Nigerian-Based Startup Figorr Raises $1.5 Million Seed Fund to Expand Operations

Nigerian-based cold chain startup Figorr, which provides better means of storage and transportation of temperature-sensitive products, has raised $1.5 million in seed funding round to expand its solutions outside Nigeria.

The seed funding round was led by Atlantica Ventures, with participation from Vested World, Jaza Rift, and Katapults. So far, the startup has raised $1.7 million in equity funding, and $275k in grants from various investors such as FbStart, Africa Business Heroes by Jack Ma Foundation, the Google Black Founders Fund, and Lafiya Innovators by Impact Hub.

Speaking on the recent funds raised, the CEO of Figorr Oghenetega Iortim, said,

“Figorr is currently on an expansion bid, following an increase in different demand for its solutions outside Nigeria. One major challenge we have seen by serving the sector is that a lot of our customers fear getting notifications that their products are being exposed to harsh conditions, and this is simply because historically, perishables are a risky sector.

“We are helping insurance companies to see the opportunity by providing them with the data and for our customer, if something goes wrong, they will have some comfort that insurance is providing them with some level of coverage.

“When we built the solution, a lot of people were more interested in that IoT component, and in 2020 we decided to focus on helping businesses monitor, temperature-sensitive products, informing them on the location as well, helping them preempt and prevent losses from happening. What we are building is something that impacts people. You can see the real effect on people’s lives in terms of accessibility to health care, and improved incomes.”

The startup which was formerly known as Gricd is a provider of cold chain solutions that specializes in temperature-controlled products, temperature monitoring solutions, and cold chain services. It helps to provide better means of storage and transportation of temperature-sensitive products, following post-harvest losses from fresh agro-produce.

It currently has its solutions present in Ethiopia, Uganda, South Africa, Ghana, and Tanzania, with its recent entry into the Kenyan market to tap the growth of its agricultural sector.

In Nigeria, the device is mainly used in the healthcare sector to monitor temperature-sensitive products like vaccines and insulin, while in markets like Kenya, there is demand in the agriculture quarter, especially by horticulture businesses.

Investors King understands that before the end of the year, Figorr plans to launch a risk management platform, which will provide insurance companies with the data needed to introduce tailor-made products to their customers.