Victory Farms

Victory Farms, headquartered in Homa Bay, Kenya, is sub-Saharan Africa’s fastest-growing fish farm. Established in 2015 by Joseph Rehmann and Steve Moran, the company specializes in sustainable tilapia aquaculture and is actively expanding into Tanzania.

Expansion into Tanzania

Victory Farms has announced plans to extend its operations into Tanzania, alongside expansions in Rwanda and the Democratic Republic of Congo. This move is part of a broader strategy to address the significant fish supply deficit in East Africa, where demand outpaces local production. The company aims to provide affordable, high-quality protein to underserved markets, including Tanzania.

Operations and Impact

Operating as a vertically integrated aquaculture platform, Victory Farms manages every stage from hatcheries to distribution. In Kenya, it utilizes deep-water cages in Lake Victoria, nursery ponds, and a robust cold-chain logistics network to deliver fresh tilapia to over 80 branches. The company primarily serves over 15,000 market women who purchase fish in small batches for resale in local markets, thereby supporting micro-entrepreneurship and enhancing food security.

Victory Farms is committed to environmental sustainability, aiming to become the world’s first carbon-negative fish farm. Its operations emit significantly less CO₂ compared to other animal protein sources, and the company employs renewable energy and off-grid retail branches to minimize its carbon footprint.

Investment and Growth

In April 2023, Victory Farms secured $35 million in Series B funding, led by Creadev, with participation from investors such as DOB Equity, Acumen Resilient Agriculture Fund (ARAF), and Endeavor Catalyst Fund. This investment is earmarked for scaling operations in existing markets and facilitating entry into new ones, including Tanzania. The company plans to launch an aqua-feed mill joint venture, Samakgro, to locally procure 35,000 metric tons of feed ingredients annually, further supporting regional agriculture.