Captain Fresh, a B2B seafood startup, is in the process of securing nearly $7 million (approximately INR 58 crore) from British International Investment (BII). The startup’s board recently allocated approximately 500 Series C7 compulsory convertible preference shares (CCPS) to British International Investment to achieve this fundraising goal.
With this investment, the development finance institution of the UK will join the cap table of the startup with around 1.45% stake. It’s worth noting that Ankur Capital, with British International Investment (formerly CDC Group plc) as its limited partner, previously invested in Captain Fresh.
This funding is likely a part of a broader round that the startup initiated earlier in the year. According to calculations, Captain Fresh is raising this funding with a pre-money valuation of approximately $500 million to $600 million.
Last month, Captain Fresh secured $13 million in funding from Nekkanti Sea Foods, Shakti Finvest Pvt Ltd, and other investors.
Continue Exploring: Bengaluru-based B2B marketplace Captain Fresh raises $13.25 Million in Series C extension
It’s probable that the startup’s current investors, including Tiger Global, Matrix Partners, Evolvence, and SBI Investment, will also join the current funding round.
Last year in September, Captain Fresh secured $20 million in its extended Series C round, with leadership from Japan’s SBI Investment and Evolvence Capital.
Continue Exploring: B2B seafood startup Captain Fresh raises $20 Million in Series C funding for European and US expansion
Founded in 2019 by Utham Gowda, Captain Fresh operates as a farm-to-retail platform for fish, seafood, and sheep. It sources directly from agents and farmers, distributing its products through both B2B and B2B2C channels. However, there are reports that the startup has discontinued its B2B operations in most cities, with its B2B2C activities limited to only a couple of cities in India.
The startup is currently focused on exporting to foreign markets, including the US and Europe.
It’s worth noting that when announcing its $50 million Series C fundraising from Prosus Ventures and Tiger Global in 2022, the startup mentioned its entry into the African and Middle Eastern markets.
This development comes at a time when the meat delivery sector is experiencing notable changes. In September of last year, TenderCuts, one of the leading players in the industry, was acquired in a distressed sale by Good To Go, an omnichannel meat brand based in Delhi NCR.
Continue Exploring: Seafood companies boost investments in local market amid global export challenges: Shrimps, squids, and lobsters see surge in domestic demand
Earlier this week, Licious, the sector’s only unicorn, carried out a restructuring exercise, resulting in the layoff of around 80 employees, which accounts for about 3% of its workforce.
Continue Exploring: Meat retailer Licious lays off 80 employees in bid for enhanced efficiency
Last year, FreshtoHome, another meat and fish D2C brand, secured $104 million in Series D funding. Additionally, Delhi NCR-based ZappFresh raised $4.3 million in November of the same year from investors such as Ah! Ventures, HT Media, Unity SFB, and Heifer Impact. It is noteworthy that ZappFresh also posted a profit of INR 57 crore in FY23.
