Nigerian agri-tech startup Goatti is working to scale its online livestock investment platform by establishing physical infrastructure to make moving and selling livestock as easy as possible.
Founded in 2017, Goatti began life as a physical livestock farm, until its virtual farming app was launched in May 2018. Similar to a few other agri-investment portals, the startup allows Nigerians to invest in livestock virtually and earn dividends from sales.
“We use technology in facilitating the rearing and supply of red meat,” Goatti’s founder Onifide Ifedayo told Disrupt Africa.
“Livestock farming has long been an area that interests a lot of Nigerians, but many are faced with the stress and hassle involved.”
With the startup’s platform, these issues are overcome. Ifedayo said he chose goats and cattle for their durability and ease of rearing, and Goatti sold over 3,000 goats within its first year of operation.
“Goatti has continued to ensure it creates the largest marketplace of goats in Nigeria,” Ifedayo said.
An online offering, the startup is nonetheless pursuing a very physical approach to scaling. It is building out the required infrastructure to help it grow. So far it has procured five heavy duty trucks to move livestock from its farms to the Lagos marketplace, while this year it will launch physical meat shops in cities across Nigeria.
Ifedayo believes Goatti is fulfilling an important role within the market.
“The supply of meat has been declining progressively in recent years. Recently, the Federal Government of Nigeria expressed her fear of a red meat shortage in 10 years time due to the population growth rate, so more private players are needed to enhance the production and manufacturing of processed meat to meet quality standards,” he said.
“With our innovation, we are creating value by ensuring every purchasing Nigerian can fund a goat farm irrespective of his or her societal status.”
With the Goatti mobile app, people can start a goat farm for as low as NGN50,000 (US$130), which includes the cost of feeding, vaccinations, treatment of livestock if sick, and farm labour. Goatti offers a return of 22-30 per cent to its investors for each goat bought after six months. The startup was able to pay dividends to the tune of US$1 million in 2019.
Bootstrapped in its early stages, Goatti is self-funded through contributions by its members, with Nigerians purchasing over 2,000 units of goats so far. Ifedayo said he thinks the startup has helped bring about a renewed interest in livestock farming amongst young Nigerians.
“Besides providing goat farms for clients, Goatti is simultaneously providing employment for local farmers and creating wealth and opportunities in the livestock space,” he said.