Key Takeaways
- AgDevCo made a $15 million follow-on investment in Victory Group, an East African aquaculture company that farms Nile tilapia on Lake Victoria in Kenya and Lake Kivu in Rwanda.
- Victory Group expects to produce 30,000 tons of fish in 2026 and sells fresh fish to thousands of mama samakis through more than one hundred sales outlets.
- The mezzanine loan will support Victory Group’s expansion to multiple new farming sites in Kenya and Rwanda to meet rising regional demand.
- This follows AgDevCo’s initial $4 million investment in Victory Group in 2021, demonstrating continued confidence in the company’s growth potential.
- AgDevCo manages $340 million in assets under management and has completed more than 88 investments in African agriculture, including 51 exits.
AgDevCo Supports East African Aquaculture Expansion
AgDevCo, the specialist agriculture investor, has announced a $15 million follow-on investment in Victory Group, an East African aquaculture company focused on Nile tilapia production and distribution. The investment will support Victory Group’s next phase of expansion across Kenya and Rwanda.
Victory Group operates tilapia farms on Lake Victoria in Kenya and Lake Kivu in Rwanda, distributing fresh fish to thousands of mama samakis (female market traders) through more than one hundred sales outlets. The company is projected to produce 30,000 tons of fish in 2026, helping increase access to affordable and sustainable protein throughout the region.
Victory Group Leadership on Growth Strategy
The mezzanine loan from AgDevCo will enable Victory Group to establish multiple new farming sites in both Kenya and Rwanda, responding to increasing regional demand while improving supply reliability for market traders.
“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. AgDevCo’s investment will help us expand production and strengthen distribution as demand for affordable, high-quality fish continues to grow across East Africa,” said Joseph Rehmann, founder and Chief Executive Officer of Victory Group.
AgDevCo’s Continued Investment Confidence
This latest investment builds on AgDevCo’s initial $4 million investment in Victory Group made in 2021. According to the investor, the company has significantly increased production while improving operational efficiency since the initial funding.
“Our follow-on investment reflects our confidence in Victory Group’s management team and growth potential. Since our initial investment of $4 million in 2021, the company has significantly increased production while improving operational efficiency. We are delighted to put our capital to work to drive more impact in the region,” said John Jakobsson, Investment Director at AgDevCo.
AgDevCo invests exclusively in the African agriculture sector, providing patient capital to businesses that create jobs, strengthen food systems and support economic growth.
