KENYA – East Africa’s largest commercial fish farm, Victory Farms has clinched an undisclosed amount of investment from Dutch family-backed impact investment firm, DOB Equity to scale up its production capacity and expand its market reach.
The farm is a vertically integrated aquaculture business, owning hatchery ponds, deep water cages, a processing plant and cold chain distribution to mass markets in Nairobi and Western Kenya.
Its mission is to build a commercial tilapia farm that can feed 2 billion Africans with affordable, accessible and healthy protein over the next 2 decades.
Victory Farms aims to do so while working toward becoming the most sustainable fish farm on the planet.
“We are thrilled to have partnered with DOB Equity, who share our vision of fostering social development by delivering safe and affordable food to the mass market in an environmentally sustainable way.”Victory Farms Managing Director – Joe Rehmann
To this end, the company is planning to install solar power at its farm while simultaneously planting hundreds of indigenous trees in the area targeting to reach 1 million.
“DOB Equity’s investment has come at a crucial time for Victory Farms, we are on track to sell 30 metric tons of fish per day, the equivalent of more than 20 million high-protein meals per year.”
“We are thrilled to have partnered with DOB Equity, who share our vision of fostering social development by delivering safe and affordable food to the mass market in an environmentally sustainable way,” said Victory Farms Managing Director, Joe Rehmann.
By investing in Victory Farms, the Private Equity fund with offices in Kenya and the Netherlands will be seeking a slice of the estimated US$500 million Kenyan fish market.
“Our latest deal in the East African aquaculture sector will allow Victory Farms to meet the increasing demand for protein, driven by population growth and increased disposable income,” Hayo Afman, co-CEO of DOB Equity.
DOB Equity explains that protein consumption in East Africa is on the increase and fish in particular, is a healthy source of protein with a better environmental footprint than other meats.
Unfortunately, wild catch in Lake Victoria has reached its limits and in Kenya, tilapia stock is 80 per cent lower than twenty years ago. This supply deficit is currently being filled by imports from China which is deemed not to be sustainable.
“Kenyan consumption of fish is only one fifth of per capita global consumption and less than half of Africa’s average.
“By partnering with Victory Farms, they will be able to fill Kenya’s supply gap, which we look forward to helping the company achieve,” Bon Tjeenk Willink, investment manager at DOB Equity stated.
Open Capital, a management consulting and financial advisory firm advised Victory Farms on the deal.
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