Nigerian-based cold-chain startup Figorr has secured $1.5 million in seed funding and has since rebranded from Grcd to Figorr.
Its US$1.5 million seed funding round was led by Atlantica Ventures, with participation from Vested World, Jaza Rift, and Katapult, and will be used to help the rebranded Figorr expand across Africa and deliver new solutions that will make it easier to insure perishable goods on the continent.
The startup already works with some of the leading pharmaceutical manufacturers and food companies in Nigeria and across Africa.
Figorr develops IoT-powered solutions that complement existing infrastructure and assets to reduce or eliminate losses associated with the transportation and storage of temperature-sensitive and perishable goods in Africa.
The company’s solutions provide real-time data on location, humidity, temperature, and other key data points, enabling businesses and other stakeholders in agriculture, healthcare, logistics, and other sectors across Africa to maximize the value of perishable and temperature sensitive goods such as vaccines, insulin, and food.
“This funding comes at a great time for us, as it enables us to leverage the data we have gathered over the years to provide further support for our customers with managing the risks associated with perishable goods on the continent,” said Oghenetega Iortim, CEO and founder of Figorr.
He added, “At a time when the price of everything seems to be rising and the global economy is experiencing significant challenges, unnecessary wastage should not be compounding these issues. We are excited to onboard more customers across the continent and roll out our solutions to enable more Africans to maximize the value of their goods and maintain profitability.”
Outside Nigeria, Figorr’s solutions are currently used in Ethiopia, Ghana, Kenya, South Africa, Tanzania and Uganda. It recently entered the Kenyan market to tap the growth of its agriculture sector.
Aniko Szigetvari, the founding partner at Atlantica Ventures, said Figorr had built a powerful suite of products and services to support the cold chain industry and ensure the quality of perishable goods and pharmaceutical products in Nigeria and across the continent.
Figorr is also set to launch a risk management platform before the year ends, which will provide insurance companies with the data needed to introduce tailor-made products to their customers.
The platform will be built against the data that Figorr has been collecting over the last three years to show the risk profiles of its customers.