• Friday, February 23, 2024
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Gricd becomes ‘Figorr’, secures $1.5m seed funding to push insurance for perishable goods

Gricd becomes ‘Figorr’, secures $1.5m  seed funding to push insurance for perishable goods

Gricd, a technology company that develops Internet of Things-powered solutions to support the last-mile delivery of perishable goods, has secured $1.5 million in a seed funding round.

The funding round was led by Atlantica Ventures, with Vested World, Jaza Rift, and Katapult’s participation to expand across Africa and deliver new solutions that will make it easier to ensure perishable goods on the continent.

The company has also rebranded as ‘Figorr’, signalling its new focus on software solutions.

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 maximise the value of perishable and temperature-sensitive goods such as vaccines, insulin, and food.

According to Oghenetega Iortim, CEO and founder of Figorr, “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.

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“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 maximise the value of their goods and maintain profitability,” Iortim said.

Over the years, the company has built a framework for understanding the risks associated with the transportation and storage of perishable and temperature-sensitive goods in Africa. The new funding will support the rollout of a proprietary risk management platform that will provide data that will make it easier to ensure perishable and temperature-sensitive goods on the continent.

The company noted that it already works with some of the leading pharmaceutical manufacturers and food companies in Nigeria and across Africa to enable the effective transportation and storage of food and pharmaceuticals. It has successfully tracked more than 110 million perishable items and supported its customers to realise more than $200 million in savings.

Aniko Szigetvari, Founding Partner at Atlantica Ventures said, “Tega and the Figorr team have built a powerful suite of products and services to support the cold chain industry and ensure quality of perishable goods and pharmaceutical products in Nigeria and across the continent. We are excited to support the growth and regional expansion of the company”.