Captain Fresh Secures $13 Million in Funding for Capital Expenditure and Expansion
B2B seafood startup Captain Fresh has successfully raised INR 110 crore (approximately $13.25 million) in a funding round led by Nekkanti Sea Foods, with additional participation from Shakti Finvest Pvt Ltd and other investors. The funds will be utilized for capital expenditure and further expansion of the business. The company, operating as a farm-to-retail platform for animal protein, plans to issue 1,102 Series C6 compulsory convertible preference shares at a premium of INR 9,98,399 each, as approved by the board.
Key Investors and Funding Allocation
Nekkanti Sea Foods spearheaded the funding round with a contribution of INR 50 crore, while Shakti Finvest Pvt Ltd invested INR 30 crore. Ravi Shankar Pemmasani and Shibu Mathai added INR 27.46 crore and INR 2.50 crore, respectively. The allocation of shares included 501 CCPS for Nekkanti Sea Foods, 301 CCPS for Shakti Finvest Pvt Ltd, 275 CCPS for Ravi Shankar Pemmasani, and 25 CCPS for Shibu Mathai.
About Captain Fresh and Previous Funding Rounds
Established in 2019 by Utham Gowda, Captain Fresh serves as a platform connecting farms to retail for animal protein, specializing in fish, seafood, and sheep. The startup procures directly from agents and farmers, catering to B2B, B2R, and B2B2C channels. This recent funding comes on the heels of a $20 million extension in the Series C round, which took place four months ago. The previous round was led by SBI Investments and Evolvence Capital, with participation from existing investors such as Tiger Global, Accel Partners, Matrix Partners India, and Prosus Ventures.
Strategic Expansion Plans
Captain Fresh has articulated plans to deploy the fresh capital to expand its operations in European and US markets. This move positions the startup to indirectly compete with industry players like FreshtoHome, Licious, and Tendercuts (acquired by Good To Go). The funding injection is expected to propel Captain Fresh’s growth and fortify its presence in the competitive seafood and animal protein market.