Aquaculture tech startup Victory Farms is now set for expansion in Kenya and Rwanda after raising $35 million funding.
The startup, East Africa’s fastest-growing aquaculture platform, has also set it sights on entry into Ethiopia, Tanzania, and Uganda.
The Series B round was led by Creadev, with participation from Acumen Resilient Agriculture Fund, DOB Equity, Endeavor Catalyst Fund, Hesabu Capital, and angel investors.
“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” said Pierre Fauvet, the Managing Director Africa at Creadev.
Victory Farms provides a solution to East Africa’s nutritional security challenges by producing tilapia, a financially and environmentally efficient protein that reduces reliance on imports and supports local agriculture.
The Series B funding will allow the company to produce 100 million high-quality protein meals annually, create thousands of stable employment opportunities, and enable thousands of small female-led fish mongers at local markets.
Victory Farms also has a direct impact on the region’s climate change mitigation agenda by growing protein intake at much lower emission levels than other meat products, using renewable energy, and reducing its carbon footprint.
“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.