Access to capital is key for development, and partnerships with DFIs like DEG showcase how strategic investments can unlock potential and fuel long-term success. Kudos to the entire Victory Farms team for demonstrating what’s possible with vision, hard work, and great financial support! #Growth #Partnerships #Development #SustainableBusiness
Today we wired the final repayment due on our investment from DEG, using cashflow generated this year. The "Up-scaling" facility is intended to help young companies springboard. Since receiving the funds in 2018 to its repayment today, we have "up-scaled" 17x. The main scale factor for Victory in 2019 was upgrading our cage size from 6x6 meter square units to large circular units, now 30-meter diameter. The harvest size from a cage increased from 8 MT to 150 MT. The first cages being towed out (in 2019) are pictured below. Partnerships between DFIs and private sector are often criticized, but in Africa's anemic capital market systems, DFIs play a critical link for entrepreneurial forces to be unleashed. I hope we continue to work with more DFIs in the future -- and that DFIs keep believing in the power for the African entrepreneurship ecosystem to deliver results! A special thanks to Dr. Tobias Bidlingmaier and David Weiss for their ongoing support and belief in our model and team.