Nov 204 min read

Why We Invested in Samaking: Transforming the Fish Value Chain in Africa 🌍

At Delta40, we’re proud to support Samaking, an innovative venture led by founder Clinton Obura. Samaking is on a mission to make fish the #1 protein on African plates while improving the livelihoods of fish farmers and fisherfolk. Samaking is backed by early equity investments from Delta40 and Kaleo VC and grants from aquaculture industry experts Gatsby Africa and BFA Global.

💡 Why Samaking?

Samaking was born out of deep research and insights into Africa's fish value chain challenges. With initial support from Delta40 Venture Studio and Gatsby Africa, Clinton engaged over 600 consumers, fishmongers, and traders across East Africa, revealing key gaps:

Fish is poorly distributed compared to beef and chicken
Fried fish is the preferred option for 75% of consumers but is not widely available
84% of fish is purchased from informal roadside traders, raising health and safety concerns

Recognizing these gaps, Samaking set out to create solutions that would increase the availability, affordability, and safety of fish for everyday consumers—while driving a new source of income for fish farmers and local businesses.

“Gatsby Africa has long recognized the vast potential for the growth of East Africa’s aquaculture industry. Over time, market channels making tilapia increasingly available have evolved and improved, however, inefficiencies in route-to-market remain. Samaking’s endevours are a boon to innovation in fish retail in Kenya, harbouring the potential to unlock untapped demand for fish in key urban markets.”

James Mwangi, Aquaculture Intervention Manager, Gatsby Africa

🛒 Innovating at the Consumer Level

Samaking launched the first branded, tech-enabled, and franchisable fish shop on Ngong Road, Nairobi in March, followed by a second shop on Kiambu Road, Nairobi in May, 2024. The first shop is operationally profitable at the shop-level, indicating promising growth potential.

But Samaking’s vision extends far beyond a couple of storefronts. The company is building a scalable, franchise-based (B2B2C) model that will make fish more accessible across East Africa. They plan to expand to 28 stores over the next 5 years, with a mix of owned and franchised locations. Additionally, Samaking is actively exploring B2B sales channels to drive volume sales.

🚜Launching an Aggregation Platform & Farmer Support

Samaking plans to launch an aggregation platform to source fish directly from farmers on Lake Victoria's Kenyan and Ugandan sides to enable this expansion and access better pricing. We plan to set up two pilot hubs in 2 key zones (one in Uganda and one in Kenya) to aggregate fish and get it to markets. This model will include working closely with SME farms and groups of smaller farmers and fisherfolk. Samaking seeks to play the value chain anchor and connector between producers and the market, leveraging cold chain to improve efficiencies.

“Samaking’s approach to improving cold-chain infrastructure and promoting ethical fish production enables small-scale fish farmers and fisherfolk to increase productivity and reach new markets. This aligns deeply with our vision for a future where resource use is optimized for both people and the planet, creating a resilient food system that adapts to climate demands.”

Rasima Swarup, TECA Director, BFA Global

🔑 Why We Invested

As a venture capital firm and venture studio deeply committed to backing Africa’s best entrepreneurs and creating climate innovations, Delta40 is excited to support Samaking’s journey for several key reasons:

Sustainable and Climate-Friendly: Fish is one of the most climate-friendly proteins. A serving of fish has a carbon footprint of just 1.3 kg CO2e, compared to 15 kg CO2e for beef. As Africa’s population continues to grow, new protein sources like fish will be crucial to meeting the rising demand for food.
Economic Empowerment: Samaking’s model is designed to empower smallholder farmers, fish traders, and entrepreneurs by improving access to markets, providing fairer prices, and increasing incomes for those in the fish value chain.
Health and Nutrition: Fish offers a range of health benefits, including promoting brain development in children and supporting weight management for adults. By making fish more widely available, Samaking is helping improve nutrition across East Africa.
Tech-Enabled Growth: Samaking is building a tech-powered infrastructure to streamline operations, track key metrics, and scale efficiently. This will allow the company to expand its impact while ensuring operational excellence.
Productive Use of Energy: Samaking is also pioneering sustainable practices, such as using electric bikes for deliveries and efficient cold storage solutions, minimizing its environmental footprint while improving supply chain efficiency.

"At Delta40, we believe in the power of innovative solutions to drive sustainable development across Africa. By promoting fish as a climate-friendly protein source, we are addressing both economic and environmental challenges. We are excited to support Clinton and his team as they revolutionize the fish value chain in East Africa."

Lyndsay Handley Holler, Managing Director of Delta40

💪 Clinton Obura – A Visionary Founder

Most of all, we’re proud to back Clinton Obura, a passionate and visionary founder with a strong background in technology and business. Before founding Samaking, Clinton worked with Uber Eats, Google, and Elephant Healthcare, where he gained valuable experience in scaling businesses and building partnerships. Growing up on the shores of Lake Victoria, Clinton has an intimate understanding of the challenges within the fish industry and the opportunities that lie ahead.

His diverse experience, combined with his personal connection to the problem, makes him uniquely suited to lead Samaking in transforming the fish value chain in East Africa.

🚀 Join Us on This Journey

Delta40 is excited to continue supporting Clinton and his team as they transform the fish value chain in East Africa. Samaking is raising another $350K in grants and equity in Q4 2024- Q1 2025 to establish the aggregation platform & pilot the franchise model. Delta40 has committed to this round with a follow-on investment and we are also seeking co-investors to accelerate Samaking’s growth.

If you’re interested in co-investing or learning more about Samaking’s journey, we invite you to reach out to elana@delta40.com 🌍 ✨

#VentureCapital #SustainableDevelopment #FoodSecurity #ClimateSmartAgriculture #FishValueChain #Innovation #Entrepreneurship #Africa #TechForGood #ProductiveUseofEnergy #Delta40