Captain Freshannounced $50 million in funding in a round co-led by Tiger Global and Prosus Ventures.
- Captain Fresh had raised $40 million in December 2021 at a valuation of $200 million.
- Companies like Licious and FreshToHome are just a few companies that operate in the same space as Captain Fresh.
Captain Fresh, a business-to-business (B2B) seafood and meat marketplace, nearly doubled its valuation to half a billion dollars two months after its last fundraising. The company on Monday announced $50 million in funding in a round co-led by Tiger Global and Prosus Ventures.
The Series C round also saw participation from Accel India, Matrix Partners India, Ankur Capital and Incubate Fund. Several media reports suggest the company could raise an additional $10 million in this round. In total, Captain Fresh has raised $100 million to date.
The company will mainly use this capital to inorganically expand its business with the means of acquisition from other companies.
Captain Fresh had raised $40 million in December 2021, also co-led by Tiger Global and Prosus Ventures. The company was then valued at $200 million. The company’s founder and CEO, Utham Gowda, had mentioned then that they were looking to take Captain Fresh overseas such as the United States and Europe.
He had also mentioned that the annualized revenue rate (ARR) of the company was around $50 million. ARR is a projection of future revenue based on what the business recorded in its best performing month.
Captain Fresh was founded in 2019 and currently has a distribution network in around 20 cities with over 2,000 retail outlets. The company previously mentioned that it plans to expand to 100 cities next year, while focusing on international markets. The company believes the recent round of capital injections can help it strengthen its tech stack and hire more workers.
The company’s CEO has previously been associated with brands such as Tata Strategic Management Group, Kriscore Financial Advisors Private Limited and O3 Capital. He was also executive vice-president of the two-decade-old Nekkanti Sea Foods, one of India’s largest seafood exporters.
Companies like Licious and FreshToHome are just a few companies that operate in the same space as Captain Fresh, however, they largely focus on direct consumer needs.
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