Goodwell invests $1.5m in Mozambique's Chicoa Fish Farm
Chicoa Fish Farm, a Mozambican-based company addressing the critical challenge of a lack of affordable protein in Southern Africa, announced today that it closed its series A equity funding round totalling $1.5 million from Goodwell Investments.
Chicoa Fish Farm was founded by Gerard McCollum and Damien Legros in 2015 with the vision to provide a blueprint for a sustainable aquaculture industry across Africa. Since its inception, Chicoa has focused on securing its supply chain through primary production of tilapia, establishing a breeding programme, and developing sales and distribution channels in Mozambique, Malawi, South Africa and Zambia.
The $1.5 million Series A funding boosts the transition to its next stage of growth – the processing and distribution of frozen tilapia products. To facilitate this growth, plans include extending production facilities, the installation of a processing plant and including local small-scale farmers in its model. At scale, Chicoa will produce over 5,000 tonnes of tilapia per annum, putting more than $10 million of direct income into the local economy each year.
“We are delighted that Goodwell has joined us on this really exciting journey to develop fish farming as an industry in Mozambique,” commented Gerry McCollum, CEO of Chicoa Fish Farm. “Being a first-mover is really challenging, but also hugely impactful. Not only do Goodwell bring a wealth of experience to the table, but their philosophy of supporting transformative businesses in areas of most need makes them a perfect partner for us.”
“The opportunity to develop the aquaculture industry to meet the local and regional demand is clear,” notes Dhanyal Davidson, senior investment associate at Goodwell Investments. “The sector can play a key role in the economic development Mozambique by providing affordable, high-quality protein, creating jobs and generating income for local farmers, and promoting broader regional development.”
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