16 Feb 2024
Captain Fresh raises USD 45m in Series C extension funding with participation from Prosus Ventures
[Bangalore, India, 16th February 2024] – Captain Fresh, India's leading fish and seafood tech start-up, has raised $25 million as part of a continuing larger funding round. This investment round is led by BII and Nekkanti seafoods group in addition to a few family offices. It has raised a total of $45 million across multiple tranches in its Series C extended round with $20Mn raised in Sept 23 led by Strategic Business Innovators(SBI) and Evolvence fund, with participation from Tiger Global, Prosus Ventures, Accel and Matrix Partners.
Captain Fresh has been expanding its global footprint across the US and Europe with focus on distribution capabilities across these markets. Proceeds from this fund raise are aimed at fueling 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. Captain Fresh recently completed the acquisition of 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 their customers. Captain Fresh looks to further strengthen its distribution presence in the region through a series of acquisitions and joint ventures. The company'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.
“In the last 3 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 monetization potential for seafood on our platform. Similarly, on the supply front, we are at the cusp of replicating our aggregation playbook to other parts of the Indian Ocean Region across various fish & seafood species. The compelling business case of combining our tech led access to differentiated seafood supplies with the best-in-class global monetization platform reflects in the RoCE profiles of our platform.” says Utham Gowda, founder and CEO of the company.
About Prosus
Prosus is a global consumer internet group and one of the largest technology investors in the world.
Operating and investing globally in markets with long-term growth potential, Prosus builds leading consumer internet companies that empower people and enrich communities.
The group is focused on building meaningful businesses in the online classifieds, food delivery, payments and fintech, and education technology sectors.
Through the Prosus Ventures team, the group invests in new technology growth opportunities within logistics, fintech, health, blockchain, social and ecommerce platforms, agriculture and more.
The team actively backs exceptional entrepreneurs who are using technology to improve people’s everyday lives.
Each month, more than 2 billion customers across the globe use the products and services of companies that Prosus has invested in, acquired or built. To find out more, please visit www.prosus.com