Victory Farms

What Victory Farms does

Victory Farms Ltd is a privately held Kenyan aquaculture company founded in 2015 (commercial operations from 2016) that operates a fully vertically integrated tilapia production platform anchored on Lake Victoria in Homa Bay County. Its technology stack spans an in-house hatchery, nursery ponds, offshore cage farming across 56 acres of lake surface (within a 216-acre site), an aqua-feed mill in Naivasha, fish processing, and a cold-chain distribution network that delivers product from lake to plate within 36 hours. The company is led by Joseph Rehmann (Founder & Group CEO, ex-Tropo Farms CFO) and Steve Moran (Co-Founder & Group Chief Aquaculture Officer, who previously scaled Tropo Farms in Ghana from under 250MT to over 6,100MT annually), supported by a CFO with HEINEKEN experience and an INSEAD-trained Managing Director.

The company's go-to-market is hybrid direct-to-consumer and informal-channel distribution: it sells processed tilapia (Tilapia Fillet Box at KSh 995 per box, Tilapia Box, and whole fish sold by size/kg) through 89 owned retail branches across Kenya (Nairobi, Western Kenya, Mombasa region) and the victoryfresh.co.ke e-commerce platform with M-Pesa payments and home delivery. Its primary customer base is 15,000+ market women who purchase small daily batches and resell to low-income end consumers, with additional revenue from an Outgrower Pond Program that pays local smallholder landowners royalties (KES 1,200/kg eggs or ~KES 30,000 per harvest cycle) for hosting broodstock/egg-production ponds. The company is expanding regionally into Rwanda (Lake Kivu), Tanzania, and announced Ethiopia, Uganda, and DRC, supported by $40M+ in cumulative funding including a $35M Series B led by Creadev (2023), a $5M round with Bain Capital and Mowi founders (2022), and a $15M AgDevCo mezzanine loan (2026).

Name

Victory Farms

Legal name

Victory Farms Ltd

Website

https://victoryfarmskenya.com

Company type

Private

Founded year

2015

Operating status

Operating

Headcount range

501–1,000 employees

Short description

Victory Farms is a Kenyan vertically integrated tilapia aquaculture company founded in 2015, selling fresh farmed tilapia through 89 owned retail branches and e-commerce to 15,000+ market women and low-income consumers across East Africa.

Ownership category

akta.pro rank

Product category

Aquaculture / Tilapia Farming

NAICS

Aquaculture (11251)

SIC

Prepared Fresh Or Frozen Fish & Seafoods (2092)

akta.pro primary industry

Aquaculture Farm Services & Operations Support (net cleaning, diving, grading, harvesting) (AFAEAAAM)

akta.pro secondary industries

Tilapia & Warmwater Fish Hatcheries (e.g., Catfish, Carp) (AFAEAKAE), Hatchery, Nursery & Seed Production (aquaculture-specific) (AFAEAAAF)

Keywords

• Tilapia aquaculture farming
• Vertically integrated fish production
• Cage fish farming
• Cold chain fish distribution
• Aquaculture feed mill

Headquarters

HQ city

Nairobi

HQ country

Kenya

HQ region

Africa

Offices3 records

Markets served

GTM type

B2C

Offering type

Hardware or Manufacturing

Cost components

Supply Chain, Personnel, Operations, Infrastructure, Marketing or Sales, Others

Revenue model

1. Tilapia Product Sales: Victory Farms generates revenue through the direct sale of tilapia products, including whole fish and fillets, sold through its 89 owned branches in Kenya and an e-commerce platform (victoryfresh.co.ke). Customers include market women who buy in small batches daily, as well as individual consumers ordering online.
2. Outgrower Pond Program: The company partners with local landowners to host broodstock or egg-production ponds on their land, paying royalties per kilogram of tilapia eggs harvested or per harvest cycle. This extends production capacity without expanding owned farm infrastructure.

Pricing tiers

Go-to-market motion2 records

Distribution channels3 records

Marketing channels6 records

Core offering

Victory Farms is a vertically integrated tilapia aquaculture producer operating offshore cage farms in Lake Victoria, Kenya. The company controls the entire production chain from in-house hatchery, nursery ponds, an aqua-feed mill in Naivasha, cage farming, processing, and cold-chain distribution, selling fresh tilapia products to market women, end consumers, and smallholder partners across Kenya and East Africa.

Product overview

Victory Farms operates a vertically integrated tilapia aquaculture business built around Lake Victoria. The company controls the full production chain from hatchery and nursery ponds through cage farming, processing, and distribution. Consumer-facing products are sold under the Victory Fresh sub-brand through a combination of 89+ owned retail branches across Kenya and an online store (victoryfresh.co.ke). The product portfolio includes three main tilapia offerings: Tilapia Fillet Box (processed fillets sold online), Tilapia Box (whole fish or fillets sold online), and Tilapia by Size and Kg (sold fresh at branches). The company also operates community programs including outgrower pond partnerships and the Homa Bay Extensive Aquaponics Programme (HEAP) for smallholder farmers.

Differentiator

Problem solved

Functional benefit

Brands

• Victory Fresh: Victory Fresh is the company's brand for processed tilapia products including fillets and whole fish, sold online and at branches.

Products and services

• Tilapia Fillet Box Ready-to-cook tilapia fillets of approximately 150g each, sourced from Lake Victoria offshore cages, free from hormones and chemicals, sold online at KSh 995 per unit with home delivery via M-Pesa payment. Targeted at urban individual consumers and households.
• Tilapia Box Tilapia Box offered as either fillets (~150g each) or whole fish (~450g each), raised in offshore cages in Lake Victoria with zero plastic packaging waste. Sold online at KSh 995 via the Victory Fresh e-commerce platform for household and individual consumers.
• Tilapia by Size and Kg (Branch Sales) Fresh whole tilapia sold by size and weight at Victory Farms' 89 owned retail branches across Nairobi, Western Kenya, and Mombasa. Freshness is guaranteed within 48 hours from lake to plate. Primarily purchased by 15,000+ market women in small daily batches for frying and resale, with M-Pesa payment accepted.
• Victory Fresh (Consumer Sub-brand) Victory Fresh is the consumer-facing brand under which Victory Farms sells its processed tilapia products (Tilapia Fillet Box, Tilapia Box) online with home delivery and M-Pesa payment. It is the direct-to-consumer channel distinct from the wholesale branch channel.

Quantifiable outcome

• 100 million high-protein meals annually (post-Series B expansion target)
• +4 more outcomes

Named customers1 record

Segments3 records

Ideal customer profiles3 records

Technology focussed No

API detail

Has API

No

API docs

API detail

Core technology

AI maturity

App detail

Feature4 records

Partnerships

Three partnerships are on record, tiered supporting.

• Homa Bay Extensive Aquaponics Programme (HEAP) - Local LandownerssupportingStrategic or Co-development Partner · 28 November 2025The Homa Bay Extensive Aquaponics Programme (HEAP) is a partnership between Victory Farms and local smallholder landowners in Kaksingri, Suba South Sub-County. Victory Farms installs ponds on farmers' land, stocks them with fish, manages the ponds, and harvests eggs weekly, paying farmers Sh1,200 per kilogram of tilapia eggs harvested. Solar-powered pumps flush nutrient-rich water into nearby farms for irrigation, creating an integrated aquaponics system.
• SkrettingsupportingTechnology or Integration · 1 February 2018Victory Farms attended Skretting's first-ever Tilapia Forum in Egypt in February 2018, joining the world's top 50 tilapia farming customers. Skretting is the global leader in tilapia feeds and operates dedicated tilapia feed plants, providing specialized aquaculture feed products and technical support.
• Homa Bay County GovernmentsupportingStrategic or Co-development PartnerVictory Farms supports a Homa Bay County program that provides free fingerlings to small-scale aquaculture farmers, aiming to revive pond-based fish farming after floods destroyed farmers' investments and to address high costs of inputs.

Scale indicators10 records

Recent moves10 records

Expansion highlights6 records

Direct peers

• Tropo Farms: Ghana-based commercial tilapia aquaculture operation that Victory Farms' two founders previously built (from <250MT to >6,100MT). Tropo is the most direct functional peer in African tilapia farming and serves as the operational template Victory Farms is replicating in East Africa.
• Regal Springs: One of the world's largest vertically integrated tilapia producers (Honduras, Mexico, Indonesia), offering direct product comparability on species, integrated farming-to-retail model, and ESG positioning relevant to Victory Farms' end-to-end tilapia platform ambitions.

Broad incumbents

• Mowi: Global aquaculture leader (predominantly Atlantic salmon) whose founders co-invested in Victory Farms' 2022 round. Mowi provides relevant industry benchmarking on vertical integration, processing standards, and capital-intensive growth — though species and geography differ.
• Atlantic Sapphire: Land-based salmon aquaculture company pursuing a vertically integrated, sustainability-led growth model. Comparable to Victory Farms in its ambition to combine ESG narrative with scaled, controlled-environment protein production, though focused on salmon and Western markets.
• Cermaq: Global salmon farming incumbent (Norway, Chile, Canada) owned by Mitsubishi. Relevant as a large-scale aquaculture operator with vertically integrated feed-to-processing operations analogous to Victory Farms' Lake Victoria platform, though species and geography differ.

Emerging players

• AquaBounty Technologies: Aquaculture genetics company producing genetically engineered salmon. Comparable as a technology-enabled aquaculture growth story targeting premium protein markets with capital-intensive infrastructure, though species and technology stack differ.

Others

• Skretting: Global leader in aquaculture feeds (Nutreco subsidiary) and a current partner/supplier to Victory Farms via its Tilapia Forum. Highly relevant as an input supplier and as a benchmark for feed-driven cost structures in tilapia operations.
• BioMar: Major global aquaculture feed manufacturer (salmon, tilapia, shrimp). Relevant peer for Victory Farms' Naivasha aqua-feed mill economics, since BioMar's feed pricing and formulations directly shape the cost benchmark Victory Farms seeks to undercut in-house.

Regional players

• Lake Harvest: African tilapia producer operating on Lake Kariba (Zimbabwe/Zambia) supplying regional markets. Comparable regional tilapia aquaculture operator with a similar target customer base in Southern/Eastern Africa, though operating in a different lake system and geography.
• Yalelo: Zambia-based tilapia aquaculture company producing bream on Lake Kariba for Southern African markets. Comparable as an African freshwater cage-cage tilapia operator with similar processing and distribution requirements, though focused on Zambia/Zimbabwe rather than East Africa.

Market position

Strengths5 records

Weaknesses5 records

Competitive moat5 records

Key risks6 records

Key highlights6 records

Customer concentration

• Xfacebook.com/VictoryFarmsKenya
• Facebookfacebook.com/VictoryFarmsKenya
• LinkedInlinkedin.com/company/6214041
• Instagraminstagram.com/victoryfarmsltd.ke

Revenue estimate

Valuation estimate

Number of profiles

Profiles7 records

Funding overview

Funding rounds6 records

Investors8 records

Funding detail is available on the Subscription and Enterprise plan.Contact sales →

M&A

Investments

M&A and investment is available on the Subscription and Enterprise plan.Contact sales →

Frequently asked questions about Victory Farms