Seafood Marketplace Captain Fresh Closes $7.3 Mn C Series Funding From Evolvence Group

Tech-enabled B2B animal protein marketplace Captain Fresh has raised around $7.3 Mn from Evolvence Group as a part of its extended Series C round. 

The startup in an extra ordinary general meeting dated on April 18, 2022 has passed a resolution to allot 566 Series CCPS to Evolvence India Fund. 

The development comes almost a month after it had bagged $50 Mn from Tiger Global and Prosus Ventures at $500 Mn valuation.

Utham Gowda, founder of Captain Fresh had earlier told ET that a strategic investor would be pumping in close to $10 Mn. Evolvence Group seems to be the strategic investor here. 

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.

In December last year, the startup had raised $40 Mn led by Tiger Global and Prosus Ventures. With this extension round, the startup has raised close to $100 Mn in four months. The startup counts Matrix Partners, Accel India, Ankur Capital and Incubate Fund. 

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 startup claims to have a tech-enabled distribution network that spans across over 20 cities and more than 2,500 retail businesses. It competes against the likes of newly turned unicorn Licious, FreshToHome, TenderCuts, among others.