South African online livestock auctions and sales platform swiftVEE has secured US$1.5 million investment to scale operations. The round of funding was led by Subtropico Ltd, an agri investment focused firm.
The agritech startup will use the fresh capital to expand its services to other provinces in South Africa and neighboring countries like Namibia and Botswana.
Launched in 2017, swiftVEE is a livestock trading platform that connects online buyers to livestock auctions for real-time purchases in low-latency areas such as farmlands.
In an interview with Ventureburn, Russel Luck, chief executive officer, commented on the funding received and the conditions of Covid-19 in generating innovation in the agritech sector.
“The investment and growth of swiftVEE demonstrates a significant change in attitude within the agricultural sector. Traditional agribusinesses appear to have recognised the importance of re-inventing themselves as COVID accelerates the rate at which agriculture moves towards the fourth industrial revolution. In the age of new-normal the door has been opened for technology start-ups to create a new narrative.”