A startup that specializes in farming tilapia in East Africa, called Victory Farms, has raised $35 million in a funding round known as Series B. The funding round was led by Creadev, with the participation of Hesabu Capital, Acumen Resilient Agriculture Fund, and DOB Equity. Victory Farms has over 80 branches in the region and is looking to establish an end-to-end protein platform that is sustainable, aiming to provide affordable, healthy, and accessible meals to approximately 2 billion Africans.
The funding will also allow the startup to establish a joint venture named Samakgro, which will involve the construction of an aqua-feed mill. This mill will permit the procurement of up to 35,000 metric tons of feed ingredients each year locally, helping to mitigate the problem of climate change in East Africa by reducing the amount of carbon dioxide emissions produced by other types of protein production.
Victory Farms will utilize the funds to expand its operations in Rwanda and Kenya while also exploring the potential of entering the markets in Tanzania, Uganda, and Ethiopia.
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