Millions secured to close East Africa fish deficit
from MARIA MACHARIA in Nairobi, Kenya
NAIROBI – AN investment of US$35 million by the region’s leading aquaculture platform is set to address the fish supply deficit in East Africa.
The deficit is one of the greatest supply-demand imbalances in the global food system today.
Victory Farms, has announced it has completed its Series B round to fund the expansion of its operations in Kenya and Rwanda as well as potential entry into Ethiopia, Tanzania and Uganda.
Series B financing is the second round of funding for a company that has met certain milestones and is past the initial startup stage.
The round was led by Creadev, a global growth equity evergreen investor controlled by the Mulliez Family. It includes the Acumen Resilient Agriculture Fund (ARAF), DOB Equity, Endeavor Catalyst Fund, and Hesabu Capital.
The funding is anticipated to enable production of 100-million high-quality protein meals for East Africans annually, create thousands more direct, stable employment opportunities and further enable tens of thousands more small, female-led fish mongers at local markets, often known as mama samakis.
“Participating in food and nutrition security is at the core of Creadev’s mission in Africa,” said Tom Rostand, Investment Director Africa at Creadev.
Joseph Rehmann, Founder and CEO at Victory Farms, said the Series B investment will enable Victory Farms to scale up its platform for sustainable, affordable protein production and expand their food print within the region.
The company has a 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.
“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,” Rehmann said.
The Series B round takes place in the eighth year since Victory Farms’ establishment.
Since then, the two co-founders- Rehmann and Steve Moran- have built the fastest-growing tilapia platform in East Africa, with more than 80 branches serving tens of thousands customers daily.
– CAJ News