Victory Group has secured a US$15 million follow-on investment from AgDevCo to support its continued growth in tilapia production and distribution. Legal transaction services for AgDevCo were provided by Trinity International, BJTK, Martha Mbugua & Associates and Certa Law.
Victory Group farms Nile tilapia on Lake Victoria in Kenya and Lake Kivu in Rwanda. Founded in 2015, the company has developed into a vertically integrated business, with a feed mill joint venture, extensive hatchery capacity, deep-water cages, modern processing plants and nationwide distribution networks in both countries. It supplies fresh fish through more than 100 sales outlets to thousands of mama samakis (female market traders), who sell to local communities.
The company expects to produce 30,000 tonnes of fish in 2026, helping expand access to affordable and sustainable protein across the region. It serves millions of low- and middle-income consumers and supports tens of thousands of small-scale retailers, including market women who purchase fish in small quantities for resale.
The investment will fund Victory Group’s next phase of expansion, including new farming sites in Kenya and Rwanda. AgDevCo’s mezzanine loan is intended to help the company meet rising regional demand and improve supply reliability for market traders.
Joseph Rehmann, founder and Chief Executive Officer of Victory Group, said the company aims to build a leading aquaculture business that delivers nutritious protein at scale while creating opportunities for communities across its value chain. He added that the investment would support increased production and stronger distribution as demand for high-quality, affordable fish continues to grow.
John Jakobsson, Investment Director at AgDevCo, said the follow-on investment reflects confidence in the company’s management and growth potential. Since its initial US$4 million investment in 2021, Victory Group has significantly increased production and improved operational efficiency, he added.
