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Bengaluru, March 7
Captain Fresh, a B2B animal protein marketplace, has raised $50 million Series C funding from Prosus Ventures and Tiger Global along with the participation of Accel India, Matrix Partners India, Ankur Capital, and Incubate Fund.
Captain Fresh started out in 2019 as 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 an animal protein platform with a play across multi-channel, multi-geography, multi-specie and multi-format retail.
Founded in 2019 by Utham Gowda, Captain Fresh’s distribution network is spread across 20+ cities and more than 2,500 retail businesses. Captain Fresh is an alternative to the wholesale wet markets in these cities for suppliers and B2B customers. It is leveraging deep technologies to lessen the high amount of friction in the traditional trade and optimize the value accrued to the supply communities.
Utham Gowda, Chief Executive Officer and Founder, Captain Fresh, said: , “We have made significant strides in the last 12 months and believe we have the foundation in place to keep up with our hyper-growth trajectory. 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. This would be our market-entry beachhead as we look to foray into Africa, Middle East and other parts of Asia, led by our proprietary distribution and fulfilment engines.”
The current funding round marks the third fund raise by the company in the last 12 months. The company claims to have more than doubled its revenues since its Series B fundraise in December 2021.
Ashutosh Sharma, Head of Investments, India, Prosus Ventures, said, “We invested behind the platform potential of Captain Fresh and are pleased with the rapid strides they have made on this front. On the supply side, from a seafood marketplace, they are now entering into the larger animal protein industry. On the demand side as well, they have expanded their focus by adding new export markets. All this is enabled by the same underlying tech infrastructure highlighting the platform potential. Captain Fresh continues to execute very well and at a rapid pace. We are delighted to support their mission and partner in their growth.”
Elluminate Capital and DSK Legal acted as the exclusive financial and legal advisors to Captain Fresh on the transaction.
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