Kenyan based aquaculture company, Victory Farms, has completed a $35 million Series B funding round to expand its operations in Kenya and Rwanda, as well as potentially enter into Ethiopia, Uganda and Tanzania.
The Series B round was led by Creadev, a global VC and growth equity evergreen investor controlled by the Mulliez Family. Other Investors include the Acumen Resilient Agriculture Fund (ARAF), DOB Equity, Endeavor Catalyst Fund, and Hesabu Capital. The founders, Joseph Rehmann and Steve Moran, and other angel investors Kamran Ahmad, and Hans den Bieman – also invested into the transaction.
Founded in 2015 by Joseph Rehmann and Steve Moran, Victory Farms is the fastest-growing tilapia platform in East Africa, with more than 80 branches serving tens of thousands customers daily. It recently expanded into Rwanda with the launch of Kivu Choice in Kigali. Rehmann says the company is on track to produce 10,000 tonnes in 2023.
“As East Africa’s population grows, so does the need for sustainable and efficient protein production that both helps to address food insecurity and alleviates pressure on important natural resources. 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 world’s most sustainable end-to-end protein platform that will nourish 2 billion Africans with affordable, accessible, and healthy meals,” said Joseph Rehmann, Founder and CEO at Victory Farms.
According to Pierre Fauvet, Managing Director Africa at Creadev, “Participating to food and nutrition security is at the core of Creadev’s mission in Africa. We believe that Victory Farms has an instrumental role to play in meeting the demand potential for affordable quality protein meals and the potential to become a pan African champion of access to food for the many.”
“We are delighted to support Victory Farms, the largest end-to-end white protein solution in Kenya and a key driver of climate-smart growth in the food sector across the region” added Tom Rostand, Investment Director Africa at Creadev.
“Endeavor is on a mission to build thriving entrepreneurial ecosystems in emerging and underserved markets around the world. We believe the in the potential of Victory Farms as a driver for sustainable economic development in East Africa and an innovator in the global aquaculture sector,” said Allen Taylor, Managing Director of the Endeavor Catalyst Fund.
Victory Farms expects to launch its aqua-feed mill joint venture, Samakgro, later this year, which will enable local procurement of 35,000 metric tons of feed ingredients per year. The company is also constructing a feed mill in Naivasha, which will operate fully on renewable energy and create more than 40,000 jobs in regional Agriculture.
