Kenya-based Victory Group has secured $15 million in funding from AgDevCo to expand its tilapia farming operations in both Rwanda and Kenya. The group, which serves as the parent company of Kivu Choice in Rwanda and Victory Farms in Kenya, says the funding will enable it to expand into new farming sites across both Rwanda and Kenya. ALSO READ: Kivu Choice launches Rwanda’s first 30-metre tilapia cage farms According to Victory, the new funding, structured as a mezzanine loan, will particularly be used to strengthen its distribution systems, enabling more communities to access a reliable supply of fish. The company operates on Lake Victoria in Kenya and Lake Kivu in Rwanda, supplying fresh tilapia to thousands of traders through more than one hundred sales outlets. Emmanuel Bahizi, Managing Director at Kivu Choice in Rwanda, told The New Times that the company needs the funding to expand production from the current 9,000 tonnes to 30,000 tonnes annually by 2029. “The number of employees will also increase from 700 to 1,200,” he said. ALSO READ: Rwanda-based firm is Africa’s fastest-growing fish farm Founded in 2015 by Joseph Rehmann and Steve Moran, Victory Group is working towards a long-term goal of feeding up to 2 billion Africans with affordable and accessible protein over the next two decades. Victory Group has developed 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 to mass-market towns. Its approach allows it to serve tens of thousands of customers directly, while also supporting a network of mama samakis, who form a key part of its sales channel. 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 greater impact in the region,” he said. Victory Group previously raised $35 million in a Series B funding round in 2023 led by Creadev, demonstrating strong investor interest in its business model. For AgDevCo, which has $340 million in assets under management and more than 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.
