Crowd farming fintech platform Livestock Wealth says it is preparing for African expansion after receiving a R10 million funding boost from the Mineworkers Investment Company (MIC), through the Khulisani Ventures investment vehicle.
The web and mobile investment platform has become the latest strategic partner to the MIC, a 100% black-owned investment company established in 1995 by the Mineworkers Investment Trust, focused on empowering high-growth potential and innovative businesses.
Founded in 2015 by electro-mechanical engineer Ntuthuko Shezi, Livestock Wealth has helped thousands of people to invest in tangible, growing assets such as cattle-breeding, free-range oxen, organic garden tunnels and macadamia trees via its platform.
Through connecting its network of small-scale partner farmers to online investors, the business model allows farmers who cannot afford to scale their business to access capital, while offering the investor an opportunity to invest in these assets, which are not influenced by financial market trends.
CEO Shezi explains the partnership with MIC’s Khulisani Ventures will go a long way in empowering his company to meet its expansion goals, including broadening access to markets and leveraging new growth opportunities.
“Farming is one of the oldest pillars of generational wealth. We understand this at Livestock Wealth and created a platform to make investment in farming accessible to anyone, anywhere. MIC’s investment in our company will allow us to scale our technology offering and prepare for growth beyond South Africa,” he says.
Last year, Shezi told ITWeb the company was planning to establish a presence in the Southern African Development Community region in the near future, after growing its asset valuation to become a R100 million business.
The fintech platform has seen increased demand for its investment products and services, particularly since the onset of COVID-19, as more South Africans sought alternative investment opportunities and financial security.
“Inventions and innovations are the engines that power the economy. Livestock Wealth is one such entity, with innovation at its heart. It is the perfect example of the kind of companies we continue to seek to establish mutually-beneficial partnerships with,” says MIC CIO Nchaupe Khaole.
MIC has a diversified portfolio of investments spanning various sectors within the South African economy. These include vehicle tracking company Tracker, wirelesscommunication technologies firm Optron,telecommunications services company DN Invest, Metrofile and Vodacom, among others.
MIC impact investment manager Thato Ntseare adds: “Livestock Wealth’s simple way of helping anyone buy and own real profit-earning assets, while helping farmers grow and maintain assets until ready for market, was the enticement that attracted us to the business. They have embraced innovation and understand that creating innovative solutions to problems is the best way to grow.”
– itweb.co.za
