Kenya’s Victory Farms Secures $35M to Expand Across East Africa
Summary
Victory Farms, a Kenyan-based aquaculture startup, has today announced the completion of a successful $35 million Series B funding round to expand its operations in Kenya and Rwanda and potentially enter Ethiopia, Uganda, and Tanzania. The funding will enable the startup to scale up its platform for sustainable, affordable protein production and expand its footprint within the region.Speaking on how the startup intends to utilize the funds, Joseph Rehmann, Founder, and CEO at Victory Farms said, As East Africas population grows, so does the need for sustainable and efficient protein production that both helps to address food insecurity and alleviates pressure on important natural resources. The Series B investment will enable Victory Farms to scale up our platform for sustainable, affordable protein production and expand our footprint within the region advancing our mission to build the worlds most sustainable end-to-end protein platform that will nourish 2 billion Africans with affordable, accessible, and healthy meals.Pierre Fauvet, Managing Director of Africa at Creadev, stated that participating in food and nutrition security is at the core of his companys mission in Africa. He equally said that he believes 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.Also giving the reason for their backing of the agritech startup, Allen Taylor, Managing Director of the Endeavor Catalyst Fund said Endeavor is on a mission to build thriving entrepreneurial ecosystems in emerging and underserved markets around the world. We believe the in the potential of Victory Farms as a driver for sustainable economic development in East Africa and an innovator in the global aquaculture sector.What this funding means for the Victory FarmsVictory Farms expects to launch its aqua-feed mill joint venture, Samakgro, later this year, which will enable the local procurement of 35,000 metric tons of feed ingredients per year.
Funding
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