Kenyan fish farming platform, Aquarech, has raised $1.7 million in equity investment in a funding round led by the Netherlands-based global aquaculture investment fund Aqua-Spark.
Additional investments were made by Acumen, Katapult, and Mercy Corps Ventures, highlighting confidence in the innovative approach to sustainable aquaculture Aquarech brings.
Founded in 2019 by CEO Dave Okech, along with co-founders James Odede and Joseph Okoth, Aquarech is advancing fish farming methods that enhance the livelihoods of small-scale fishing communities and champion environmentally sustainable practices. The platform facilitates trade and fosters trustworthy relationships among fish farmers, feed manufacturers, and buyers.
With a focus on bolstering outcomes for small-scale fish farmers in Kenya, Aquarech plans to allocate the newly acquired funds strategically. The investment will be channelled into hiring top-tier talent, acquiring more feed, and establishing infrastructure to support further vertical integration of their technology.
Aquarech’s mission aligns with the growing demand for fish as an affordable and healthy protein source for Kenya’s expanding population. The startup aims to enhance the aquaculture value chain in the country, anticipating an increase in fish consumption from 200,000 to 300,000 tonnes over the next five years, according to company-provided figures.
CEO Dave Okech noted the impact Aquarech aims to achieve, stating, “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.“
The mobile app platform developed by Aquarech is a unifying force within the aquaculture ecosystem, facilitating trade and information exchange between feed manufacturers, farmers, and buyers. The app offers a range of features, including climate-smart precision fish feeding techniques, market access, technical training, and financial access, with a 90-day credit period for farmers to pay for feed.
Christiaan Lensvelt, Head of New Deals at Aqua-Spark, expressed enthusiasm for supporting Aquarech’s mission, stating, “Aquarech is committed to improving local livelihoods by supporting smallholder to medium farmers to become commercially and environmentally sustainable.” Lensvelt highlighted Aquarech as one of the few aquaculture startups in Africa with a unique combination of field experience and digital tools, positioning it for significant positive impact in the industry.
Author
