SOUTH AFRICA – South African agritech startup Nile is unlocking wider revenue stream for farmers with the launch of a tech-enabled trading market place that connects vegetable and fruit producers directly to commercial buyers via an accessible online platform.
The B2B business aggregates supply across the SADC region and has a cross-dock distribution hub in Johannesburg, reports Ventureburn.
Founded in February 2020 by a dynamic and experienced trio, Louis de Kock, Eugene Roodt, and Rick Kleinhans, the platform allows wholesale buyers to view live prices and availability for a specific product from numerous suppliers.
Through this it has created transparency and an easy-to-use marketplace that symbiotically benefits both producers and commercial buyers.
“By integrating regional food systems, we aim to make nutritious food more accessible to consumers across the continent and beyond.”
Louis de Kock – co-founder Nile
By developing a functional digital ecosystem that solves issues relating to food trading, including price discovery, quality verification, payments, and logistics, this model has further transformed the traditional method and process to ensure the shortest and most efficient route-to-market for fresh produce.
This in turn reduces freight costs and food waste. In addition, it has cut the high transaction costs inherent in the fresh produce industry.
“Our platform makes it easy and safe to trade fresh produce and a wholesale buyer can now view live prices and availability from multiple producers across different regions.
“A buyer can place orders instantly by selecting specific ripeness, grade, size and packaging,” said Louis de Kock, co-founder Nile.
Other features on the agritech’s platform include the use of integrated credit extension. Payment between the producer and buyer can be made either prepaid or on a credit-basis and the payment is secured by the platform for both users.
Also, Nile has created a proprietary predictive pricing algorithm that accounts for high volatility in factors that drives pricing in the fresh produce industry. The algorithm is currently in the testing phase and has not been implemented as yet.
The newly launched agritech startup has taken the agricultural industry by storm as it reportedly traded a whopping one million kilograms of fruit and vegetables within a mere five weeks since its introduction to the public in November.
“Nile has a bigger vision where we see a future where Africa’s producers can access the markets with the biggest need for their products.
“By integrating regional food systems, we aim to make nutritious food more accessible to consumers across the continent and beyond,” said Louis de Kock.
Nile is self-funded but is considering to initiate its first external fundraising round this year, as it plans to expand its offering to a range of other food products.
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