Kenyan agritech Victory Farms has successfully raised $35 million in a Series B funding round, led by Creadev and featuring participation from Acumen Resilient Agriculture Fund (ARAF), DOB Equity, Endeavor Catalyst Fund, Hesabu Capital, as well as the company’s founders and angel investors. This brings Victory Farms’ total funding to date to $44 million, including previous debt and equity financing rounds.
Victory Farms, founded in 2015 by Joseph Rehmann and Steve Moran, operates as an aquaculture startup, focusing on sustainable fish farming. The company runs a farm for tilapia fish and has been recognized as the fastest-growing aquaculture business in sub-Saharan Africa by President Ruto. The recent funding will be used to finance the expansion of operations in Kenya and Rwanda, and potentially enter new markets in Ethiopia, Uganda, and Tanzania.
Currently, Victory Farms operates over 80 branches in East Africa and recently expanded into Rwanda with Kivu Choice, a strategic move to expand its presence in the region. In addition, the company plans to launch a joint venture called Samakgro, an aqua-feed mill, later this year in Naivasha. Samakgro aims to enable local procurement of 35,000 metric tons of feed ingredients per year, thereby strengthening the supply chain and supporting sustainable aquaculture practices.
Joseph Rehmann, CEO of Victory Farms, stated that the Series B investment will help the company scale up its platform for sustainable and affordable protein production, and expand its footprint in the region. The company aims to build the most sustainable end-to-end protein platform that can provide affordable, accessible, and healthy meals to 2 billion Africans, advancing its mission of addressing food security and nutrition challenges in the region.
One of the key aspects of Victory Farms’ operations is its commitment to mitigating climate change in East Africa. The company estimates that, at its current capacity, it is preventing at least 160 thousand metric tons of carbon dioxide emissions by shifting consumers to fish. This aligns with the company’s focus on sustainability and its contribution to Africa’s sustainable development goals.
Rebecca Mincy, Investment Director at ARAF, stated that Victory Farms is a valuable addition to ARAF’s portfolio, as it represents innovative business models that prioritize sustainable agriculture and support farmers in adapting to climate change. This further highlights Victory Farms’ impact-driven approach and commitment to addressing pressing challenges in the region.
In conclusion, Victory Farms’ successful Series B funding round of $35 million is a significant milestone for the Kenyan agritech startup. With plans for expansion into new markets, launching a joint venture for local procurement, and a strong focus on sustainability, Victory Farms is well-positioned to further its mission of providing sustainable and affordable protein production to address food security and nutrition challenges in Africa.