Kenyan fish farming startup Aquarech raised $1.7 M in Equity funding round

Through its mobile app platform, Kenyan fish farming firm Aquarech has raised US $1.7 million in equity capital to help it enhance outcomes for small-scale fish farmers in Kenya.

Using a mobile app platform that enables producers, farmers, and buyers to trade, buy, and sell high-quality fish feed as well as learn about best practices and ways to increase their incomes, Aquarech was founded in 2019 and is headed by Dave Okech, the CEO and founder of Kisumu, along with co-founders James Odede and Joseph Okoth.

Lack of resources and access to high-quality feed are common problems for local farmers. The goals of Aquarech are to boost productivity, enhance the financial situation of small-scale farmers, and encourage the expansion of Kenya’s aquaculture sector as a whole. In order to accomplish this, Aquarech offers small-scale farmers comprehensive support in the form of high-quality feed, climate-smart precision fish feeding methods, market access, technical training, and financing options that include a 90-day feed credit period.

To facilitate deeper vertical integration of its technology, the business has acquired US $1.7 million in equity capital, which it will use to hire talent, acquire more data, and set up infrastructure. Leading the investment was Aqua-Spark, a worldwide aquaculture investment fund based in the Netherlands, with support from Acumen, Katapult, and Mercy Corps Ventures.

“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 by improving the aquaculture value chain,” said Okech. “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, according to Christiaan Lensvelt, head of new agreements at Aqua-Spark, is dedicated to enhancing local livelihoods by helping smallholder to medium-sized farms become environmentally and commercially viable.

“We look forward to supporting Dave and his team in achieving great things for the industry as one of the few aquaculture startups in Africa with a unique combination of field experience and digital tools,” he said.