Chicoa Fish Farm has secured $1.5 million in Series A funding from Goodwell Investments to expand its sustainable aquaculture operations and enhance food security in Southern Africa.

Information on the Target

Chicoa Fish Farm is a Mozambican-based enterprise that was established in 2015 by Gerard McCollum and Damien Legros. The company addresses the pressing issue of affordable protein scarcity in Southern Africa by fostering sustainable aquaculture practices. With a focus on tilapia fish, Chicoa ensures a stable supply chain by managing primary production, implementing a breeding program, and establishing effective sales and distribution networks throughout Mozambique, Malawi, South Africa, and Zambia. The recent closure of their Series A funding round, totaling $1.5 million from Goodwell Investments, marks a significant step towards scaling their operations.

With the new funding, Chicoa plans to enhance its growth trajectory by investing in the processing and distribution of frozen tilapia products. The expansion plans include extending production facilities and installing a processing plant, while also integrating local smallholder farmers into their operational model. Ultimately, Chicoa aims to produce over 5,000 tons of tilapia annually, thereby injecting an estimated $10 million into the local economy each year.

Industry Overview in Mozambique

Aquaculture presents a critical opportunity for addressing food security challenges in Mozambique, where nearly 80% of the population cannot afford an adequate diet. Despite its vast resources, the country finds itself heavily reliant on food