Aqua-Spark closes first US$48M fund to boost African aquaculture

AFRICA – Aqua-Spark has officially announced the first close of its new Aqua-Spark Africa fund at US$48 million, marking a major step in advancing aquaculture development across sub-Saharan Africa. 

The fund is designed to provide catalytic capital and infrastructure support for the region’s aquaculture sector, which has the potential to address the continent’s growing protein needs, improve nutrition, create jobs, and strengthen climate resilience.

The fund will be led by Ben Gimson, formerly of Gatsby Africa, who brings extensive experience investing in African aquaculture and related industry ecosystems. 

Aqua-Spark Africa represents the first phase of a long-term strategy, with a target of deploying US$250 million across the region over the next decade. 

“Africa represents one of the most compelling aquaculture growth opportunities in the world,” Gimson said.

“The continent has the natural resources, entrepreneurial talent, and market demand to build a thriving, sustainable aquaculture sector. What’s been missing is coordinated infrastructure and catalytic capital.”

Mike Velings, co-founder and CEO of Aqua-Spark, emphasised that the fund leverages more than a decade of experience and a global network of partners. 

“With our learnings, technology, and data from past investments, we are uniquely positioned to help build the aquaculture ecosystem Africa needs,” he said. 

The fund will invest in both high-impact commercial ventures and foundational projects to expand Africa’s capacity to produce sustainable, affordable protein at scale.

Scaling aquaculture to meet Africa’s protein demand

Unlike more developed aquaculture markets, much of sub-Saharan Africa lacks the infrastructure needed for large-scale growth. 

The region’s population is projected to grow from 1.5 billion today to 2.5 billion by 2050, driving demand for affordable, high-quality protein such as fish. 

Annual fish consumption currently stands at roughly 10 million tonnes but is expected to rise to 29 million tonnes by 2050. 

To maintain even current per-capita consumption, aquatic food supply must increase by about 74 %, with aquaculture providing the majority of this growth, as capture fisheries are already fully exploited.

Key gaps remain in hatcheries, feed supply, cold storage, financing, and technical expertise. 

Aqua-Spark Africa aims to address these constraints by investing across the entire value chain, from farming and feed to genetics, technology, and distribution, while developing farming hubs to stimulate local industry, strengthen capacity, and support long-term sector development.

Investment scope

To help fill the projected protein and fish supply gap in Africa, Aqua‑Spark has been proactively investing in aquaculture for over a decade, demonstrating measurable impact in production, livelihoods, and market development. 

In Kenya, the fund backed Aquarech, a tilapia farming platform that leverages mobile technology to improve access to feed, technical guidance, and market linkages for small- and medium-scale fish farmers. 

In Uganda, Aqua‑Spark supported commercial tilapia producers to expand operations while introducing sustainable feeding and farming practices. 

These investments have improved yields, strengthened supply chains, and helped farmers access new local and regional markets.

With the launch of the US$48 million Aqua‑Spark Africa fund, the company aims to scale these successes across sub-Saharan Africa. 

Cornerstone co-investors include KfW, the EU-funded AgriFi managed by EDFI, Gatsby Africa, and the Livelihood Impact Fund. 

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