Victory Farms Secures $35 Million Series B Funding to Expand Sustainable Aquaculture Operations in East Africa – East Africa’s aquaculture platform, Victory Farms, has successfully completed its $35m Series B round to fund the expansion of its operations in Kenya, Rwanda, and potential entry into Ethiopia, Uganda, and Tanzania.
The Series B round was led by Creadev, a global VC and growth equity evergreen investor controlled by the Mulliez Family. The East African fish supply deficit is one of the greatest supply-demand imbalances in the global food system today. The aquaculture industry supplies meet a mere 3% of the deficit. Victory Farms presents a scalable solution to East Africa’s nutritional security challenge. Tilapia is the most environmentally and financially efficient protein solution for Africa. The Series B financing enables the production of 100 million high-quality protein meals for East Africans annually, create thousands more direct, stable employment opportunities, and further enable tens of thousands more small, female-led fishmongers at local markets. Farmed tilapia emits just 1.5 kgs of carbon-dioxide per kilogram, 3 times lower than the next best animal protein (poultry), and 30x lower than beef.
The Series B round takes place in the eighth year since VF’s establishment when co-founders Joseph Rehmann and Steve Moran first drafted the business plan to bring their expertise in business operations and aquaculture to Kenya. The co-founders are excited to lead the company through its next chapter of growth, together with an experienced management team that brings expertise across Aquaculture, Operations, and African markets. Victory Farms is poised for further growth and advancement in its mission to build the world’s most sustainable end-to-end protein platform that will nourish 2 billion Africans with affordable, accessible, and healthy meals.
Victory Farms Secures $35 Million Series B Funding to Expand Sustainable Aquaculture Operations in East Africa