Captain Fresh, a B2B fish and seafood startup, has successfully raised $20 million in an extended Series C funding round, with primary investments from SBI Investment and Evolvence Capital, both based in Japan. The round also saw continued support from existing investors including Accel, Matrix Partners India, Prosus Ventures, and Tiger Global, highlighting the startup’s growing appeal within the industry. The fresh injection of capital will be instrumental in realizing Captain Fresh’s global ambitions, as it sets its sights on expansion into European and US markets.
The company has already commenced discussions with potential partners in these regions as part of its strategic growth plan. To bolster its European expansion, Captain Fresh has appointed Basola Valles as CEO – Europe, who expressed the company’s commitment to introducing their tech-enabled sourcing capabilities to Europe. This initiative aims to streamline distribution processes, reduce turnaround times, invest in product innovation, and address growing demands for transparency and traceability.
Captain Fresh relies heavily on the Indian Ocean Region for its supply, with India accounting for a substantial 90% of its sourcing. In terms of demand, Europe, the US, and India each contribute roughly equal shares, with additional demand originating from South East Asia. The startup boasts an extensive product portfolio, offering over 100 varieties of fish and seafood, and serves clients in more than 30 countries globally. Its operational footprint spans across India, the US, Dubai, and Madrid.
Rohit Batra, Managing Partner at Evolvence India, commended Captain Fresh for successfully consolidating a previously fragmented and unorganized industry. He also praised the company for building a robust demand network, demonstrating impressive execution capabilities, and showcasing attractive unit economics.
Founded in 2019 by Utham Gowda, Captain Fresh has been on a mission to revolutionize India’s fish and seafood supply chain. Their innovative approach combines a digital commerce platform with a strong physical fulfillment layer, enabling retailers across various formats to access dependable, equitable, and transparent purchasing experiences
Captain Fresh has been steadily attracting investment interest, with a $50 million Series C round last March, co-led by existing investors Prosus Ventures and Tiger Global. In June 2021, it raised $12 million in a Series A round led by Accel Partners, with participation from Matrix Partners India, Ankur Capital, and Incubate Fund.