We are discussing B2B Seafood Startup Captain Fresh Acquired Poland-based Food Company Koral for Market Expansion:
Captain Fresh is a B2B seafood startup that acquired Poland’s food and beverage manufacturing company, Koral. The financial terms and amount of the acquisition are still unknown. This marks the company’s third overseas acquisition. The startup plans to enter the European market through this acquisition and expand its services. According to Entrackr, Captain Fresh has already signed the agreement with Abris Captain Partners and Boguslaw Kowalski.
The Bengaluru startup previously acquired the American importer of seafood CenSea and French shrimp distributor Senecrus. Koral operates in the fish processing market and manufactures smoked salmon products. The company sells these products in domestic and international markets. This Poland startup has around 26 production lines that process around 120 tons of fish daily. Captain Fresh was founded by Utham Gowda in 2020. The firm offers an online B2B platform that provides and trades seafood, including salmon, shrimp, crab, and lobsters. This acquisition will be profitable for both companies, enabling them to integrate their marketing strategies and bring variety to the customers.
Captain Fresh procures, processes, and distributes seafood products to retailers through its online platform. The company also provides its mobile application on both iOS and Android platforms. The startup has known investors working with it, such as Tiger Global Management, Matrix Partners India, Prosus Ventures, Accel, SBI Holdings, Incubate Fund II, and more. The company has secured around 160 million USD to date since its inception. The CEO of Captain Fresh, Utham Gowda, mentioned that the company acquiring Koral is a strategic move for their mission to become a tech-powered multi-origin, multi-species global seafood platform.
The European market is considered the most exciting value-added product opportunity in the seafood market. The Koral arguments will enable the startup to expand its offerings in the European market. The startup was previously planning to secure $7 million from British International Investments in 2022 to join the cap table with a 1.45 percent stake. This acquisition is part of Captain Fresh’s aim to strengthen its global market network. The company expects its annual revenue run rate to be around 650 million 700 million USD for this financial year. The development came just after the Salmon sector saw increased interest from the investors. The salmon market is estimated to be 33.5 billion USD for FY24.
Conclusion
Captain Fresh is a seafood startup based in Bengaluru. The company specializes in manufacturing, processing, and distributing seafood products to retailers. The startup signed an agreement to acquire the Poland-based food and beverages manufacturing startup, Koral. The acquisition benefits both companies by allowing them to scale up and merge their marketing and business networks to offer more products. Koral has around 26 production lines that can process 120 tons of fish daily. The B2B online platform Captain Fresh offers allows users to trade and process seafood. Major investors, including Tiger Global Management and Accel, back the Bengaluru-based startup.
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