Nigerian Startup Gricd Raises $1.5m, Rebrands as Figorr

With the help of US$1.5 million in venture funding, the Nigerian startup Gricd, which creates Internet of Things-powered solutions to facilitate the last-mile transportation of perishable commodities, has changed its name to Figorr and shifted its emphasis to software solutions.

In order to minimize or completely eliminate losses connected with the transportation and storage of temperature-sensitive and perishable goods in Africa, Figorr creates IoT-powered solutions that supplement existing infrastructure and assets.

With the help of the company’s solutions, businesses and other stakeholders in Africa’s agriculture, healthcare, logistics, and other sectors can increase the value of perishable and temperature-sensitive goods like vaccines, insulin, and food. These solutions also provide real-time data on location, humidity, temperature, and other important data points.

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.

“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. At a time where 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,” said Oghenetega Iortim, CEO and founder of Figorr.

Aniko Szigetvari, founding partner at Atlantica Ventures, said Figorr had 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,” she said.

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