A Series B funding round brought in $35 million for the Kenyan firm Victory Farms, which is focused on aquaculture.
The company claims that it plans to utilise the financing to support the growth of its operations in Kenya and Rwanda, in addition to exploring the possibility of entering the markets in Ethiopia, Uganda, and Tanzania.
Creadev was the driving force behind the Series B funding round, which also included participation from the Acumen Resilient Agriculture Fund (ARAF), DOB Equity, Endeavour Catalyst Fund, and Hesabu Capital. Joseph Rehmann, Steve Moran, Kamran Ahmad, and Hans den Bieman were among the company’s founders and angel investors who participated in the transaction by making an investment of their own.
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About Victory Farms’ Investment
The Chief Executive Officer of the company, Joseph Rehmann, made the following statement regarding the investment round: “The Series B investment will enable Victory Farms to scale up our platform for sustainable, affordable protein production and expand our footprint 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.”
In addition to this, Victory Farms asserts that it can help East Africa’s challenge with climate change. The new business venture estimates that it is currently preventing at least 160 thousand metric tonnes of carbon dioxide emissions at its current capacity by changing consumers to opt for fish instead of meat.
“ARAF supports smallholder farmers and aquaculture companies that prioritise 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,” stated Rebecca Mincy, Investment Director at ARAF.
About Victory Farms
Victory Farms is a startup that operates a farm for tilapia fish. The company was established in 2015 by Joseph Rehmann and Steve Moran. In April 2023, President Williams Ruto of Kenya referred to the company as the most rapidly expanding aquaculture business in sub-Saharan Africa.
They are the owner and operator of a fish farm with the goal of making affordable, easily accessible, and nutritious protein available to the people of East Africa. The company engages in genetics research, breeding and hatchery operations, production and offshore cage management, processing of fish, cold chain operations, and distribution of fish, all of which make it possible for clients to obtain access to fish of high quality.
The current number of Victory Farms locations in East Africa is above 80, and the company has just opened a branch in Rwanda under the name Kivu Choice. Later on in this year, the company will also establish its aqua-feed mill joint venture known as Samakgro in the city of Naivasha. This will make it possible to source 35,000 metric tonnes of feed ingredients from the local area annually.
Before this round of fundraising, Victory Farms had previously secured a total of $9 million, with $4 million coming from loan financing and $5 million from equity financing.
