Aquaculture company Victory Farms, based in Kenya, has raised $35 million in a Series B funding round. Creadev led the round, and Acumen Resilient Agriculture Fund, DOB Equity, and Hesabu Capital were among the other investors.
Victory Farms has over 80 locations in East Africa and specializes in growing tilapia. It wants to build the world’s most sustainable end-to-end protein platform so that 2 billion Africans can eat cheap, healthy meals that are easy to get.
With its most recent funding, the startup will also start its joint venture, Samakgro, an aqua-feed mill that will make it possible for up to 35,000 metric tons of feed ingredients to be bought locally annually. This will help East Africa’s problem with climate change by stopping carbon dioxide from being released from other ways of making protein.
With this money, the company can grow in Rwanda and Kenya and possibly move into Ethiopia, Tanzania, and Uganda.