Aquarech, a startup based in Kenya, has raised $1.7 million in equity capital to enhance the mobile app platform and improve outcomes for small-scale fish farmers in the country.
With additional financing from Acumen, Katapult, and Mercy Corps Ventures, the investment was led by Aqua-Spark, an international aquaculture investment fund based in the Netherlands.
Aquarech was founded in 2019 by Dave Okech, a Kisumu-based entrepreneur, along with co-founders James Odede and Joseph Okoth. The company’s goal is to simplify the production process of fish farming through the use of a mobile app platform that facilitates the trading, buying, and selling of high-quality fish feed, as well as the learning of best aquaculture practices and the improvement of incomes for all parties involved.
“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.”
Christiaan Lensvelt, head of new deals at Aqua-Spark, said Aquarech was committed to improving local livelihoods by supporting smallholder to medium farmers to become commercially and environmentally sustainable.
“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.
When it comes to high-quality feed, local farmers frequently have limited options and few resources.
The goal of Aquarech is to boost productivity, enhance the financial situation of small-scale farmers, and encourage the expansion of Kenya’s aquaculture sector as a whole.
To that end, Aquarech offers comprehensive support to small-scale farmers, including climate-smart precision fish feeding techniques, high-quality feed, access to markets, technical training, and financing options (including a 90-day feed credit).
With the funding that it has received, the business may now expand its workforce, increase its feed supply, and lay the groundwork for further vertical integration of its technologies.
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