Kenyan aquaculture startup Aquarech has successfully secured $1.7 million in equity funding to enhance support for small-scale fish farmers in Kenya through its mobile app platform. Established in 2019 and spearheaded by CEO Dave Okech,
along with co-founders James Odede and Joseph Okoth, Aquarech is dedicated to streamlining fish farming processes.
Their mobile app facilitates trade among manufacturers, farmers, and buyers, enabling transactions related to high-quality fish feed, as well as providing insights into optimal aquaculture practices to boost income.
Addressing challenges such as resource scarcity and limited access to quality feed faced by local farmers, Aquarech aims to increase production, uplift small-scale farmer economics, and foster the overall development of the aquaculture sector in Kenya. The startup supports farmers by delivering quality feed, implementing climate-smart precision fish feeding techniques, offering market access, providing technical training, and extending financial access, including a 90-day credit period for feed payments.
The recent infusion of $1.7 million in equity funding will be utilized by Aquarech to recruit talent, procure additional feed, and establish infrastructure to further integrate its technology vertically. The investment was spearheaded by Aqua-Spark, a global aquaculture investment fund based in the Netherlands, and included contributions from Acumen, Katapult, and Mercy Corps Ventures.
Dave Okech expressed the startup’s commitment to empowering smallholder fish farmers through a comprehensive approach, stating, “If you teach a man to fish, you feed him for a lifetime.” He emphasized that the funding and partnerships with investors will propel the growth of their mobile-enabled platform, eliminating barriers for small-scale fish farmers and fostering collaboration across the value chain.
Christiaan Lensvelt, head of new deals at Aqua-Spark, commended Aquarech’s dedication to improving local livelihoods by supporting small to medium farmers to achieve commercial and environmental sustainability. He highlighted the unique combination of field experience and digital tools possessed by Aquarech, expressing anticipation for the positive impact the startup will have on the aquaculture industry in Africa.
Source: Disrupt Africa