Nigerian startup Gricd, which develops Internet of Things-powered solutions to support the last-mile delivery of perishable goods, has secured US$1.5 million in seed funding and also rebranded as Figorr to signal 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.
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.
