SUMMARY
B2B seafood startup Captain Fresh board allotted around 500 Series C7 CCPS to British International Investment to raise this amount
The development finance institution of the UK will join the cap table of the startup with around 1.45% stake
This funding is likely a part of a larger round that the startup kickstarted earlier this year
B2B seafood startup Captain Fresh is raising close to $7 Mn (INR 58 Cr) from British International Investment (BII). Earlier this month, the startup’s board allotted around 500 Series C7 compulsory convertible preference shares (CCPS) to British International Investment to raise this amount.
With this, the development finance institution of the UK will join the cap table of the startup with around 1.45% stake. It is pertinent to note that Ankur Capital, which counts British International Investment (earlier CDC Group plc) as its limited partner, earlier invested in Captain Fresh.
This funding is likely a part of a larger round that the startup kickstarted earlier this year. As per Inc42’s calculation, Captain Fresh is raising this funding at a pre-money valuation of around $500 Mn-$600 Mn.
Last month, Captain Fresh bagged $13 Mn from Nekkanti Sea Foods, Shakti Finvest Pvt Ltd, among others.
The startup’s existing investors – Tiger Global, Matrix Partners, Evolvence, and SBI Investment – are also likely to participate in the ongoing funding round.
In September last year, Captain Fresh bagged $20 Mn in its extended Series C round, led by Japan’s SBI Investment and Evolvence Capital.
Founded in 2019 by Utham Gowda, Captain Fresh is a farm-to-retail platform for fish, seafood and sheep. It procures directly from agents and farmers and supplies through B2B and B2B2C channels. However, the startup has reportedly discontinued its B2B operations in most of the cities, while its B2B2C operations are just restricted to a couple of cities in India.
The startup is currently focusing on exports to the foreign land including to the US and Europe.
It must be noted that while announcing its $50 Mn Series C fundraise from Prosus Ventures, and Tiger Global in 2022, the startup said it was entering the African and Middle East markets.
The development comes at a time when the meat delivery is going through a churn. In September last year, TenderCuts, one of the leading players in the space, was acquired by Delhi NCR-based omnichannel meat brand Good To Go in a distressed sale.
Earlier this week, the sector’s only unicorn, Licious, laid off around 80 employees, or 3% of its workforce, as part of a restructuring exercise.
Last year, FreshtoHome, another meat and fish D2C brand, bagged $104 Mn in Series D funding round. Delhi NCR-based ZappFresh also raised $4.3 Mn in November last year from Ah! Ventures, HT Media, Unity SFB and Heifer Impact. It is pertinent to note, ZappFresh also posted a profit of INR 57 Cr in FY23.
