Victory Group Secures $15 Million to Expand Fish Farming Operations in Rwanda and Kenya

Kigali, April 14, 2026 - Fish farming company Victory Group, which operates in Rwanda and Kenya, has secured $15 million in new funding from AgDevCo to support the expansion of its aquaculture activities across both countries.

The company, which owns Kivu Choice in Rwanda and Victory Farms in Kenya, said the financing will be used to scale up production capacity and strengthen its distribution network, with the aim of improving consistent access to fish in regional markets.

The funding is structured as a loan with the option for conversion into equity, according to the company.

Victory Group operates major fish farming sites on Lake Victoria in Kenya and Lake Kivu in Rwanda, where it produces and supplies tilapia to a growing network of traders and distributors.

In Rwanda, Kivu Choice Chief Executive Officer Emmanuel Bahizi said the company aims to significantly expand production capacity, targeting an increase from 9,000 tonnes to 30,000 tonnes annually by 2029. The expansion is also expected to raise employment from 700 to 1,200 workers.

Founded in 2015 by Joseph Rehmann and Steve Moran, Victory Group has positioned its long-term strategy around expanding access to affordable protein across Africa, with ambitions to reach up to 2 billion consumers over the next two decades.

The company integrates production, processing, distribution, and retail operations within a vertically structured business model.

AgDevCo Chief Investment Officer John Jakobsson said the additional financing reflects continued investor confidence in the company’s performance and growth trajectory.

“This continued funding demonstrates our confidence in Victory Group’s leadership and its ability to scale,” he said.

The latest investment follows previous funding rounds, including $4 million in 2021 from AgDevCo and an additional $35 million in 2023 from Creadev, underscoring sustained investor interest in the company’s expansion strategy.