Kenya-based aquaculture startup Victory Farms has raised $35 million in a Series B funding round, led by Creadev and featuring participation from several other investors, including Acumen Resilient Agriculture Fund, DOB Equity and Hesabu Capital.
Victory Farms operates over 80 branches across East Africa, specialising in tilapia farming, and aims to build the world’s most sustainable end-to-end protein platform, with the goal of nourishing 2 billion Africans with affordable, accessible and healthy meals.
The startup’s latest investment will also see the launch of its joint venture, Samakgro, which is an aqua-feed mill that will enable the local procurement of up to 35,000 metric tons of feed ingredients annually. This will help to mitigate East Africa’s climate change problem by preventing carbon dioxide emissions from other forms of protein production.
The funding will go towards the expansion of the company’s operations in Rwanda and Kenya, as well as its potential entry into Ethiopia, Tanzania and Uganda.