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.
Norfund, a Norwegian investment management company focused on developing markets, announced a $20 million commitment to the Apis Growth Markets Fund III.
Endeavor Kenya, a non-profit organization that supports high-impact entrepreneurs, has announced the launch of the ScaleUp Program, its inaugural cohort-based initiative for high-growth founders in East Africa.
Three African venture capital (VC) fund managers—First Circle Capital, SpeedInvest, and Knife Capital—have been honored with prestigious awards for their exceptional efforts in supporting entrepreneurs and startups across the continent.
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