• AgDevCo provides $15 million mezzanine debt to Victory Group

• Funds will support expansion in Kenya and Rwanda, targeting 30,000 tons by 2029

• Investment reflects rising demand for affordable fish in the region

AgDevCo, an investor focused on agriculture in sub-Saharan Africa, announced on April 7 a $15 million mezzanine debt investment in Victory Group.

The East African aquaculture company, which specializes in Nile tilapia production, will use the funds to expand operations in Kenya and Rwanda over the next three years. The goal is to reach an annual output of 30,000 tons by 2029.

An investment to support expansion

“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,” said Joseph Rehmann, founder and CEO of Victory Group. He added that the investment will help increase production and strengthen distribution as demand for affordable, high-quality fish continues to grow in East Africa.

This is not AgDevCo’s first investment in the company. In 2021, it provided an initial $4 million financing package, which, according to the investor, helped improve production and operational efficiency.

The expansion of aquaculture in East Africa reflects growing interest in the sector. According to the Food and Agriculture Organization (FAO), regional output has increased significantly in recent years. Despite this growth, supply still falls short of demand, which continues to rise due to population growth and urbanization.

Sandrine Gaingne