Online seafood firm Captain Fresh has raised $25 million in a funding round led by UK government-backed British International Investment (BII) and Andhra Pradesh-based Nekkanti Seafoods Group, according to ETtech report.
The funding was part of a larger $48 million extended funding round at a $500 million valuation, out of which $20 million had already been raised by the firm in September last year. That round had been led by Japan-based SBI Investment and Evolvence Capital, and had also seen participation from existing investors like Tiger Global, Prosus, Accel and Matrix Partners India.
“By supporting Captain Fresh, we are delighted to be able to reach and support more fishermen with improved economic opportunities, as well as to promote sustainable production and reduce wastage. We are also keen to support India’s food exports as a way to support global food security,” Abhinav Sinha, managing director and head of technology and telecoms at BII, said in a statement.
Both BII and SBI Investment are first-time investors in the firm. Post this fundraise, Gowda will hold a 19% stake in the firm, followed by Matrix Partners at 12.5%, Accel and Ankur Capital at about 11 to 12% each, and Prosus and Tiger Global at about 10% each, Gowda added.
The funds will primarily be used to expand Captain Fresh’s operations in the US and European markets. “We expect to become fully vertically integrated in these markets and evolve from being just an exporter to also distributing on our own (sic),” Gowda said. The firm would also make some investments in expanding its supply chain in southeast Asia, sourcing products from countries like Indonesia and Malaysia.
The firm recently completed the acquisition of Paris-based shrimp cooker and distributor Senecrus as part of its European expansion strategy, it said in a statement.
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