Victory Farms, a Kenya-based aquaculture startup, has raised $35 million in a Series B round. The startup says it will use the funding to finance the expansion of its operations in Kenya and Rwanda and potential entry into Ethiopia, Uganda, and Tanzania.
The Series B round was led by Creadev and saw participation from the Acumen Resilient Agriculture Fund (ARAF), DOB Equity, Endeavor Catalyst Fund, and Hesabu Capital. The company’s founders and angel investors, including Joseph Rehmann, Steve Moran, Kamran Ahmad, and Hans den Bieman, also invested in the transaction.
Founded in 2015 by Joseph Rehmann and Steve Moran, Victory Farms had raised $4 million in debt funding and $5 million in equity financing before this round. The startup runs a farm for tilapia fish, and last week, President Ruto called Victory Farms the fastest-growing aquaculture business in sub-Saharan Africa.
Victory Farms currently operates over 80 branches in East Africa and recently expanded into Rwanda with Kivu Choice. The company will also launch its aqua-feed mill joint venture, Samakgro, later this year in Naivasha, which will enable the local procurement of 35,000 metric tons of feed ingredients per year.
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.”
Victory Farms also claims to mitigate East Africa’s climate change problem. The startup estimates that, at its current capacity, it is preventing at least 160 thousand metric tons of carbon dioxide emissions by shifting consumers to fish.
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.”