Gricd, a technology company that develops IoT-based solutions to support the delivery of perishable goods, has secured $1.5m in funding and rebranded to Figorr.
The round, led by Atlantica Ventures, with help from Vested World, Jaza Rift and Katapult, should give the firm capital to expand across Africa. In addition, it will deliver new solutions that will make it easier to insure perishable good on the continent.
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What does Figorr deliver?
Figorr develops IoT-powered solutions that aid existing infrastructure and assets to reduce or eliminate losses associated with the transportation and storage of temperature sensitive and perishable goods in Africa. Furthermore, the company’s solutions provide real-time data on location, humidity, temperature and other key data points. This enables others firms and interested arties to maximise value out of said goods.
More than $4bn in food items are lost in Sub-Saharan Africa every year due to inadequate storage and transportation. As a result, Figorr already works with some of the leading pharma and food companies in Nigeria and across Africa. So far, it has successfully tracked more than 110 million perishable items.
Oghenetega Iortim, CEO and founder of Figorr, said: “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.”
Aniko Szigetvari, founding partner at Atlantica Ventures, added: “Tega and the Figorr team have 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.”
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