Victory Farms, a Kenyan aquaculture startup, has acquired $5 million in funding to develop its operations

Victory Farms, a tilapia fish farm and aquaculture agency in Kenya, has raised $5 million in new capital. 

Ed Brakeman, a senior managing director at Bain Capital, and Hans den Bieman, the founder and former CEO of Mowi, one of many world’s largest fish firms, spearheaded the fundraising spherical. 

Following seven inner angel rounds from the identical group of fairness and debt buyers, that is the startup’s first institutional funding. 

Victory Farms, in keeping with CEO Joseph Rehmann, who launched the corporate in 2015, has over 54 retail outlets the place over 15,000 market girls purchase fish, and so they don’t require any electrical energy or ice. 

“We make use of vertical integration from starting to finish to create a extra strong knowledge assortment.” “By way of our techniques and the ability of information, we are able to innovate and construct cheaper options to provide a greater, more energizing product to extra shoppers,” Rehmann added. 

Final yr, the enterprise raised $40 million in debt funding. 

This funding will assist the corporate to develop its operations into Rwanda, the Democratic Republic of the Congo, and Tanzania.

 

Learn extra on Tech Gist Africa:

FoondaMate, a South African ed-tech startup, has raised $2 million in seed funding

JABU, a last-mile distribution e-commerce retail platform in Namibia, has raised $15 million in a Collection A spherical of funding

Topship, a Nigerian logistics startup, has acquired a $2.5 million seed funding

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