SBI) and Evolvence Fund, with participation from prominent investors such as Tiger Global, Prosus, Accel, and Matrix Partners India. Following this, an additional $13 million was raised in January of the current year, bringing the extended Series C round to a projected total of $48 million.


The valuation of Captain Fresh reached approximately $480 million during its $13 million funding round and is anticipated to close the ongoing round at an estimated valuation of $500 million.


Established five years ago, Captain Fresh boasts a diverse product portfolio comprising over 100 species of fish and seafood sourced from more than a dozen countries worldwide and catering to customers in over 30 countries. The company maintains a global presence with offices in India, the United States, Dubai, Paris, Oslo, Amsterdam, and Madrid.


Captain Fresh handles a substantial volume of seafood, processing over 80,000 metric tonnes annually, with India accounting for 90% of this output. Additionally, there is a notable demand for its products from Southeast Asia.


Captain Fresh recently acquired Senecrus, a 40-year-old Paris-based shrimp cooker and distributor to expand its presence in the European market further.


Despite significant revenue growth, Captain Fresh reported a surge in losses, with gross revenue nearly quadrupling to Rs 817 crore in the fiscal year ending March 2023, while losses also increased 2.6 times to Rs 294 crore during the same period.