Kenyan fishfarming platform Aquarech has secured USD 1.7million in equity investment, in a round led by Netherlands-based global aquaculture investment fund Aqua-Spark with additional investment from Acumen, Katapult and Mercy Corps Ventures.
Founded in 2019 by CEO Dave Okech, with co-founders James Odede and Joseph Okoth, Aquarech is Kenya's first fish farming platform, focusing on improving outcomes for small-scale fish farmers in the country.
The startup intends to use the funds to hire talent, acquire more feed, and set up infrastructure to support more vertical integration of their technology.
Aquarech wants to improve the aquaculture value chain in Kenya to meet the country's need for fish as an affordable and healthy protein for its growing population. According to figures cited by the company, Kenya's fish consumption is expected to increase from 200,000 to 300,000 tonnes over the next 5 years.
“The proverb says, ‘If you give a man a fish, you feed him for a day. If you teach a man to fish, you feed him for a lifetime,’ and that’s what we’ve set out to do, starting by improving the aquaculture value chain,” CEO Dave Okech explained in a press release.
“The funding and partnership provided by our investors will promote the growth of our mobile-enabled platform, which is unlocking barriers faced by smallholder fish farmers and bringing the various value chain actors together while remaining farmer-centric.”
Aquarech's mobile app platform enables all the players in the value chain, from feed manufacturers to farmers and buyers, to trade, buy and sell aquafeed. The app also provides information on best aquaculture practices, offering farmers "climate-smart precision fish feeding techniques, market access, technical training and financial access, including a 90-day credit period to pay for feed," the company says.
“Aquarech is committed to improving local livelihoods by supporting smallholder to medium farmers to become commercially and environmentally sustainable” said Christiaan Lensvelt, Head of New Deals at Aqua-Spark.
“We look forward to supporting Dave and his team in achieving great things for the industry as one of the few aquaculture start-ups in Africa with a unique combination of field experience and digital tools," Lensvelt added.
