AIM | 9 April 2026
AgDevCo invests $15M in tilapia farming company Victory Group
By Lynda Kiernan-Stone
The population of Africa’s sub-Saharan region is expected reach nearly 2.5 billion by 2050, according to projections by the United Nations. This explosive increase will lead to protein demand that dwarfs what we see today – including fish demand climbing from 10 million metric tons per year to as much as 29 million metric tons.
This demand pressure will never be able to be met, or even substantially alleviated, through wild-catch fishing. Wild populations have a natural Maximum Sustainable Yield (MSY), or a biological ceiling that cannot be negotiated and is widely already being hit. Likewise, systemic inefficiencies result in rampant waste of what is already being caught.
The reality of these factors leaves aquaculture to fill the looming supply void. And, as the second-most fished species in the world due to its rapid growth rate and ability to easily scale, its feed conversion efficiency, its sustainability, and its affordability to produce, tilapia has been identified as the fish of choice for the job.
In support of the industry, UK-based AgDevCo has made a $15 million follow-on investment in Victory Group, a leading East African aquaculture company producing and distributing Nile tilapia.
Established in 2009, AgDevCo is a specialized investment company deploying capital to achieve its vision of a thriving commercial African agriculture sector that benefits people, economies, and the environment.
The firm’s model overcomes the gap in financing by providing flexible, long-term capital and support to businesses that otherwise would not have access to traditional funding. This allows for sustainable scaling while driving productivity and efficiency in rural economies.
In support of its mission, the company raised $85 million in February 2025 from British International Investment (BII), the UK’s development finance institution and impact investor, along with Swedfund and Norfund.
Since securing that funding, AgDevCo has continued to leverage capital investment to drive meaningful agricultural advances in the region.
“Our aim is to build a leading aquaculture business that supplies nutritious protein at scale, while creating opportunities for the traders and communities that depend on our value chain,” said Joseph Rehmann, founder and CEO, Victory Group.
“AgDevCo’s investment will help us expand production and strengthen distribution as demand for affordable, high-quality fish continues to grow across East Africa.”
With tilapia farms on Lake Victoria in Kenya and Lake Kivu in Rwanda, Victory Group is on pace to produce 30,000 tons of fish in 2026, which it sells and distributes via 100 sales outlets.
This financing will support the group’s next phase of expansion including multiple new farms in Kenya and Rwanda that will enable the company to better respond to rising regional demand and improve the reliability of supply for market traders.
“Our follow-on investment reflects our confidence in Victory Group’s management team and growth potential,” said John Jakobsson, investment director, AgDevCo.
“Since our initial investment of $4 million in 2021, the company has significantly increased production while improving operational efficiency. We are delighted to put our capital to work to drive more impact in the region.”