Captain Fresh raises $50M in Series C round

B2B animal protein marketplace Captain Fresh has raised $50M in a Series C funding round co-led by its existing investors Prosus Ventures and Tiger Global.

The round also saw the participation of existing investors Accel India, Matrix Partners India, Ankur Capital, and Incubate Fund. This was the company’s third investment in 12 months, with its last investment being held in December 2021.

Speaking about the new investment, Utham Gowda, CEO and Founder, said,

“We have made significant strides in the last 12 months and believe we have the foundation in place to keep up with our hyper-growth trajectory. We are further deepening our role on the supply side by leveraging our understanding of supply communities in India and transforming it into a digital platform with a focus on content, community and commerce for fishermen, agents and farmers.”

“This would be our market-entry beachhead as we look to foray into Africa, Middle East and other parts of Asia, led by our proprietary distribution and fulfilment engines,” he added.

Ashutosh Sharma, Head of Investments, India, Prosus Ventures, said, “We invested behind the platform potential of Captain Fresh and are pleased with the rapid strides they have made on this front. On the supply side, from a seafood marketplace, they are now entering into the larger animal protein industry. On the demand side as well, they have expanded their focus by adding new export markets. All this is enabled by the same underlying tech infrastructure highlighting the platform potential. Captain Fresh continues to execute very well and at a rapid pace. We are delighted to support their mission and partner in their growth.”

Starting in 2019 as a seafood marketplace, Captain Fresh is a farm-to-retail platform for animal protein such as fish, seafood, and sheep. It focuses on aggregating the retail demand across the country and linking it to agents/farmers across the country. It is a tech-enabled distribution network that covers more than 20 Indian cities and over 2,500 retail businesses.

John Curtius, Partner at Tiger Global, said, “We are thrilled by the growth demonstrated by Captain Fresh over the last 12 months. We are excited to double down and deepen our partnership as the Company looks to go global.”

Elluminate Capital and DSK Legal acted as the exclusive financial and legal advisors to Captain Fresh on the transaction.

Captain Fresh seems to be a fascinating startup with motivating advancement on seafood. I’m sure this startup would continue to flourish in its journey ahead. My best to the entire group of Captain Fresh. This will give them tremendous accomplishments in the future.

Shishir Gupta, Founder and CEO, StartupLanes

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