Figorr, a technology firm specializing in Internet of Things (IoT) solutions for the last-mile delivery of perishable goods, has successfully raised $1.5 million in a seed funding round. The investment was led by Atlantica Ventures, with contributions from Vested World, Jaza Rift, and Katapult. The funding will enable Figorr to expand its operations throughout Africa and develop innovative solutions that simplify the process of ensuring perishable goods on the continent. As part of its strategic shift, the company has rebranded from Gricd to Figorr, emphasizing its new emphasis on software solutions.
Figorr designs IoT-powered solutions that work alongside existing infrastructure and assets to minimize or eliminate losses associated with transporting and storing temperature-sensitive and perishable goods in Africa. These solutions offer real-time data on location, humidity, temperature, and other essential metrics. By leveraging this information, businesses and stakeholders in sectors such as agriculture, healthcare, and logistics across Africa can optimize the value of perishable items, including vaccines, insulin, and food.
Oghenetega Iortim, the CEO and founder of Figorr, expressed enthusiasm about the funding, stating that it would enable the company to utilize the data it has collected over the years to provide enhanced support to customers in managing risks linked to perishable goods in Africa. With rising prices and significant global economic challenges, unnecessary waste exacerbates these issues.
Figorr aims to onboard more customers throughout the continent and introduce its solutions to help Africans maximize the value of their goods and maintain profitability.
Insufficient storage and transportation result in the loss of over $4 billion worth of food items in sub-Saharan Africa annually. Additionally, the World Health Organization estimates that more than 50 percent of vaccines worldwide are wasted each year due to issues related to temperature control, logistics, and shipment. Given that around 60 percent of Africa's population resides in rural areas with limited infrastructure, this percentage is likely even higher on the continent. Moreover, the absence of standardized storage and transportation processes, along with a lack of data and transparency in supply chain operations, poses challenges for insurers seeking to offer effective coverage for these goods. Consequently, businesses and stakeholders bear all the risks, passing on the costs to end customers and resulting in relatively higher prices compared to other regions.
Figorr already collaborates with leading pharmaceutical manufacturers and food companies in Nigeria and across Africa, facilitating the secure transportation and storage of perishable items. The company has successfully tracked over 110 million perishable items, helping its customers achieve savings exceeding $200 million. Over time, Figorr has developed a comprehensive understanding of the risks associated with transporting and storing perishable and temperature-sensitive goods in Africa. The new funding will support the launch of a proprietary risk management platform that provides data that simplifies the insurance of perishable and temperature-sensitive goods on the continent.
Aniko Szigetvari, Founding Partner at Atlantica Ventures, commended Figorr for building a robust 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 Africa. Atlantica Ventures is thrilled to contribute to the company's growth and regional expansion.
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