Business-to-business seafood provider Captain Fresh has raised $25 million as part of a continuing Series C funding round which started in 2022. It also recently acquired a Paris-based company.
Captain Fresh, operated by Infifresh Foods Pvt. Ltd, has secured funds from Nekkanti Seafoods Group, UK’s development finance institution British International Investment (BII) and a few family offices.
The company also acquired 40-year-old French 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 retailers as its customers.
Captain Fresh is looking to further strengthen its distribution presence in the region through a series of acquisitions and joint ventures, the company said.
Previously, the company had raised $20 million in its extended Series C round in September 2023. The round was co-led by SBI Investment and Evolvence Capital and involved participation by a few existing investors, including Accel, Matrix Partners India, Prosus Ventures and Tiger Global.
In 2022, it raised $50 million in its initial Series C funding round led by existing investors Prosus and Tiger Global, along with the participation of Accel India, Matrix Partners India, Ankur Capital and Incubate Fund. It was valued at around $500 million in that round.
Meanwhile, the company is aiming to expand its global footprint across the US and Europe with a focus on distribution capabilities across these markets. Therefore, it plans to use the funds to improve its distribution in the US and Europe.
The expansion in the distribution network will help export Indian seafood in a more productive, efficient way and hence increase income for local fishermen, the company said in a statement.
At present, its product portfolio includes more than 100 species of fish and seafood, sourced from over a dozen countries globally and catering to customers in over 30 countries. Captain Fresh has offices in India, the US, Dubai, Paris, Oslo, Amsterdam and Madrid.
“Every dollar we raise now is being deployed to integrate the distribution side of the value chain, particularly in the US and Europe,” said Utham Gowda, founder and chief executive officer of Captain Fresh.
“We expect these moves to enrich the monetisation 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,” he added.