Kenyan aquaculture company Victory Group has secured a $15 million follow-on investment from agriculture-focused investor AgDevCo, a move expected to strengthen fish production and improve access to affordable protein across East Africa. The funding will support the company’s expansion into new farming sites in Kenya and Rwanda, while also improving supply reliability for traders who depend on its distribution network.
The investment comes at a time when demand for affordable and high-quality fish continues to rise in the region. Victory Group plans to use AgDevCo’s mezzanine loan to scale production and enhance its distribution systems, ensuring that more communities can access consistent fish supplies. The company already operates across Lake Victoria in Kenya and Lake Kivu in Rwanda, supplying fresh tilapia to thousands of traders through more than one hundred sales outlets.
Joseph Rehmann, founder and CEO of Victory Group, said the company’s focus goes beyond growth. “Our aim is to build a leading aquaculture business that supplies nutritious protein at scale, while creating opportunities for the traders and communities that depend on our value chain,” he said. He added that the new investment will help the company “expand production and strengthen distribution as demand for affordable, high-quality fish continues to grow across East Africa.”
Founded in 2015 by Joseph Rehmann and Steve Moran, Victory Group is working toward a long-term goal of feeding up to 2 billion Africans with affordable and accessible protein over the next two decades. The company expects to produce 30,000 tons of fish by 2026, a step that could significantly improve food security while supporting local economies.
Victory Group has built a fully integrated business model that covers production, processing, distribution and sales. The company uses data across its operations to improve efficiency and has developed a cold chain system that supports delivery into mass market towns. Its approach allows it to directly serve tens of thousands of customers while also supporting a network of mama samakis, who form a key part of its sales channel.
AgDevCo’s continued backing signals confidence in the company’s growth and impact. John Jakobsson, Investment Director at AgDevCo, said, “Our follow-on investment reflects our confidence in Victory Group’s management team and growth potential.” He noted that since the firm’s initial $4 million investment in 2021, Victory Group has increased production and improved efficiency. “We are delighted to put our capital to work to drive more impact in the region,” he said.
Victory Group previously raised $35 million in a Series B funding round in 2023 led by Creadev, showing strong investor interest in its model. For AgDevCo, which has $340 million in assets under management and over 88 investments to date, the deal aligns with its mission to support agribusinesses that create jobs, strengthen food systems and drive economic growth across Africa.
