Figorr, a cold-chain startup, secures $1.5 million in funding to support the expansion of their perishables insurance, driven by data.

Oghenetega Iortim started the cold chain startup Figorr in Nigeria after thinking of better ways to store and transport temperature-sensitive products after losing money from his fresh agro-produce venture after the harvest.

Figorr, a cold-chain startup, secures $1.5 million in funding to support the expansion of their perishables insurance, driven by data.

Oghenetega Iortim started the cold chain startup Figorr in Nigeria after thinking of better ways to store and transport temperature-sensitive products after losing money from his fresh agro-produce venture after the harvest.

Figorr, formerly known as Gricd, runs IoT-powered solutions that provide businesses, particularly those in agriculture and healthcare, with crucial information about the location, humidity, and temperature of highly perishable goods. This aids entrepreneurs in reducing the losses that result from a lack of visibility. Figorr's gadgets, which are set/trapped in chilly capacity arrangements, come at no expense, yet clients buy into access to the gathered information.

Iortim says Figorr is right now on an extension bid, following an expansion sought after for its answers outside Nigeria. Atlantica Ventures led the $1.5 million seed funding round, which included participation from VestedWorld, Jaza Rift Ventures, and Katapult VC. This funding is driving the expansion. The company has received grants totalling $275K and equity funding totalling $1.7 million from a variety of organizations, including FbStart, Africa Business Heroes by Jack Ma Foundation, Google Black Founders Fund, and Lafiya Innovators by Impact Hub.

Outside Nigeria, Figorr's answers are as of now utilized in Ethiopia, Ghana, Kenya, South Africa, Tanzania and Uganda. In order to capitalize on Kenya's expanding agriculture sector, it recently entered the market.

Kenya is a very intriguing market for us because of the agricultural play, in particular. Figorr founder and CEO Iortim told that "we also believe it could be a very key springboard into new markets."

Figorr is likewise set to send off a gamble the executives stage before the year closes, which will give insurance agency the information expected to acquaint tailor-made items with their clients. To display the risk profiles of its customers, the platform will be constructed using data that Figorr has gathered over the past three years.

Iortim accepts that with appropriate and explicit information, insurance agencies will be better positioned to give custom-fitted items.

"One significant test we have seen by serving the area is that a great deal of our clients dread getting notices that their items are being presented to unforgiving circumstances, and this is basically on the grounds that by and large, perishables are an unsafe area," said Iortim.

He stated, "We are helping insurance companies to see the opportunity by providing them with the data." Additionally, he stated, "For our customers, they will have some comfort that insurance is providing them with some level of coverage" in the event that something goes wrong.

He asserts that the insurance solution it is developing will fundamentally alter business practices, particularly those of smallholder farmers.

According to Iortim, having insurance will not only protect businesses from losses but will also make products more affordable because businesses won't have to pass on losses to customers.

In 2019, Iortim launched Figorr as a provider of mobile solar-powered storage boxes before expanding the product's IoT component.

"At the point when we fabricated the arrangement, many individuals were keener on that IoT part, and in 2020 we chose to zero in on assisting organizations with observing, temperature-delicate items, illuminating them on the area too, helping them seize and keep misfortunes from occurring," he said.

Because of the rapidly expanding opportunities in Africa's agriculture and health industries, Iortim anticipates that Figorr will continue to expand.

The device is primarily used in the healthcare industry in Nigeria to monitor temperature-sensitive products like insulin and vaccines. In markets like Kenya, the agriculture sector, particularly horticulture businesses, is in demand.

Poor storage and handling result in the loss or waste of 37% of the food produced in sub-Saharan Africa, or 120-170 kg per person per year. However, this can be avoided if the food is stored safely and monitored in real-time to prevent losses. It is estimated that cold-chain flaws account for half of all vaccines lost worldwide.

Startups like Figorr are assisting in preventing these losses brought on by inadequate storage and monitoring.