Victory Farms Raises $35M to Fuel East African Tilapia Expansion
Victory Farms, an East African tilapia producer, has completed a $35 million Series B round, which will fund the expansion of its operations in Kenya and Rwanda, as well as potential expansion into Ethiopia, Uganda, and Tanzania.
Victory Farms offers a sustainable, profitable, and scalable solution to Africa’s nutritional security challenges. Creadev, a global VC and growth equity evergreen investor controlled by the Mulliez Family, led the Series B round.
Acumen Resilient Agriculture Fund (ARAF), DOB Equity, Endeavor Catalyst Fund, and Hesabu Capital are among the investors. The transaction was also supported by the company’s founders and angel investors, including Joseph Rehmann, Steve Moran, Kamran Ahmad, and Hans den Bieman.
The company claims its “Regional development will increase African consumers’ access to a healthy and nutritious protein alternative. The company’s track record in Western Kenya demonstrates this suppressed demand potential: after supply was made available, fish consumption increased fourfold in Rongo “.
The Series B funding allows for producing 100 million high-quality protein meals for East Africans each year and thousands more direct, stable job opportunities. It also allows tens of thousands of smaller, female-led fish mongers at local markets, known as mama samakis.
“Participating to food and nutrition security is at the core of Creadev’s mission in Africa. We believe that Victory Farms has an instrumental role to play in meeting the demand potential for affordable quality protein meals and the potential to become a pan African champion of access to food for the many,” said Pierre Fauvet, managing director Africa at Creadev.
“We are delighted to support Victory Farms, the largest end-to-end white protein solution in Kenya and a key driver of climate-smart growth in the food sector across the region,” added Tom Rostand, investment director Africa at Creadev.