AgDevCo, a specialist agriculture investor focused on Africa, has committed a $15 million follow-on investment in Victory Group, an East African aquaculture company specialising in the production and distribution of Nile tilapia.
Victory Group operates farms on Lake Victoria in Kenya and Lake Kivu in Rwanda, supplying fresh fish to thousands of mama samakis (female market traders) through more than 100 sales outlets across the region. The company is on track to produce 30,000 tons of fish in 2026, significantly improving access to affordable and sustainable protein for East African communities.
The new mezzanine financing will fuel Victory Group’s next phase of expansion, including the development of multiple new farming sites in Kenya and Rwanda. The investment will enable the company to scale production, meet rising regional demand, and enhance the reliability of fish supply to market traders.
Joseph Rehmann, Founder and Chief Executive Officer of Victory Group, said: “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.”
ALSO READ: AFDB: DIGITAL TOOLS COULD BOOST AFRICAN TAX REVENUE BY $469BN ANNUALLY
John Jakobsson, Investment Director at AgDevCo, expressed strong confidence in the company: “Our follow-on investment reflects our confidence in Victory Group’s management team and growth potential. Since our initial $4 million investment 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.”
Legal support for the transaction was provided by Trinity International (UK), BJTK (Netherlands), Martha Mbugua & Associates (Kenya), and Certa Law (Rwanda).
AgDevCo invests exclusively in the African agriculture sector, providing patient capital to businesses that create jobs, strengthen food systems, and support broader economic growth. The firm currently manages $340 million in assets and has made more than 88 investments to date, with 51 successful exits.
