twitter RSS Feed linkedin acp contact

AgDevCo invests in Kenya's aquaculture company

AgDevCo has announced a multi-million-dollar mezzanine debt investment in Victory Farms, an aquaculture company in Kenya

AdobeStock 142303181Victory Farms operates with its own hatchery, nursery ponds and deep-water cages in Lake Victoria. (Image source: Adobe Stock)

The investment will support the company’s continued growth and impact, including the construction of a feed mill and expansion into new countries in the East Africa region.

For decades the wild catch from Africa’s Great Lakes have been declining; as a result of which, local markets rely on imported frozen fish, often of low quality. Victory Farms saw an opportunity to supply affordable protein to consumers in a more sustainable way, by growing tilapia, a native species.

Founded in 2015, Victory Farms operates as a vertically integrated business, with its own hatchery, nursery ponds and deep-water cages in Lake Victoria, as well as a processing plant and a distribution network, comprising 45 wholly-owned retail locations. Victory Farms’ main customers are several thousand market women, who buy fish in small batches from its various outlets, before cooking and selling them in local food markets.

The company sells 1.5 million fresh fish per month, which is grown using the best aquaculture practices from around the globe, without antibiotics. Victory Farms takes great care to protect and restore local ecosystems, working continuously to improve biodiversity on both land and water. The company aims to be carbon negative by using sustainable feed inputs, installing solar power, and planting trees on degraded land.

“We are delighted to back Victory Farms’ ambition to be Africa’s leading producer of affordable and healthy protein”, said Chris Isaac, AgDevCo’s chief investment officer. “We see huge potential for East Africa’s nascent aquaculture industry to grow and develop in a sustainable way, which should help relieve pressure on wild fish stocks,” he added.

Victory Farms’ co-founder and CEO, Joseph Rehmann, said, “Their long-term funding will be more than double the size of our business. As we grow into new markets, and with AgDevCo’s backing, we remain committed to being at the vanguard of environmental and social progress in the global fish industry.”

With this transaction, AgDevCo becomes the largest investor in Victory Farms to date, alongside the founding shareholders and external investors, DOB Equity, Msingi East Africa, Ceniarth, CIVF, MCE Social Capital and DEG.


LATEST NEWS IN Aquaculture

Youth’s challenges in artisanal fisheries and aquaculture discussed at IYAFA 2022

Youth’s challenges in artisanal fisherie…

Themes including the need for African governments to have youth-focused fisheries policies, came strongly to the fore as Food and Agriculture Organization (FAO) brought experts and activists together to consider...

Fish project tackles malnutrition in Uganda

Fish project tackles malnutrition in Uga…

 Ugandan Lake catches are mostly dominated by three highly-nutritious fishes, known locally as 'muziri', 'ragoogi' and 'mukene'

African flag registries exploited by high-risk fishing operators: Report

African flag registries exploited by hig…

Ensuring that high-risk fishing operations and vessels are excluded from national flags is a critical step to securing the waters of Africa for the legitimate and sustainable enrichment of coastal...

Angola sees boost in aquaculture and agriculture output

Angola sees boost in aquaculture and agr…

The output in the agriculture and fishing (+12.9% y-o-y) sector in Angola continues to record blockbuster growth and has surpassed pre-pandemic levels, according to the National Statistics Institute’s (INE) latest...

Wanda Fish Technologies Ltd signs agreements to advance goals in cultivated fish

Wanda Fish Technologies Ltd signs agreem…

Israel- FoodTech start-up Wanda Fish Technologies Ltd has signed two agreements with Tufts University to advance the company’s goals in the emerging field of cultivated fish

Ghana imports US$200mn fish annually

Ghana imports US$200mn fish annually

Illegal fishing is having a negative impact on Ghana's fish stock and economy, and the country is spending around US$200mn annually to import fish to meed the demand

Prev Next

OTHER RELATED ARTICLES - Aquaculture

Malawi and Mozambique sign fisheries MoU

Malawi and Mozambique sign fisheries MoU

Malawi and Mozambique have signed a five-year memorandum of understanding (MoU) on fisheries and aquaculture management

Tanzania-  Kagera region government ready to launch cage fish farming

Tanzania- Kagera region government read…

The government of Kagera region has finalised plans to introduce cage fish farming to increase revenue from fisheries resources

Water hyacinth threatens aquatic life in Lake Victoria

Water hyacinth threatens aquatic life in…

Many species of fish and other water organisms in Lake Victoria face extinction as water hyacinth spreads across the second largest lake in the world

New products for aquaculture hatcheries launched

New products for aquaculture hatcheries …

Meriden Animal Health is launching a unique breakthrough product for the early days of larval rearing which mirrors an optimal wild larval diet  

Somaliland’s fishing sector gets new ice plant

Somaliland’s fishing sector gets new ice…

An ice plant is helping develop Somaliland’s indigenous fishing sector by allowing fishermen to sell their catch in markets around the country

Import and sale of raw oysters within Hong Kong from Zwembesi Farms, South Africa suspended

Import and sale of raw oysters within Ho…

The Centre for Food Safety (CFS) of the Food and Environmental Hygiene Department announced last week that the import into and sale within Hong Kong of raw oysters harvested in...

African flag registries exploited by high-risk fishing operators: Report

African flag registries exploited by hig…

Ensuring that high-risk fishing operations and vessels are excluded from national flags is a critical step to securing the waters of Africa for the legitimate and sustainable enrichment of coastal...

Tilapia importation banned to boost fish production in Ghana

Tilapia importation banned to boost fish…

In a move to boost the production of fish, the Ghanaian government has banned the importation of Tilapia, which is popular fish on most local food menus across the country,...

Africa's first ASC certified shrimp farm accredited

Africa's first ASC certified shrimp farm…

The Aquaculture Stewardship Council (ASC) certification has been awarded to a leading Madagascan shrimp farm, located in Mahajamba, on the north-west coast

Illegal fishing and toxic dumping on Somali coastline

Illegal fishing and toxic dumping on Som…

Somalia's African Union High Representative Jerry John Rawlings has condemned illegal fishing and dumping of toxic waste on the Somali coastline

New aquaponics unit created in Eastern Cape

New aquaponics unit created in Eastern C…

A largescale aquaponics unit has been launched in Paterson to provide nutritious vegetables, as part of The Rhisotope initiative

Zim communities benefit from fish farming initiatives

Zim communities benefit from fish farmin…

Communities from Masvingo and Chivi districts to benefit from protracted relief programme by Aquaculture Zimbabwe to engage in fish farming

Prev Next