Accel India-Backed Captain Fresh Bags $50 Mn To Enter Africa And Middle East

Tech-enabled B2B animal protein marketplace, Captain Fresh has raised $50 Mn in a Series C funding round led by Prosus Ventures and Tiger Global, who are existing investors in the startup. Other existing investors who participated in this round are Accel India, Matrix Partners India, Ankur Capital, and Incubate Fund.

 Elluminate Capital and DSK Legal acted as the exclusive financial and legal advisors to the startup on the transaction.

“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 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,” said Utham Gowda, founder and CEO, Captain Fresh.

Founded in 2019 by Gowda, Captain Fresh is a farm-to-retail platform for animal protein–fish, seafood and sheep. It procures directly from the agents and farmers, and supplies across B2B, B2R and B2B2C channels, providing fish and other animal protein at competitive pricing compared to unorganised channels.

“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,” Gowda added. 

The startup has a tech-enabled distribution network that spans across over 20 cities and more than 2,500 retail businesses. According to its statement, the startup has become a reliable 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 optimise the value accrued to the supply communities. It leverages its bid engine, proprietary quality inspection and satellite technology, ensuring match-making of demand and supply.

In July 2021, Captain Fresh bagged $12 Mn in its Series A round led by Accel along with the participation from existing investors Matrix Partners India, Ankur Capital, as well as, Incubate Fund. 

The investment round also included participation from marquee angel investors Souvik Sengupta (Infra.Market), Rajesh Yabaji (BlackBuck), Revant Bhate (Mosaic Wellness), among others.

Prior to this, Captain Fresh garnered $3 Mn in a seed funding round led by Matrix Partners India and Ankur Capital. Incubate Fund also participated in the round, along with angel investors Jupitar Money’s Jitendra Gupta and Pine Labs’ Amrish Rau.

The startup competes with South Asian Aqua farmers network AquaConnect that raised about $4 Mn in Pre-Series A round in the previous year. AquaConnect’s funding round was led by Rebright Partners and Flourish Ventures.