Captain Fresh, a tech-enabled business-to-business seafood marketplace, has secured $12 million in a Series A funding round led by venture capital firm Accel.
The round has also seen participation from its existing investors Matrix Partners India, Ankur Capital and Incubate Fund, and angel investors, including Jitendra Gupta (Jupiter), Asish Mohapatra and Ruchi Kalra (OfBusiness) Souvik Sengupta (Infra.Market), Rajesh Yabaji(BlackBuck), Revant Bhate (Mosaic Wellness), Ramakanth Sharma (Livspace), and Amrish Rau (PayU).
The fresh capital will be utilized by the brand to beef up its supply-side tech, expand distribution globally and grow its team.
Utham Gowda, Founder, and CEO, Captain Fresh, said in a statement, “Over the last 24 months, we have iterated the playbook for efficiently aggregating demand and supply, validated by a 10x growth spurt through the pandemic. We are thrilled to find ourselves at this unique intersection of a largely unsolved problem, a highly capital-efficient business model and backed by a high-quality investor set.”
Started in 2019, Captain Fresh said it is working to simplify the fish and seafood supply chain in India. The firm aims to drive predictability through a combination of a digital commerce platform and a physical fulfillment layer for retailers across multiple formats.
Captain Fresh claims that it works with over 600 businesses across various retail formats in more than 10 Indian cities.
Barath Shankar Subramanian, Partner, Accel, stated, “The fresh fish and seafood market in India is characterized by a huge supply-demand mismatch, varied quality standards, fragmented channels, and numerous other issues. Captain Fresh is targeting this fragmented supply base, aggregating the supply through technology, using a scale, and technology to standardize the quality, and serving retailers by giving better quality products, higher fill rate, and predictable delivery.