Captain Fresh, an Indian startup that has carved a niche in the seafood industry, is reportedly mulling to raise a fresh round of capital. According to a report by TechCrunch, citing unnamed sources, the company is in talks with investors to raise up to $50 million in new funding.
Reportedly, Captain Fresh is in “advanced stages of deliberations” to raise funds from Andhra Pradesh-based seafood company Nekkanti Sea Foods, and venture capital firms like SBI Investment, Evolvence, Tiger Global, and Prosus Ventures. The report noted that Captain Fresh was last valued at $500 million.
Earlier this month, the startup raised $13.25 million in an extended series C round led by Nekkanti Sea Foods. According to a report by ENTRACKER, Nekkanti Sea Foods infused $6 million (Rs 50 crore), and Shakti Finvest Pvt Ltd invested $3.6 million (Rs 30 crore). Ravi Shankar Pemmasani and Shibu Mathai invested the remaining funds.
Founded by Utham Gowda in 2019, Captain Fresh has become an emerging name in the seafood supply chain industry. Operating primarily as a B2B seafood marketplace, Captain Fresh has developed a unique model that connects seafood retailers directly with fisherfolk and farmers. A notable aspect of Captain Fresh’s operational strategy is its reliance on technology.
The company has developed a custom-built fish & seafood comprehensive ERP suite, known as FaaS (Fish as a Service), tailored for factory owners. This technology is said to revolutionize seafood processing across various species and geographies, indicating the company’s commitment to innovation and efficiency. Captain Fresh also has its own mobile application called the Fishgram app which is designed as a comprehensive tool for fisherfolk, optimizing various aspects of their fishing ventures. Additionally, the app equips fisherfolk with valuable insights and analytics about the market and their fishing activities, which in turn help them make informed decisions to improve the overall efficiency and output of their fishing ventures.