Seafood B2B startup Captain Fresh has engaged Axis Capital and Bank of America as lead bankers for its planned initial public offering (IPO) in 2025, according to a report by Moneycontrol.
The company is aiming to raise $350-400 million through a combination of fresh equity issuance and an offer for sale (OFS). As per sources familiar with the development, roughly half of the total amount will come from new shares, while the rest will be raised through the OFS component.
Captain Fresh, which specializes in building a data-driven, vertically integrated seafood platform, is reportedly targeting a valuation of $1.3-1.5 billion with the IPO. A source quoted in the report indicated that the firm will secure $50-60 million in its current funding round, with a larger pre-IPO round planned across several phases, involving participation from external investors later on.
Aggressive Expansion Through Acquisitions
The company has been on an acquisition spree, enhancing its footprint across the seafood sector. Ahead of the 2024 Seafood Expo North America (SENA), Captain Fresh acquired CenSea, a U.S.-based shrimp importer.
During the event, Captain Fresh representatives highlighted the company’s tech-driven global seafood ecosystem, showcasing platforms like Fishgram for fishermen and farmers, Optimus for importers and distributors, FaaS for processing factories, and Chop Serve for retailers. These platforms cover over 30 species across three countries, enabling seamless integration of the supply chain.
In July 2024, the firm added another key player to its portfolio by acquiring Koral, a Poland-based producer of branded salmon products. CEO Utham Gowda described the acquisition as a strategic milestone. “Welcoming Koral to Captain Fresh marks an important step in our journey to become the world’s leading tech-enabled, multi-species seafood conglomerate,” he said.
Future Expansion Plans
Captain Fresh is not slowing down on the acquisition front. In an interview with VCCircle in August 2024, Gowda emphasized the company’s intention to broaden its seafood portfolio and fortify its end-to-end supply chain. “We are focused on expanding into new seafood species while enhancing our sourcing, processing, and distribution capabilities,” he noted.
With the IPO preparations underway, the company aims to solidify its position as a global leader in seafood trading and technology integration.