Xamdi Fishing ("Xamdi") started in 2010 with one boat and a retail store in Berbera. By 2013 the company had expanded to include a second retail store in Hargeisa, and by the end of 2014, the company had a three small boats and three stores (one in Berbera and two in Hargeisa.) The company sells 40% of its fish to retail customers and 60% to wholesale customers. While the business was rapidly expanding, it did not have sufficient working capital to supply enough fish to meet its wholesale and retail demand.
After pitching its business at the Somali Investment Forum co-hosted by Shuraako, Xamdi secured financing and increased its fleet and cold storage capabilities. Financing went toward the addition of a 5-ton boat, doubling Xamdi’s catch and increasing revenue by 93%. The company also procured refrigerators, which help extend the life of fish and improve the quality of the catch. Xamdi’s strategic expansion created six new jobs has enabled the company to meet its growing customer demand.
Xamdi Fishing received additional funding in 2017 to purchase a large fishing boat, engine, nets, and a refrigerator. This investment allows the company to continue expanding into Burao and other Somaliland markets to meet the growing demand for fish products.