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Kenyan agritech Victory Farms has raised $35 million in Series B funding to finance its expansion plans.
Creadev led the Series B round, with participation from the Acumen Resilient Agriculture Fund (ARAF), DOB Equity, Endeavor Catalyst Fund, and Hesabu Capital. Founded in 2015, Victory Farms leverages innovative technologies to bring together the best aquaculture practices from around the globe to tackle the challenges of; rapidly declining wild fish catch in Lake Victoria, rising populations and undernourishment. The startup is on a mission to build a commercial tilapia farm to feed 2 billion Africans with affordable, accessible and healthy protein over the next two decades. Victory Farms intends to invest the funding to finance the expansion of its operations in Kenya and Rwanda and potential entry into Ethiopia, Uganda, and Tanzania.

The International Finance Corporation (IFC) has announced plans to invest up to $30 million in equity in the Adenia Entrepreneurial Fund I, a private equity vehicle that focuses on supporting small and medium-sized enterprises (SMEs) and small-cap companies across Africa.

Access Bank Plc, Nigeria’s largest bank by assets, received a $30 million loan from Swedfund, a Swedish development finance institution, to support small and medium-sized enterprises (SMEs) in the country.

Yellow Malawi, a leading solar energy distribution company, has secured a $2 million investment from Acumen’s Hardest-to-Reach (H2R) initiative.