Aquaculture firm Victory Farms in Kenya has raised $35 million in Series B financing. According to the business, it plans to utilize the money to expand operations in Kenya and Rwanda and maybe expand into Ethiopia, Uganda, and Tanzania.
The Acumen Resilient Agriculture Fund (ARAF), DOB Equity, Endeavor Catalyst Fund, and Hesabu Capital joined Creadev in leading the Series B financing. The deal also included investments from the company’s founders and angel investors, including Joseph Rehmann, Steve Moran, Kamran Ahmad, and Hans den Bieman.
Victory Farms was founded in 2015 by Joseph Rehmann and Steve Moran and had previously raised $4 million in debt financing and $5 million in equity financing. Victory Farms, a startup that manages a tilapia fish farm, was dubbed the fastest-growing aquaculture company in sub-Saharan Africa by President Ruto last week.
With the recent addition of Kivu Choice, Victory Farms has expanded into Rwanda and runs over 80 outlets in East Africa today. Later this year, the business will also open its aqua-feed mill joint venture, Samakgro, in Naivasha, enabling the local purchase of 35,000 metric tons of feed ingredients annually.
The startup’s CEO, Joseph Rehmann, commented on the Series B funding: “The Series B investment will enable Victory Farms to scale up our platform for affordable, sustainable protein production and expand our food footprint within the region—advance our mission to build the world’s most sustainable end-to-end protein platform that will feed 2 billion Africans with affordable, accessible, and healthy meals.”
Victory Farms asserts that it helps East Africa cope with the effects of climate change. According to the firm, encouraging people to eat fish is currently reducing at least 160 thousand metric tons of carbon dioxide emissions.
ARAF promotes smallholder farmers and aquaculture businesses that prioritise Africa’s sustainable development goals, according to Rebecca Mincy, Investment Director at ARAF. Another outstanding addition to ARAF’s portfolio is Victory Farms, where businesses employ cutting-edge commercial strategies to assist farmers in coping with climate change.