South African livestock auction platform receives $1.5m investment
SwiftVEE, a South African agricultural trading platform, has raised $1.5 million from Subtropico Ltd, an investment company with a focus on the agricultural services sector and related value chain. SwiftVEE helps the buyers and sellers of livestock connect in real-time through the use of third-party “livestock agents”. Livestock agents are similar to property agents and broker deals between buyers and sellers.
The company is one of the first to set up real-time online livestock auctions in South Africa and Africa and uses artificial intelligence to match the buyers and sellers of livestock from anywhere in the world to help buyers acquire livestock at the most optimal times.
Russel Luck, co-founder and CEO of SwiftVEE says, ”Since going live in 2019, we have done over 150 auctions in less than 18 months. We have over 125,000 farmers in our network and have engaged buyers and sellers across South Africa in over 90% of the livestock trading industry. We provide livestock auctions in areas where there is almost zero internet connectivity. We’ve facilitated overseas buyers from Thailand, America, France and Zimbabwe to buy South African livestock. We’ve broken two South African records for the most expensive Boran Bull and most expensive Simbra Bull ever sold in South Africa.”
On the investment, Luck continues, ”The investment will help us reach new markets and service not only livestock farmers but farmers who have interests in different sectors like fruit and veg.”
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