Seafood marketplace Captain Fresh raises $50 million in Series C

(Representative image)

Business-to-business (B2B) seafood marketplace Captain Fresh has raised $50 million in a Series C investment round co-led by Prosus Ventures and Tiger Global at a valuation of $500 million, within three months of raising its Series B from the same investors. 

Other participants included existing investors Accel India, Matrix Partners India, Ankur Capital, and Incubate Fund.

Founded in 2019, Captain Fresh is a seafood marketplace focusing on aggregating the fragmented retail demand across the country and linking it to the small fishermen and farmers throughout the Indian coast.

The company’s vision has now expanded to build a sizeable animal protein platform with a play across multi-channel, multi-geography, multi-specie and multi-format retail (fresh/frozen/live).

Utham Gowda, founder and chief executive officer of Captain Fresh, said, “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.”

The company is looking to foray into Africa, Middle East and other parts of Asia with this fundraise. It had earlier said that it will also be looking to launch in the US and Europe markets by the next quarter and expand in states including Kerala, Tamil Nadu and West Bengal.

Further, the company has more than doubled its revenues since its Series B fundraise in December 2021, said the company.

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.”