The ecosystem experienced a slow week last week, with only two new funding deals recorded. Lupiya, a Zambian micro-loan marketplace, secured a partnership deal with the USAID EDGE project to help transform the country’s agriculture sector. Interestingly, both funding deals recorded last week were also in the agtech sector.
Let’s get into the details.
Series B
Victory Farms, a Kenya-based aquaculture startup, has raised $35 million in a Series B round, led by Creadev, with participation from the Acumen Resilient Agriculture Fund (ARAF), DOB Equity, Endeavor Catalyst Fund, and Hesabu Capital. The round was also supported by the founders and a few angel investors.
Founded in 2015 by Joseph Rehmann and Steve Moran, Victory Farms operates a tilapia fish farm with over 80 branches in East Africa and has recently expanded into Rwanda with Kivu Choice. Later this year, the company intends to launch its aqua-feed mill joint venture.
The funds will be used to expand its operations in Kenya and Rwanda, as well as potential expansion into Ethiopia, Uganda, and Tanzania.
Others
FarmTrace, a South African agtech startup that offers farmers a cloud-based management solution, has announced an undisclosed round of funding from Hassium Capital and Secha Capital Partners.
Founded in 2015 by Jacques du Plessis and Werner Lategan, offers a cloud-based farm management solution with a variety of tools to help farmers scale and manage their operations. The FarmTrace software integrates all production activities into a single management platform, allowing farmers to monitor and control their operations from anywhere in the world.
The investment would be used to help the company scale, expand its product offerings, and improve its customer experience.
Partnerships
Lupiya, a Zambian fintech startup, has secured a $18 million partnership deal with the USAID Enterprise Development and Growth Enhanced (EDGE) Project to help transform the agricultural sector by providing financial and technical assistance to 450 agri SMEs.
The startup will collaborate closely with USAID EDGE to provide these agri SMEs with the support they need to thrive, with the initiative expected to drive sustainable growth in the sector, create jobs, and increase food production in Zambia.
