Kenyan fish platform, Aquarech, raises $1.7 million to support additional technology vertical integration
Kenya’s demand for fish is on the rise due to the country’s expanding population, rising disposable incomes, and growing knowledge of the health benefits of fish.
Consequently, Dave Okech, James Odede, and Joseph Okoth founded Aquarech in 2019 to meet the fish demand in the country.
Aquarech claims it connects fish farmers, feed manufacturers, and buyers to trade and build trust. With its mobile app, small-scale fish farmers can connect to ready markets and boost productivity through high-quality feeds, farm management, and the Internet of Things (IoT).
The platform also allows fish feed manufacturers, farmers, and buyers to learn about best practices for aquaculture and ways to increase their earnings.
Additionally, the company keeps a portion of any fish or feed sales arranged through its platform.
Aquarech offers comprehensive assistance to small-scale farmers because local farmers are underfunded and lack access to high-quality feed. It provides a 90-day credit period to cover feed costs. It also offers climate-smart precision fish-feeding methods and market access.
Per the company, this move will improve the financial status of small-scale farmers, increase productivity, and promote the growth of Kenya’s aquaculture industry overall.
An International Journal of Fisheries and Aquatic Studies report claims that establishing fish feed standards has stimulated the Kenyan fish feed industry and will guarantee high-quality fish feeds for all farmers.
Besides, increasing the quality and preparation of the aquafeeds used in Kenya could lead to increased productivity and cost savings, as most of these feeds are produced on-farm or by small-scale semi-commercial feed manufacturers.
Therefore, adopting suitable feed management strategies is essential to maximize returns since feed management practices significantly impact the financial performance of production systems.
