South African agritech startup SwiftVEE has secured R173 million ($10.1 million) in a major Series A funding round, marking a defining moment in its evolution from a livestock auction disruptor to a fully integrated digital agrifinance platform. The round was co-led by HAVAÍC and Exeo Capital, with participation from existing shareholders and a high-profile new investor: Iain Williamson, former CEO of Old Mutual. His involvement signals strong confidence in SwiftVEE’s expanding insurtech ambitions.
The raise comes at a pivotal time for vertical marketplaces across Africa. Many are evolving beyond simple buyer–seller matching and moving toward embedded finance—a model that enhances revenue, improves customer retention, and leverages data to unlock financial services for underserved sectors. SwiftVEE’s next chapter embodies this shift.
From Auction Tech to Agritech Infrastructure
Founded in 2019 by CEO Russel Luck, SwiftVEE began with a mission to digitize the fragmented livestock trading ecosystem—an industry traditionally dominated by handshake deals, physical auctions, and limited market transparency. By moving livestock auctions online, the platform connected farmers and agents to a broader pool of buyers, enabling cross-border participation and improving price discovery across the sector.
The model quickly took hold. SwiftVEE now processes over $100 million (R1.8 billion) in GMV annually, hosting hundreds of auctions across South Africa, Namibia, Botswana, Zimbabwe, and Zambia. Its reach extends far beyond the continent, attracting international buyer syndicates from the United States, Europe, and the UAE.
Yet the company’s most valuable asset may be the rich transaction-level data it has accumulated—data that could fundamentally reshape agricultural finance in Africa.
A Push Into Financial Services
With millions of dollars’ worth of livestock changing hands on the platform, SwiftVEE sits at the center of a sector long underserved by traditional banks. Farmers often struggle to access credit and insurance because agricultural assets are hard to value and risk assessments are poor.
SwiftVEE believes it can change that.
By embedding credit, insurance, and data-driven risk tools directly into the transactional workflow, the startup aims to become not only a marketplace but a financial infrastructure layer for agriculture. Williamson’s investment reinforces this direction. With decades of insurance leadership behind him, his involvement offers both credibility and technical expertise as SwiftVEE charts its insurtech roadmap.
Earlier this year, SwiftVEE announced a fintech partnership with Nedbank, one of South Africa’s leading financial institutions—another indicator of its maturing ambitions.
Strategic Investors Signal Confidence
The mix of investors provides a powerful combination of capital, expertise, and networks:
- HAVAÍC, known for scaling African startups globally.
- Exeo Capital, with deep agribusiness roots across the continent.
- Existing shareholders, including Mike Kirsten and Zire Africa, signaling internal confidence.
- Iain Williamson, adding heavyweight financial-sector experience.
Such investor alignment strengthens SwiftVEE’s ability to scale both its core operations and its new fintech layers in tandem.
Beyond Livestock: Building a Broader Ecosystem
SwiftVEE is becoming more than a livestock platform. It now operates two white-label products:
- Auctionapp.IO — enabling non-agricultural asset auctions.
- PrysWys — an e-commerce platform for agricultural inputs.
This diversification not only protects the business from livestock market cycles but also expands its distribution channels for upcoming financial products.
A Platform Play for Africa’s Agricultural Future
With fresh capital and influential backers, SwiftVEE is transitioning from a digital cattle auction innovator into a comprehensive agritech-fintech ecosystem. Its evolution mirrors a broader trend in African tech: moving from enabling transactions to financing the trade itself.
The company is now one of the best-capitalized agritech platforms on the continent—and poised to redefine how farmers, agents, and financial institutions interact in Africa’s $300 billion agricultural economy.
