Captain Fresh, a tech-enabled B2B animal protein marketplace, has raised $50 million in a Series C fundraising round led by previous backers Prosus Ventures and Tiger Global. Accel India, Matrix Partners India, Ankur Capital, and Incubate Fund were among the existing investors in this round.

On the acquisition, Elluminate Capital and DSK Legal served as the startup's exclusive financial and legal consultants.

Captain Fresh's founder and CEO, Utham Gowda, expressed his thoughts, “We have made significant strides in the last 12 months and believe we have the foundation in place to keep up with our hyper-growth trajectory. We are deepening our role on the supply side by leveraging our understanding of supply communities in India and transforming it into a digital platform with a focus on content, community and commerce for fishermen, agents and farmers.”

Captain Fresh is a farm-to-retail platform for animal protein, including fish, seafood, and sheep, which was founded by Gowda in 2019. It buys directly from agents and farms and distributes over B2B, B2R, and B2B2C channels, allowing it to offer fish and other animal protein at lower prices than unorganised channels.

Gowda further said, “This would be our market-entry beachhead as we look to foray into Africa, Middle East and other parts of Asia, led by our proprietary distribution and fulfilment engines.”

The company has a tech-enabled distribution network that spans more than 20 cities and 2,500 retail locations. According to the company's statement, the business has established itself as a reliable alternative to these cities' wholesale wet markets for suppliers and B2B clients.

Deep technologies are being used to reduce the high levels of friction in conventional trade and maximise the value accrued to supply groups. It uses its bid engine, unique quality assessment, and satellite technologies to ensure demand and supply are matched.

Captain Fresh raised $12 million in a Series A round headed by Accel in July 2021, with current investors Matrix Partners India, Ankur Capital, and Incubate Fund also participating.

Angel investors Rajesh Yabaji (BlackBuck), Souvik Sengupta (Infra.Market), and Revant Bhate (Mosaic Wellness) were among those who participated in the round.

Captain Fresh has previously raised $3 million in a seed round sponsored by Matrix Partners India and Ankur Capital. Incubate Fund was also a part of the round, as were angel investors Jitendra Gupta of Jupitar Money and Amrish Rau of Pine Labs.

The firm competes with AquaConnect, a South Asian aqua farmer network that raised $4 million in a pre-Series A financing last year. Rebright Partners and Flourish Ventures led AquaConnect's investment round.