Victory Farms,a Kenyan primarily based aquaculture firm has raised a $35 million Sequence B funding spherical geared toward increasing its operations in Kenya and Rwanda, in addition to doubtlessly enter into Ethiopia, Uganda and Tanzania.
The funding spherical was led by Creadev, a world VC and progress fairness evergreen investor managed by the Mulliez Household together with different Buyers like Acumen Resilient Agriculture Fund (ARAF), DOB Fairness, Endeavor Catalyst Fund, and Hesabu Capital. The founders, Joseph Rehmann and Steve Moran, and different angel traders Kamran Ahmad, and Hans den Bieman – additionally invested into the transaction.
Joseph Rehmann, Founder and CEO at Victory Farms stated,“As East Africa’s inhabitants grows, so does the necessity for sustainable and environment friendly protein manufacturing that each helps to deal with meals insecurity and alleviates stress on essential pure sources. The Sequence B funding will allow Victory Farms to scale up our platform for sustainable, inexpensive protein manufacturing and develop our meals print inside the area – advancing our mission to construct world’s most sustainable end-to-end protein platform that may nourish 2 billion Africans with inexpensive, accessible, and wholesome meals.”
Based in 2015 by Joseph Rehmann and Steve Moran, Victory Farms is the fastest-growing tilapia platform in East Africa, with greater than 80 branches serving tens of 1000’s clients day by day. It not too long ago expanded into Rwanda with the launch of Kivu Selection in Kigali. Rehmann says the corporate is on observe to provide 10,000 tonnes in 2023.
Pierre Fauvet, Managing Director Africa at Creadev commented,“Taking part to meals and vitamin safety is on the core of Creadev’s mission in Africa. We imagine that Victory Farms has an instrumental position to play in assembly the demand potential for inexpensive high quality protein meals and the potential to change into a pan African champion of entry to meals for the numerous.”
“We’re delighted to help Victory Farms, the biggest end-to-end white protein answer in Kenya and a key driver of climate-smart progress within the meals sector throughout the area” added Tom Rostand, Funding Director Africa at Creadev.
“Endeavor is on a mission to construct thriving entrepreneurial ecosystems in rising and underserved markets around the globe. We imagine the within the potential of Victory Farms as a driver for sustainable financial improvement in East Africa and an innovator within the international aquaculture sector,” stated Allen Taylor, Managing Director of the Endeavor Catalyst Fund.
Victory Farms goals to launch its aqua-feed mill three way partnership, Samakgro, later this 12 months, which is able to allow native procurement of 35,000 metric tons of feed elements per 12 months.
The corporate can also be setting up a feed mill in Naivasha, which is able to function totally on renewable vitality and create greater than 40,000 jobs in regional Agriculture.