Tiger Global-backed Captain Fresh on Friday said it has raised $25 million as part of its ongoing Series C funding round, as the B2B fish and seafood company looks to build its presence in the US and Europe, along with India.
The extension round was joined by British International Investment (BII), UK’s development finance institution and impact investor; and Nekkanti Seafoods Group in addition to a few family offices, Captain Fresh said.
Last month, Captain Fresh raised $13.25 million in an extended Series C funding round led by Andhra Pradesh-based seafood exporter Nekkanti Sea Foods. Before that, it had raised $20 million in an extended Series C funding round led by Japan-based SBI Investment and Evolvence Capital. It has raised a total of $45 million across multiple tranches in its Series C round.
According to Tracxn, Captain Fresh had a valuation of $464 million and raised $163 million, as of Jan 24, 2024.
Other investors in the firm include Tiger Global, Accel Partners, Prosus Ventures, and Matrix India Partners.
Currently, the firm’s product portfolio encompasses over 100 species of fish and seafood, sourced from over a dozen countries globally and catering to customers in 30+ countries. Captain Fresh has offices in India, the US, Dubai, Paris, Oslo, Amsterdam, and Madrid.
The company plans to use the funding to fuel its distribution presence in the US and Europe, taking it closer to its goal of being the largest multi-species, multi-origin vertically integrated seafood platform along with building its best practices in the otherwise traditional industry.
“Over 50 million people’s livelihoods rely on India’s fisheries sector. However, its supply chains are complex and fragmented and 30% of produce is lost during fishing and post-harvesting due to lack of adequate infrastructure,” Abhinav Sinha, Managing Director and Head of Technology and Telecom at BII, said.
Captain Fresh expects the expansion in the distribution network to help export Indian seafood in a more productive, efficient way and hence increase incomes for local fishermen.
Recently, the firm acquired a 40-year-old, Paris-based shrimp cooker and distributor, Senecrus, as part of its EU expansion strategy. Senecrus is based out of one of Europe’s largest seafood markets, the Rungis market, and counts the likes of Auchan, Carrefour, Metro, and other large retailers as customers.
Captain Fresh looks to further strengthen its distribution presence in the region through a series of acquisitions and joint ventures, the firm said in a statement.