Kisumu-based AquaRech Ltd has closed a USD 1.7 million (KES 259,845,000) seed round. Aqua-Spark, the Netherlands-based global investment fund focused on sustainable aquaculture, led the equity investment. Additional funding was sourced from Acumen, Katapult and Mercy Corps Ventures.
“I’m proud of our team who have worked tirelessly to get us to this significant milestone. Grateful to our customers and partners who we continue to collaborate with in creating a sustainable aquaculture value-chain for Africa that is climate-smart and provides value to smallholder farmers.” Wrote James Odede, CTO and Co-founder.
The company plans to use the investment to expand its team. Additionally, the funds will help Aquarech “ support more vertical integration” of its technology. Christiaan Lensvelt, head of new deals at Aqua-Spark, said Aquarech was committed to supporting smallholder to medium farmers.
“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,” he said.
Aquarech is a fish farming platform that brings the various value chain actors together in a streamlined way. On the mobile platform, small and medium-sized fish farmers, feed makers, and fish buyers wishing to buy and sell feeds interact. Another mobile app by the company enables fish farmers and other enthusiasts to learn more about aquaculture. This knowledge is meant to help them adopt best practices to improve their income.
The Kenyan company was founded in 2019 and has 3 co-founders. There are the CEO Dave Okech, the CTO James Odede and Joseph Okoth, the Director of Operations at the firm. Aquarech had previously received funding from the Google for Startups Black Founders Fund.