$1.5 M Seed funding secured by Nigerian cold-chain technology startup Gricd

With the help of US $1.5 million in seed funding, the Nigerian startup Gricd, which creates Internet of Things-powered solutions to support the last-mile delivery of perishable goods, has changed its name to Figorr and shifted its emphasis to software solutions.

In order to minimize or completely eliminate losses connected with the transportation and storage of temperature-sensitive and perishable goods in Africa, Figorr develops IoT-powered solutions that supplement existing 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.

The rebranded Figorr will use its US $1.5 million seed funding round, which was led by Atlantica Ventures and included Vested World, Jaza Rift, and Katapult, to expand across Africa and deliver new solutions that will make it simpler to insure perishable goods on the continent. The startup already collaborates with some of the top food and pharmaceutical corporations in Nigeria and throughout 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 when 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.

In order to support the cold chain industry and guarantee the quality of perishable goods and pharmaceutical products in Nigeria and across the continent, according to Aniko Szigetvari, founding partner at Atlantica Ventures, Figorr has developed a potent suite of products and services.

“We are excited to support the growth and regional expansion of the company,” she said.