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Victory Farms secures $15 million mezzanine loan from AgDevCo
Tilapia producer Victory Farms has secured a $15 million mezzanine loan from AgDevCo to open new farming sites in Kenya and Rwanda and begin work in Tanzania.
By Propel Africa · 2026-04-13
Victory Farms, a Nile tilapia producer, has secured a $15 million follow-on investment from AgDevCo, structured as a mezzanine loan, We Are Aquaculture reported on 13 April. AgDevCo is a specialist African agriculture investor. It first backed the company in 2021 with a $4 million investment.
What the company does
Victory Group farms tilapia and sells it fresh. It runs Victory Farms on Lake Victoria in Kenya and Kivu Choice on Lake Kivu in Rwanda. Joseph Rehmann founded the company in 2015 and is its chief executive.
Sales and output
Fish reach customers through more than 100 sales outlets, supplying thousands of female market traders known as "mama samakis". The company expects to produce 30,000 tonnes of fish in 2026. It previously raised a $35 million Series B in 2023.
How the money will be used
The loan will fund several new farming sites in Kenya and Rwanda, help meet rising regional demand for tilapia and improve supply reliability for traders. It will also support early-stage operations in Tanzania. "AgDevCo’s investment will help us expand production and strengthen distribution," said Joseph Rehmann, founder and chief executive of Victory Group.
At a glance
- Company: Victory Farms (Victory Group)
- Raised: $15 million
- Round: Follow-on mezzanine loan
- Investor: AgDevCo
- Founded: 2015
- Markets: Kenya, Rwanda, with Tanzania planned
- Key figure: 30,000 tonnes of fish expected in 2026