Feb 16: Captain Fresh, a a fresh fish and sea food tech startup, which bridges the gap between seafood producers and consumers has raised $25 million to grow its distribution network in the US and Europe. Further, it also plans for acquisitions and JVs that brings synergy to its business growth vision.
Captain Fresh Founder and CEO Utham Gowda said, “In the last three years, we have sharpened our playbook of aggregating high quality, processed, seafood supply in India using a technology-led asset light model. Every dollar we raise now is being deployed to forward integrate the distribution side of the value chain, particularly in the US and Europe. We expect these moves to enrich the monetisation potential for seafood on our platform.”
Captain Fresh Acquires Shrimp Cooker and Distributor Senecrus
Captain Fresh recently completed the acquisition of 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 its customers.
The startup has set a goal to consolidate its distribution presence in the region through a series of acquisitions and joint ventures. The company’s product portfolio encompass over 100 species of fish and seafood, sourced from over a dozen countries. The company’s product portfolio includes over 100 species of fish and seafood, sourced from over a dozen countries globally and catering to customers in over 30 countries . It has offices in India, the United States, Dubai, Paris, Oslo, Amsterdam, and Madrid..
The fresh round of investments by Captain Fresh was raised as part of its extended Series C funding round led by British International Investment and Nekkanti Seafoods Group as well as a few family offices.
As on date, Captain Fresh has raised a total of $45 million across multiple tranches in its Series C extended round. Last September, it raised $20 million in a round led by Strategic Business Innovators of Japan and Evolvence fund, with participation from Tiger Global, Prosus, Accel and Matrix Partners India.
The company’s expansion in the distribution network will help export Indian seafood in a more productive, efficient way and increase incomes for local fishermen. The funding is aimed at supporting more fishermen with improved economic opportunities, promoting sustainable production, and reducing wastage
