Kenyan fish farming startup Aquarech raises $1.7m funding
Kenyan fish farming startup Aquarech has secured $1.7 million in equity funding to enhance its support for small-scale fish farmers in Kenya through its mobile app. Founded in 2019, Aquarech is dedicated to streamlining fish farming processes. The platform facilitates trade, purchase, and sale of quality fish feed, while also providing valuable insights into best aquaculture practices to manufacturers, farmers, and buyers.
Small-scale fish farmers in Kenya often encounter challenges such as limited resources and access to high-quality feed. Aquarech aims to address these issues by increasing production, improving the economics of small-scale farmers, and fostering the overall growth of the aquaculture industry in Kenya. The startup supports farmers by offering quality feed, implementing climate-smart precision fish feeding techniques, providing market access, offering technical training, and extending financial access, including a 90-day credit period for feed payments.
The recently secured funding will be utilized by Aquarech to hire talent, acquire additional feed, and establish infrastructure to further integrate its technology vertically. The investment was led by Aqua-Spark, a Netherlands-based global aquaculture investment fund, with additional capital contributions from Acumen, Katapult, and Mercy Corps Ventures. This funding is poised to significantly contribute to Aquarech's mission of revolutionizing and advancing the aquaculture sector in Kenya.
Points clés à retenir
The East African fish supply deficit is one of the greatest supply-demand imbalances in today's global food system. Regional governments estimate a supply gap of 1 million tonnes of fish per annum. The aquaculture industry supplies a mere 3% of the deficit. Aquarech presents a scalable solution to East Africa’s supply challenge. Broadly, Africa is fast becoming a global leader in the agritech space, with the continent boasting the highest number of agritech services in the developing world, reaching over 30 million smallholder farmers, as of 2021.