South African agri-tech startup swiftVEE has expanded rapidly since its launch, moving beyond its initial livestock and game trading platform to impacting the whole value chain.
Founded in 2019 and selected for the Google Launchpad Africa accelerator in the same year, swiftVEE initially conducted real-time online livestock and game auctions, operating in South Africa, Namibia, Botswana, and Zimbabwe.
Since then, however, it has launched AuctionApp.IO, a white-label auction software business providing auction solutions to multiple auction industries, as well as PrysWys, an agri-inputs platform connecting producers to input manufacturers digitally, to reduce the overheads of brick-and-mortar retail.
“All platforms utilise machine learning and artificial intelligence to match buyers and sellers at optimal times and bundle financial services such as insurance and finance products into their platforms for a comprehensive digital trading solution,” Russel Luck, CEO of swiftVEE, told Disrupt Africa.
So what was behind the launch of the initial auction platform?
“We saw that in drought periods, cattle died on the land before it could even be given away for free, as buyers in, for example, Johannesburg, when there’s drought can’t feed the animals as there’s no grass, so it ends up dying at auction,” Luck said. “We thought that digitally connecting these markets so that a buyer in, say, the Eastern Cape, can participate in the Johannesburg auction where there’s drought, is a way to solve this problem.”
So swiftVEE launched a live-streamed, real-time feed and bidding platform so remote buyers can participate in auctions without needing to travel.
“It was extremely difficult to produce real-time live-bidding, because auction increments happen so fast, and there is often no internet in remote farm areas where auctions happen,” said Luck. “It was very difficult to get it right – but we did, miraculously!”
Now, swiftVEE is offering reliable bidding technology at scale, with 20 auctions per day in South Africa, Namibia, Botswana, and Zimbabwe, and plans to expand into other African markets.
“We ultimately want to connect African livestock with buyers from the United Arab Emirates and Asia as a primary focus, as we have the best genetics in the world at very good prices,” said Luck.
Funded to the tune of US$2.5 million so far, swiftVEE has a number of revenue streams, including subscriptions, advertising, and white labeling, and is planning to add more. Luck said he is proud of the startup’s growth given the challenges it has had to overcome.
“Being the pioneer of a new industry when many say that “no-one will trade livestock on a phone” is tough,” he said. “Loadshedding and connectivity is tough, and expansion is tough. But all credit to the swiftVEE team who are exceptionally talented and hard-working – 100 per cent of our success is due to our team, not any individual – especially not the CEO!”
