Figorr, formerly known as Gricd, a technology company specializing in Internet-of-Things (IoT) solutions for last-mile delivery of perishable goods, has secured $1.5 million in seed funding.
The funding round, which was led by Atlantica Ventures, with participation from Vested World, Jaza Rift, and Katapult, will aid the company’s expansion across Africa and also push the development of new solutions aimed at facilitating insurance coverage for perishable goods on the continent.
Figorr’s CEO and founder, Oghenetega Iortim, expressed enthusiasm about the funding, highlighting the opportunity to leverage the company’s data to assist customers in managing risks associated with perishable goods in Africa. Iortim further emphasized the importance of reducing unnecessary wastage in the face of rising prices and global economic challenges, expressing a desire to onboard more customers and enable Africans to maximize the value of their goods while maintaining profitability.
Figorr’s IoT-based solutions work in harmony with current infrastructure, effectively minimizing or eradicating losses associated with the transportation and storage of temperature-sensitive and perishable goods in Africa.
Aniko Szigetvari, a Founder Partner at Atlantica Ventures and an investor in the funding round, praised Figorr for establishing a robust suite of products and services supporting cold chain industry operations in Nigeria and Africa as a whole, and expressed excitement in supporting the company’s growth and regional expansion.
Figorr’s solutions provide real-time data on vital parameters such as location, humidity, and temperature, enabling businesses and stakeholders in agriculture, healthcare, logistics, and other sectors across Africa to optimize the value of perishable and temperature-sensitive goods, including vaccines, insulin, and food.
Sub-Saharan Africa currently experiences losses of over $4 billion worth of food annually due to inadequate storage and transportation. Additionally, the World Health Organization estimates that over 50% of vaccines globally are wasted each year due to temperature control, logistics, and shipment-related issues. These numbers are expected to be even higher in Africa, where limited infrastructure and a lack of standardized storage and transportation processes create challenges in supply chains. Consequently, insurers struggle to develop effective products covering the risks associated with perishable goods, resulting in higher prices for consumers in Africa.
Figorr, founded in 2022, aims to address these issues by providing real-time information on storage conditions and asset location, facilitating a continuous food distribution supply chain. The company has already partnered with leading pharmaceutical manufacturers and food companies in Nigeria and across Africa, successfully tracking over 110 million perishable items and generating more than $200 million in savings for its customers.
With the recent funding, Figorr plans to establish partnerships with insurance companies to provide coverage for businesses dealing with perishable products. By sharing the risk of losses, Figorr aims to alleviate the financial burden on its customers and ultimately reduce prices for end consumers. The funding will also support the rollout of a proprietary risk management platform, enhancing data availability for insuring perishable and temperature-sensitive goods in Africa.