Victory Farms and its innovative technologies bring together the best aquaculture practices from around the globe to tackle the challenges of; rapidly declining wild fish catch in Lake Victoria, rising populations and undernourishment. The company mission is to build commercial tilapia farms that can feed 2 billion Africans with affordable, accessible and healthy protein. The company aims to do so while also working toward operating the most sustainable fish farms on the planet.
AgDevCo has provided a $4m mezzanine loan to Victory Farms, the fastest-growing fish farm in Sub-Saharan Africa. AgDevCo’s investment supports the company’s continued growth and impact, including the construction of a feed mill and expansion into Rwanda.
For decades the wild catch from Africa’s Great Lakes have been declining, with the result that the East African market now relies on imported frozen fish, often of low quality. Victory Farms saw an opportunity to supply affordable protein to consumers in a more sustainable way by growing tilapia, a fish native to northern Africa.
Victory Farms was founded in 2015. Today it operates as a vertically integrated business with a feed mill JV, its own hatcheries, deep water cages in Lake Victoria and Lake Kivu, processing plants and country-wide distribution networks in Kenya and Rwanda. Its main customers are several tens of thousands of market women who buy fish in small batches from a network of sales outlets, who then sell cooked fish in local food markets.
Investment | Total invested | Start date |
---|---|---|
Agris | $7,000,000 | 2024 |
East Africa Magical Farms | $8,600,000 | 2023 |
Evergreen Avocado Limited | $8,000,000 | 2023 |
Hatch Africa | $6,500,000 | 2024 |
Sagana Nuts | $1,200,000 | 2021 |
Victory Farms Limited | $4,000,000 | 2021 |