Captain Fresh, a leading B2B fish and seafood startup, has announced the successful closure of a $20 million funding round, marking an extension to its Series C financing. The investment was spearheaded by SBI Investment from Japan and Evolvence Capital. Notably, existing investors Accel, Matrix Partners India, Prosus Ventures, and Tiger Global also participated in this round.
The newly acquired capital will fuel Captain Fresh’s ambitious plans for global expansion, with a specific focus on penetrating high-margin markets in Europe and the United States. Founder of Captain Fresh, Utham Gowda, expressed enthusiasm about the company’s trajectory, stating, “We stand at a transformative juncture in our aim to establish Captain Fresh on the global stage.”
Since its inception in 2019, Captain Fresh has seen significant growth, cumulatively raising $151 million across 10 rounds prior to this latest investment. In January of the current year, the startup raised $13.2 million in its previous funding round. Currently, Captain Fresh manages over 80,000 metric tonnes of seafood annually, predominantly sourced from the Indian Ocean region, with India contributing to 90% of the supply.
From a demand standpoint, Captain Fresh caters to markets in India, Europe, and the United States, with additional demand stemming from Southeast Asia. The startup has strategically positioned offices in key locations including the US, Dubai, and Madrid to facilitate its global operations.
Commenting on the investment, Chairman & CEO of SBI Investment, Yoshitaka Kitao, highlighted Captain Fresh’s revolutionary impact on the B2B seafood marketplace, emphasizing the company’s technological prowess and leadership position in the industry. Rohit Batra, Managing Partner at Evolvence India, commended Captain Fresh for consolidating a fragmented industry and achieving impressive execution with attractive unit economics.
With this latest infusion of capital, Captain Fresh is poised to accelerate its mission of transforming the seafood supply chain while solidifying its position as a key player in the global market.
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