Victory Farms, a Kenyan aquaculture startup and farm for tilapia fish, has raised US$5 million in new funding.
The investment was led by Ed Brakeman, a senior managing director at Bain Capital and Hans den Bieman, founder and ex-CEO of Mowi, one of the largest salmon businesses globally.
It is the startup’s first institutional investment following seven internal angel rounds from the same set of equity–and debt investors (it raised US$40 million in debt last year). This funding will allow the company to expand its business into Rwanda, DRC and Tanzania.
According to CEO Joseph Rehmann who founded the startup in 2015, Victory Farms has more than 54 retail outlets where over 15,000 market women go to buy fish, and they require no energy or ice.
“We use vertical integration to drive a more robust data set from end to end. This allows us to innovate and create more cost-effective solutions through our systems and the power of data to deliver a better, fresher product to more consumers.”