The technology startup Gricd, which has now rebranded itself as Figorr and is based in Lagos, Nigeria, has acquired $1.5 million in Seed funding.
Figorr develops solutions that are powered by the Internet of Things.
Atlantica Ventures took the lead in the funding round.
Vested World, Jaza Rift, and Katapult participated in the funding round as well.
To help African businesses save money on transporting and storing perishable and temperature-sensitive goods, Figorr creates Internet of Things (IoT)-enabled solutions that supplement current 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.
In order to facilitate the efficient transportation and storage of food and pharmaceuticals, Figorr already collaborates with some of the top food and pharmaceutical corporations in Nigeria and all across Africa.
A risk assessment methodology for transporting and storing perishable and temperature-sensitive items in Africa has been developed by the company over the years.
“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,” says Oghenetega Iortim, CEO and founder of Figorr.
The funding will be used to help Figorr broaden its operations across Africa and launch innovative new services.
Additionally, with the help of the additional funding, a proprietary risk management platform will be launched, providing data that will make it simpler to insure perishable and temperature-sensitive items all over Africa.
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