South African agritech startup swiftVEE has expanded rapidly since its founding, reaching beyond its original livestock and game trading platform to impact the entire value chain.
Established in 2019, Selected for Google Launchpad Africa accelerator In the same year swift vee The company initially ran real-time online livestock and game auctions and had operations in South Africa, Namibia, Botswana and Zimbabwe.
But since then it has started AuctionApp.IOa white-label auction software business that provides auction solutions to multiple auction industries. Prizwiseis an agricultural inputs platform that digitally connects producers and input manufacturers to reduce the overhead of brick-and-mortar retail.
“All platforms utilize machine learning and artificial intelligence to match buyers and sellers at the optimal time, and bundle financial services such as insurance and financial products onto the platform for a comprehensive digital trading solution. ” swiftVEE CEO Russell Luck told Disrupt Africa.
So what was behind the launch of the first auction platform?
“During periods of drought, we have seen cattle die on the land before it is given away for free. For example, buyers in Johannesburg often have to feed their livestock during droughts because they run out of grass. We can't feed them anymore and the livestock ends up dying,'' Luck said. “We thought a way to solve this problem would be to connect these markets digitally and allow buyers in the Eastern Cape, for example, to participate in auctions in Johannesburg, where there is a drought. .”
So swiftVEE launched a live streaming real-time feed and bidding platform to allow remote buyers to participate in auctions without traveling.
“Real-time, live bidding has been very difficult to achieve because auctions add up so quickly and the remote farms where auctions are held often don't have internet,” Lack said. “It was very difficult to get it right, but miraculously we succeeded!”
SwiftVEE currently offers reliable bidding technology at scale, holding 20 auctions per day in South Africa, Namibia, Botswana and Zimbabwe, with plans to expand to other African markets .
“We ultimately want our main focus to be to connect African livestock with buyers in the United Arab Emirates and Asia, as we have access to the world's best genetics at very affordable prices.” Luck said.
Funded So far, it has reached USD 2.5 million, but swiftVEE has many revenue streams such as subscriptions, advertising, and white labeling, and plans to add more. Luck said he is proud of the startup's growth given the challenges it has had to overcome.
“It's tough being a pioneer in a new industry when so many people say, 'Nobody trades livestock over the phone,'” he says. “Offloading and connecting is hard, and scaling is hard. But to give all the credit to the incredibly talented and hard-working swiftVEE team, 100% of our success is due to our It’s by the team, especially not by the CEO.”
