She was taken in prize in 1794 and sailed first as a West Indiaman, then as a whaler in the British southern whale fishery, and finally as a slave ship in the triangular trade in enslaved people.

1st voyage transporting enslaved people (1799–1800): Captain William Findlay (or Finlay) acquired a letter of marque on 17 April 1799.

[5] 2nd voyage transporting enslaved people (1800–1801): Captain Findlay sailed from Liverpool on 6 May 1800, bound for West Africa.

Caroline had developed a leak as she set out that immediately overwhelmed the pumps, forcing the crew to abandon her.

[8] Princess Amelia, Captain Bryant, sailed from Jamaica on 8 February and arrived at Falmouth on 22 March.

Although Caroline was lost to the perils of the sea, during the period 1793 to 1807, war, rather than maritime hazards or resistance by the captives, was the greatest cause of vessel losses among British vessels engaged in the transportation of enslaved people.