Global Courant 2023-05-15 21:05:28
Grid, a technology company developing Internet of Things powered solutions to support the last-mile delivery of perishable goods, has raised $1.5 million in a seed funding round led by Atlantica Ventures, with participation from Vested World, Jaza Rift and Katapult, to expand across Africa and deliver new solutions that make it easier to insure perishable goods on the continent. The company has also been renamed ‘Figorr’, indicating its new focus on software solutions.
Figorr develops IoT-driven 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 companies and other stakeholders in agriculture, healthcare, logistics and other industries across Africa to maximize the value of perishable and temperature-sensitive goods such as vaccines, insulin and food.
Oghenetega Iortim, CEO and founder of Figorr
More than $4 billion worth of food is lost in sub-Saharan Africa each year due to inadequate storage and transportation. At the same time, the World Health Organization estimates that more than 50 percent of vaccines worldwide are wasted each year due to temperature control, logistics and shipping related issues. This percentage is probably higher in Africa, where about 60 percent of the population lives in rural areas with limited infrastructure. At the same time, the lack of standardized storage and transportation processes and a lack of data and clarity about supply chain processes makes it difficult for insurers to create effective products to cover the risks of this product category. As a result, companies and other stakeholders have to bear all the risks, which means that the costs are passed on to the end customer, leading to relatively higher prices than in other parts of the world.
Figorr is already working with some of the leading pharmaceutical manufacturers and food companies in Nigeria and across Africa to enable effective transportation and storage of food and pharmaceutical products. It has successfully tracked more than 110 million perishable items and supported its customers to realize more than $200 million in savings. Over the years, the company has built a framework to understand 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 to make it easier to insure perishable and temperature-sensitive goods on the continent.
According to Oghenetega Iortim, CEO and Founder of Figorr, “This funding comes at a good time for us as it allows us to use the data we have collected over the years to further support our clients in managing the risks associated with perishable goods on the mainland. At a time when the price of everything seems to be rising and the global economy is facing major challenges, unnecessary waste should not exacerbate these problems. We are excited to serve more customers across the continent on board and roll out our solutions to empower more Africans to maximize the value of their goods and maintain profitability.”
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 the quality of perishables and pharmaceuticals in Nigeria and across the continent. We are delighted to support the company’s growth and regional expansion.”
About Figorr
Figorr is a technology company that develops solutions for managing the transportation and storage of perishable goods in Africa. The company provides real-time tracking, cold chain advisory services and data to pharmaceutical manufacturers, agricultural companies and other stakeholders in various industries across the continent to support effective decision making to maximize the value of perishable goods.
