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B2B seafood marketplace Captain Fresh close to buying US co Beaver Street Fisheries

Mint  

Captain Fresh, a Bengaluru-based business-to-business (B2B) seafood marketplace, is close to acquiring US-based Beaver Street Fisheries at an enterprise value of USD 600 million. The farm-to-retail startup was founded by banker turned entrepreneur Utham Gowda and is backed by Prosus (formerly Naspers) and Matrix Partners. Captain Fresh will tap its existing investors to finance the acquisition. The company will also offer part of its stock to Beaver Fisheries' shareholders. The three-year-old startup was valued at USD 500 million when it raised USD 50 million in a funding round earlier this year, led by Prosus and Tiger Global. The company has raised over USD 100 million to date. Captain Fresh helps farmers and fishermen sell fresh fish and other seafood species. It has over 50 collection centres and helps sell to over 2,500 businesses. It also operates in the US, Spain and the Middle East. Beaver Street Fisheries, founded in 1950, is one of the largest processors and sellers of seafood in the US.