Describe the company

We are the Next Generation implementation of an e-Auction infrastructure in Greece for Fruit &Veg. and Olive Oil and sync with a Commodity Exchange market for Futures contracts based on Fiat and cryptocurrency as well.

We are building an E-Auction house for Agri-commodities in Greece where various lots of produce Nationwide will be auctioned through an e-bidding clock system and other e-Trading tools at European standards.

Bringing Supply and demand together!

The aim of the project is to achieve the automation of the Agricultural Greek market through a modern electronic Trading infrastructure export-oriented at European standards, by organizing & coordinating the market and creating transparency, speed and trust.

A big advantage of the new infrastructure, especially for the small and medium-sized cooperatives & Group of Producers, is the fact that they will be able to negotiate directly with buyers, both at a national and international level, under the same conditions as larger companies. The new platform will facilitate the task of finding buyers or sellers to negotiate simultaneously and in real time on the trading screen. The members will be able to benefit from economies of scale as well as marketing (access to more markets).

How are you different?

GFC infrastructure will guarantee that growers are correctly paid and treated, and that buyers will receive day in day out quality products.

The auction clock is an instrument which will find the correct market price. (Price discovery mechanism based on actual demand). This is unknown in Greece at the moment and can change a lot when introducing into the market.

We are Transforming the way the Agri-market operates in Greece, bringing the producer closer to the buyer through technological innovation and enhancing collaboration schemes and strong knowledge exchange.

It integrates & coordinates the actual Agri-food spot markets with the Nationwide Network of product supply, cold storage logistics, SPs, CQ agencies and Transport companies to provide rapidly the best quality product at your doorstep. Our electronic system ensures continuous flow information for all services, stations/depots, real-time storage, e-auctions and transport flows up to the point of sale (retail) as well as final payment transactions.

GFC project has immediate application in the real world, the real market, and the real economy, bringing a working solution to the long time problems faced by Greek farmers.

GFC has an Actual Value: GFC concept & functionality is based on a proven and working product/technology, the e-auction clocks (www.aucxis.com). More than 150 e-auction houses for Fruits& vegetables and other Agro-commodities have been implemented in Europe for many years with success. E.g. BelOrta e-auction house in Belgium, with a turnover of +450 million per year (https://www.belorta.be/).

We bring a real solution in order to cover a real need: GFC infrastructure is providing a Real solution to the Agricultural sector & the farmers of Greece, bringing supply & demand together in a transparent way & fair way (price discovery mechanism based on actual demand), and securing product flow and a fair price for both the suppliers & buyers.

 

GFC National Agri-food e-auction platform is a unique initiative established in Greece. We are creating efficient systems to be able to connect better with consumers, through advanced distribution and supply chain services, so that we know what the consumer wants to buy with ease and speed.

 

Our customers, the retail chains & service providers (Importers), want to offer to their customers a diversified and inspired range of fresh fruits and vegetables. They prefer to buy these products directly. Our online nationwide network will be able to offer fresh fruit & Vegetables and Olive Oil each day to retailers and SP’s. This customer group knows his product’s needs and looks for the right partner / market at the right price.

Why will you do well?

Our project is a bit different from usual ICOs, because it brings an actual solution in order to cover a real need, and is linked to the actual economy, the physical primary market. There is a strong need for innovation & collaboration in the Agriculture sector in Greece. Greek producers are small in economic strength, numerous and uncoordinated, and are unable to define the prices of agricultural products. They are not price-makers but price recipients in the hands of a small number of businesses who are pricing according to their interests. Thus, the prices paid by consumers are often 4-6 times higher than the prices received by the producers.

For many years, the sector shows low competitiveness due to the high production costs and weaknesses in the standardization, handling and marketing of agricultural products. The low income of producers, the exploitation of the market by wholesalers at a monopoly level, the lack of association between research and production, the delay in the implementation of crop restructuring, and the small and inefficient organization and coordination of growers cooperatives and farmers, are today the major problems of the country’s agricultural sector.

These weaknesses will be cure by GFC electronic auctions.

The purpose of an e-auction is to create added value for producers and producer associations.

GFC aims to change the trading conditions at the benefit of the growers and the consumers by increasing the added value of Greek produces and by establishing a leading position in the Greek Agricultural markets, with key elements innovation, guarantee of transactions, quality control, trust, automation in the supply chain, transparency, and the continuous upgrading of know-how and the services offered.

GFC e-auction platform will be a huge step to empower Greek farmers. Traders will bid online from anywhere in the world and farmers & farmer’s association will have secure a fair price for their products. This will lead to “scientific” price discovery by the farmers themselves, breaking the hold of middlemen.

 

The new National Agricultural e-Platform will encourage the involvement of many stakeholders in the NTW. The creation of support infrastructures such as warehouses / standardization near production sites (Terminals/HUB) will also encourage the direct participation of all farmers from different geographical areas in the e-auction platform.

 

One of the main advantages of GFC e-auction platform is that it will allow the producers to focus exclusively on their production and to increase their income by receiving a better price. Also, a major advantage will be the increased access to local, national and international buyers in order to market their products, as well as its size, as it will cover most of the primary production of the country. Its members will be able to benefit from economies of scale, and make better use of marketing. The new online e-Trading platform will allow growers to invest in new opportunities in the fields of cultivation, sustainability and quality, having secured the flow of their products.

 

There is added value in Greek produces.

Despite the unfavorable economic environment, Greek foods stand out on the international market confirming the comparative advantage of Greece in the agri-food sector. Traditional Greek food harmonically combines taste with high nutritional value. Grown under the ideal climate conditions of the Mediterranean, Greek food products have been distinguished by their excellence in quality and have thus reinforced international esteem for traditional Greek food and cooking.

Traceability & proof of origin: GFC through its CMO program (Common Market Organization) will assure consumers the quality, origins, safety and sustainability of the food commodities in a controllable manner, using technological solutions provided through aucxis and blockchain technological service providers (e.g. bio-sensors for proof of origin & traceability, Smart contracts…) , which have the potential to assure and control the high quality standards required for monitoring, producing, and delivering healthy, safe, nutritious and tasty product to end-consumers.

Volume of produces: GFC has secure adequate participation from the Nationwide Suppliers (group of producers & major farmer’s collectivities), making the project viable.

Daily Clearing and Settlement procedure: GFC will provide daily payments to the farmers/suppliers through finance invoice and other financial tools available (reverse factoring, ledger upon lots though our certified warehouses / regional SPs). We consider this parameter as one of the major keys to success, as farmers today are not only underpaid for their work/production, but have to wait 3-6 months in order to receive payments! National Bank of Greece has expressed their interest in participating as a clearing member as well as offering her financial tools, like reverse factoring. GFC will integrate also a cryptocurrency exchange gate way in the e-platform that will accept & process cryptocurrencies and finance invoices (eg. Cashaa, Populous, Invox finance…) ensuring to the Sellers on the platform seamless and daily clearing of transactions.

Where are you based?

Athens, Greece.

When was the company launched?

November 2017

What have been your biggest wins to date?

Referring to the present project, being involved for the last 3,5 years, I would say a good view of the fruit and vegetable market in Europe as well as Greece, as well as having secured partnerships with some major agricultural companies across the nation. Personally, to had the opportunity to meet some great inspiring personalities in various areas of life.

Who are you trying to attract to your product?

Big buyers such as retail sector, import export companies, frozen food companies, hotel chain buyers, wholesalers, fruit and vegetable processing companies. The aim of the project is to bring together supply and demand through technological interventions, at the benefit of all market stakeholders and under one roof; producers, buyers, packagers, SPs, WSPs, Banks, Quality control Agencies, transport companies, Universities, Research & development…, bringing synergies through collaborations and the strong exchange of knowledge and cooperation.

What tips would you give to others looking to build their business?

Identify your market and differentiate yourself in terms of product services. Everything starts from a good product/efficient service. Always look for added value in products & collaborations. Be persistent, insightful, and have patience. Timing is always an important factor in a business development.

Tell us about your team? The GFC project is surrounded by a highly experienced team with special expertise in Business Strategy and project development, research & training, and with extensive experience in the European market for electronic auctions and supply chains (Spot market, physical product flow), as well as exchange commodity trade. We have expertise from the private as well as the public sector, with 30 years of market knowledge.

What are your plans for the future?

The immediate implementation of the project, building step by step all the phases and capturing a substantial percentage of the primary market. After the successful implementation of GFC E-AUCTIONS and real time Network between production & consumption sites, GFC E-AUCTIONS, in co-operation with ATHEXGROUP, the Greek Stock exchange in the role of a CCP (Central clearing Counterparty), aims to regulate the Greek Agri-commodities market by providing the infrastructure for a Commodity exchange market for Futures Contracts. The pilot contracts will be based on the underlying Olive Oil commodity, as there is enough volume & interest by the operators of the physical market (professionals), who understand the significant advantages in being part of the olive sector Futures market in Greece.

What are your favorite tech gadgets? My ipod, listening to music when I’m travelling J.

What tech gadgets do you wish you could use to help you? Hightech gadgets of the future in search of adding quality to our life

Can we know about your revenue model? The main revenue source of GFC e-auction is the percentage of commission from the auctioned produce. The average selling price per piece of auctioned produce is based on the average producer price plus the auctioning commission and the transport, standardization, quality control and storage costs of the producers to the SPs & WSPs.

GFC High level financial projections are not assumption or hypothesis, but actual numbers based on market analysis and pre-agreements with initial stage suppliers. We have initially secure 20 suppliers & high volumes, F&V and Olive Oil processors.

The Greek primary F&V and Olive Oil market: The existing market size in Greece of total Agri-food production & packaging/processors ranges around approx. 10 Billions€. The existing actual market size in Greece F&V + Olive Oil ranges at approx. 3.2 Billions€. The Percentage that can be captured by GFC e-auction solution: 1st Y 5%, 2nd Y 10%, 3rdY 15%, 4th Y 20%, 5th Y 30% (see detailed forecast analysis 2018-2022 on White paper, p.30)

Based on the benefits & advantages of GFC new e-auction infrastructure in Greece, we aim to capture substantial % of the total Greek Fruit & Vegetable + Olive Oil markets from the 1st Year of operation. The Company is expected to see profits from its first year of operation, with an annual EBITDA at the 1st phase amounting to € 1.4 million and profit after tax of € 960 thousand.

GFC Token & Distribution

The aim of GFC Token is to raise the necessary finance in order to implement the project.

Revenues generate from the crowd Token ICO will be allocated to the Company for initial CAPEX & OPEX, installation & financing of the new infrastructure, investment and fixed costs.

GFC TOKENS: GFC project is a valuable long term project that can support its Token to perform better and better each year. Therefore, there is value in holding it (=dividend share, inflation benefits). Our potential contributors will be able to negotiate GFC in several Token negotiating platforms as soon as GFC is listed, as well as receive yearly dividend payments, based on the organization’s financial & dividend policy.

How do people get in touch with you?

For people interesting in participating into our project, pls contact us at:

[email protected]

[email protected]

Social:

Telegram: GFC E-AUCTIONS

Twitter:@GFCauctions

FB:@GFCauction

Linkedin

Thank you for your time, pls enjoy the benefits of e-auction Agriculture Trading!


If you would like to have your company featured in the Irish Tech News Business Showcase, get in contact with us at [email protected] or on Twitter: @SimonCocking

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