Kenyan aquaculture startup, Victory Farms, has raised $35 million in Series B funding. The startup plans to use the funding to expand operations in Kenya and Rwanda and expand into Ethiopia, Uganda, and Tanzania.
Creadev led the round. Acumen Resilient Agriculture Fund (ARAF), DOB Equity, Endeavor Catalyst Fund, and Hesabu Capital also participated. In addition, existing investors Joseph Rehmann, Steve Moran, Kamran Ahmad, and Hans den Bieman, angel investors, and the company's founders also invested.
Before this round, Victory Farms had raised $4 million in debt and $5 million in equity funding. President Ruto called Victory Farms the fastest-growing aquaculture business in sub-Saharan Africa in the past week because it raises tilapia fish.
Victory Farms recently opened Kivu Choice in Rwanda, operating over 80 branches in East Africa. Samakgro, the company's aqua-feed mill joint venture in Naivasha, will also be launched this year, allowing 35,000 metric tons of feed ingredients to be procured locally.
Speaking on the investment round, Joseph Rehmann, the startup’s CEO, said, “The Series B investment will enable Victory Farms to scale up our platform for sustainable, affordable protein production and expand our food print within the region—advancing our mission to build the world’s most sustainable end-to-end protein platform that will nourish 2 billion Africans with affordable, accessible, and healthy meals.”
At its current capacity, it is estimated that Victory Farms is preventing at least 160 thousand metric tons of carbon dioxide emissions by shifting consumers to fish mitigating East Africa’s climate change problem.
Rebecca Mincy, Investment Director at ARAF, said, “ARAF supports smallholder farmers and aquaculture companies that prioritize Africa’s sustainable development goals. Victory Farms is another great addition to ARAF’s portfolio, where companies use innovative business models to help farmers adapt to climate change.”
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