Tech in Africa
AgDevCo has closed a multimillion-dollar mezzanine investment debt investment in Victory Farms a rapidly growing aquaculture company in Kenya. AgDevCo’s investment supports the company’s continued growth and impact, particularly the construction of a feed mill and its expansion into new African countries.
Founded in 2015, Victory Farms is looking to supply affordable protein to consumers in a more sustainable way by growing the native tilapia species. Today the company operates a vertically integrated business with its own hatchery, nursery ponds, and deep water cages across Lake Victoria. This is in addition to a processing plant and distribution network comprising 45 wholly-owned retail locations. Among its direct consumers are several thousand market women buying fish in small batches from most of the Victory Farms outlets and cook them in the local food markets.
At present Victory Farms sells 1.5 million fresh fish every month. The fish are grown using the best global aquaculture practices – without the use of antibiotics. As part of its operations, the company takes care to maintain and restore the local ecosystem. This involves continuous work to improve the land and water biodiversity.
AgDevCo is the largest investor in Victory Farms thus far alongside other shareholders Ceniarth, CIVF, DOB Equity, Msingi East Africa, MCE Social Capital, and DEG. AgDevCo has been supported in this transaction by Law3Sixty and Kieti Law LLP in Kenya, Fieldfisher (Netherlands), and Charles Russell Speechlys (UK). CrossBoundary Advisory (UK) offered commercial due diligence service under the USAID Kenya Investment Mechanism Program. Sidley Austin LLP (Australia) gave Victory Farms pro-bono legal services while Open Capital Advisors helped with financial modeling support.
Source: prnewswire
