A password will be e-mailed to you.

Captain Fresh doubles valuation in 3 months after $50M funding

Captain Fresh, a tech-enabled B2B animal protein marketplace, has secured $50 million in a Series C round of funding led by existing backers Prosus Ventures and Tiger Global Management. The round also featured participation from other existing investors including Accel India, Ankur Capital, Incubate Fund, and Matrix Partners India, which valued the company at $500 million. DSK Legal and Elluminate Capital served as the startup’s exclusive financial and legal advisors on the deal.

Captain Fresh logo mockup

Illustration: TechStory

Captain Fresh plans to use the fresh capital to set up an animal protein platform with a multi-channel, multi-specie, multi-geography, and multi-format retail, either fresh, frozen, or live. “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,” said Utham Gowda, Chief Executive Officer, and Founder of Captain Fresh.

With this funding, the company seeks to expand into Africa, the Middle East, and other regions of Asia. It has previously stated that it plans to commence in the US and Europe in the following quarter, as well as expand in Indian states such as Tamil Nadu, Kerala, and West Bengal.

Captain Fresh, founded in 2019 by Gowda, is a farm-to-retail platform for animal protein–fish, sheep, and seafood. It buys directly from agents & farmers and distributes through B2B, B2B2C, and B2R, channels, offering fish and other animal protein at competitive prices in comparison to unorganized channels. The startup has a tech-enabled supply chain that covers 20 cities and over 2,500 retail businesses. According to its statement, the company has established itself as a reliable alternative to these cities’ wholesale wet markets for suppliers and B2B customers.

It is leveraging innovative technologies to reduce the high levels of inefficiency in traditional trade and maximize the value accrued to supply communities. It uses its bid algorithm, proprietary quality inspection, and satellite technologies to ensure demand and supply are fulfilled.

The latest funding round is the company’s third fundraise over the last year. Since its Series B funding in December 2021, the startup claims to have increased its revenues by twofold. Captain Fresh secured $12 million in a Series A round from Accel, with participation from existing investors Ankur Capital, Matrix Partners India, and Incubate Fund in July 2021. The investment round also included participation from marquee angel investors Rajesh Yabaji (BlackBuck), Revant Bhate (Mosaic Wellness), Souvik Sengupta (Infra.Market), among others.



No more articles
Send this to a friend