FreshToHome was founded in 2015 to cut out the middleman in delivering fresh seafood and meat to consumers in India and the Middle East. The company's efforts were accelerated last year with the onset of the global coronavirus pandemic.
Investors, seeing the potential of the company, jumped on board late last year by supplying $121 million (€99.8 million) in Series C funding, a stark contrast to the $20 million (€16.5 million) the company raised in Series B funding in August 2019.
The Series C funding was led by Investment Corporation of Dubai, the US International Development Finance Corporation (DFC), the Allana Group and other investors. Iron Pillar accounted for $19 million (€15.7 million) of this total. Thanks to funding from Middle East investors, such as CE-Ventures, the startup has been operating in the UAE.
“This project will support economic growth and strengthen agricultural supply chains in a key US partner,” said Adam Boehler, CEO of DFC.
FreshToHome supplies 1.5 million B2C orders per month with annual sales of $85 million (€70.1 million). The company buys directly from fishermen or fish farmers. Its seafood options include red snapper, yellowfin tuna, grouper and more, all sold by weight. It also offers value-added ready-to-cook options.
“COVID-19 transformed the fish and meat purchasing behavior of consumers dramatically,” said FreshToHome CEO and Co-founder Shan Kadavil.
“Due to safety concerns, consumers made the habit-forming shift to e-commerce, and we saw online demand for our products going up many folds. We are just beginning to scratch the surface of a very large market and the current capital raise will help us realize our full potential through rapid expansion in India and the Middle East.”