Kenyan fish farming platform Aquarech closes $1.7m funding
Kenyan fish farming platform Aquarech closes $1.7m funding
Kenyan fish farming platform Aquarech has closed an equity investment of $1.7 million led by Netherlands-based global aquaculture investment fund Aqua-Spark.
For the best experience and to access our Connect industry chat platform, download the Africa Private Equity News app: Android | iOS
Kenyan fish farming platform Aquarech has closed an equity investment of $1.7 million to hire talent, acquire more feed, and set up infrastructure to support more vertical integration of its technology. The investment was led by Netherlands-based global aquaculture investment fund Aqua-Spark with additional investment from Acumen, Katapult and Mercy Corps Ventures.
Founded in 2019 and led by Kisumu-based founder and CEO Dave Okech, Aquarech is working to meet Kenya’s need for fish. Aquarech is filling a gap in the domestic supply chain by streamlining the production behind fish farming with a mobile app platform that allows manufacturers, farmers, and buyers to trade, buy, and sell fish-feed, as well as learn best aquaculture practices and how to improve their incomes. Aquarech supports small scale farmers from all angles: by providing feed and climate smart precision fish feeding techniques, market access, technical training and financial access, including a 90-day credit period to pay for feed.
“The proverb says, ‘If you give a man a fish, you feed him for a day. If you teach a man to fish, you feed him for a lifetime,’ and that’s what we’ve set out to do, starting by improving by improving the aquaculture value chain,” says Dave Okech, founder and CEO. “The funding and partnership provided by our investors will promote the growth of our mobile-enabled platform, which is unlocking barriers faced by smallholder fish farmers and bringing the various value chain actors together while remaining farmer-centric.”
“Aquarech is committed to improving local livelihoods by supporting smallholder to medium farmers to become commercially and environmentally sustainable,” says Christiaan Lensvelt, head of new deals at Aqua-Spark. “We look forward to supporting Dave and his team in achieving great things for the industry as one of the few aquaculture start-ups in Africa with a unique combination of field experience and digital tools.”
* Subscribe to Africa Private Equity News’ monthly Dealmaker’s Log for a database of the reported investment deals, exits and fundraising closes. Click here for more information.