twitter RSS Feed linkedin acp contact

US$7mn boost to steer growth in aquaculture across Africa

Lake Harvest Group, an integrated aquaculture company from Africa, will receive a US$7mn investment from Aqua-Spark and Norfund, to contribute towards the growth of the company’s operations in Zimbabwe, Zambia and Uganda

aquaculture africa 13 JanAquaculture production must be accelerated to meet the growing need for protein in Africa. (Image source: Adobe Stock)

The farm adopts best practices that include education and training programmes for staff as well as the sale of by products, antibiotic-free operations, and genetic improvement.

In addition to the financial backing, the fish distributor has attracted Aqua-Spark, the pioneer fund for sustainable aquaculture, as a new cornerstone investor.

With this investment, the fund joins African Century Group and Norfund as shareholders of Lake Harvest. Following its gain of long-term investors, African Development Bank has ceased its shareholding in the company.

“Aqua-Spark has a long-term investment approach towards sustainable aquaculture and, with its new fund, will focus on Africa in particular. “We look forward to working with the Aqua-Spark team and benefitting from both their knowledge and their ecosystem of sustainable aquaculture companies,” said James de la Fargue, CEO Lake Harvest, while speaking to Food Business Africa.

Myriad of support

According to the company, Aqua-Spark is launching a subsidiary fund focused on building infrastructure through vertically integrated farming platforms that support and stimulate out-grower programs to ignite the growth of a wider aquaculture sector, embedding it in local and regional African economies.

Lake Harvest is already established at a significant scale, which will accelerate the fund reaching its goals of Aqua-Spark Africa.

“We are excited to welcome Lake Harvest to our investment portfolio. We see ourselves as a committed partner and look forward to contributing to the future success of Lake Harvest and its people as well as the sustainable African aquaculture sector in general,” Mike Velings and Amy Novogratz, co-founder and managing partner Aqua-Spark said.

Aqua-Spark’s investment model is an ecosystem in which its company portfolios contribute collectively towards a more sustainable and accessible aquaculture industry.

The fund invests in aquaculture companies across the value chain — spanning farming operations, alternative feed ingredients, disease-battling technology, and consumer-facing aquaculture products.

In its latest report titled, An Introduction to Tilapia in Sub-Saharan Africa, Aqua-Spark has revealed that aquaculture has immense potential for growth.

With the growing population of Africa, there is an increase in demand for fish. Wild catch can’t be increased due to overexploitation and hence, aquaculture production must be accelerated to meet the growing need for protein.

According to Aqua-Spark’s analysis, tilapia could be the best solution, as it’s scalable, healthy, sustainable and affordable.


LATEST NEWS IN Aquaculture

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

US$7mn boost to steer growth in aquaculture across Africa

US$7mn boost to steer growth in aquacult…

Lake Harvest Group, an integrated aquaculture company from Africa, will receive a US$7mn investment from Aqua-Spark and Norfund, to contribute towards the growth of the company’s operations in Zimbabwe, Zambia...

Norway commits US$5mn to help small-scale aquaculture farmers in East Africa

Norway commits US$5mn to help small-scal…

The Norwegian Agency for Development Cooperation (NORAD) will provide US$5mn to increase the incomes and build resilience of small aquaculture farmers in Kenya, Mozambique and Tanzania

Prev Next

OTHER RELATED ARTICLES - Aquaculture

Ghana signs agreement with OACPS to host meeting of Fisheries & Aquaculture ministers

Ghana signs agreement with OACPS to host…

Ghana has signed an agreement with the Secretariat of the Organisation of African, Caribbean, and Pacific States (OACPS) to be the host country for the organisation's seventh meeting of ministers...

Wärtsilä announce the world's first hybrid propulsion solution for fish farming industry

Wärtsilä announce the world's first hybr…

Wärtsilä has been contracted to deliver the ship design for a new processing and transportation vessel to be built at the Balenciaga shipyard in Spain on behalf of Hav Line...

Maize deliveries hit 450 000 tonnes in Zimbabwe

Maize deliveries hit 450 000 tonnes in Z…

Maize delivery has hit 450000 tonnes in Zimbabwe for the farming session of 2016-17 as compared to the corresponding period of last year, according to a senior government official

Namibian fish exports increase by US$67.4mn

Namibian fish exports increase by US$67.…

Namibia’s fish consumption doubled in 2012 from levels of fish consumption reported the previous year, according to the Namibia Fish Consumption Promotion Trust (NFCPT)

South African Police Service to reclassify abalone poaching as serious priority crime

South African Police Service to reclassi…

The South African Police Service (SAPS) has announced that abalone poaching will be reclassified as a serious priority crime, with the related crime of an organised nature being considered a...

Nigerian fish feed firm signs joint venture agreement with Nutreco

Nigerian fish feed firm signs joint vent…

Nigerian fish feed supply company Durante has signed a joint venture agreement with animal nutrition and fish feed manufacturer Nutreco

Bakoteh Fish Market generates GMD1.8mn since launch

Bakoteh Fish Market generates GMD1.8mn s…

The Bakoteh Fish Market and Ice Plant in The Gambia has generated GMD1.8mn (US$50,950) from its vendors since the beginning of its operations in March this year, according to its...

British retailer Tesco updates farmed salmon standards

British retailer Tesco updates farmed sa…

Tesco PLC is updating its salmon standards to increase the use of more sustainable aquafeed ingredients like EPA & DHA rich algal oil

Chairman of CAFAN urges youth to take up fish farming in Nigeria

Chairman of CAFAN urges youth to take up…

Olawale Tajudeen, the chairman of the Catfish Farmers' Association of Nigeria (CAFAN) has urged youth to engage in fish farming, calling it a 'lucrative business'

Nigeria’s fish production set to boost exports

Nigeria’s fish production set to boost e…

Nigeria's fish production has reached more than three million mt per annum enabling the country to meet the local fish demand and generate surplus for export, according to Nigeria's minister...

Fish farming in Nigeria to get help from Netherlands

Fish farming in Nigeria to get help from…

Nutreco N.V. and Oxfam Novib have partnered in Nigeria to launch a one-year pilot project to promote sustainable and inclusive fish farming for smallholder farmers

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