In Sub-Saharan Africa, 37% of the produced food items, equivalent to 120-170 kg per capita annually, are wasted due to inadequate storage and handling. Similarly, half of the vaccines worldwide are estimated to go to waste due to cold-chain breaches.
Figorr, (previously Gricd) a Nigerian-based cold chain startup has just closed a $1.5 million seed round to tackle this problem.
Using IoT-powered solutions, the company provides real-time data on the location, humidity, and temperature of perishable products, enabling businesses in healthcare and agriculture to mitigate losses resulting from a lack of visibility.
The devices placed in cold storage setups are provided to users at no cost, with a subscription fee for accessing the collected data. Initially focused on mobile solar-powered storage boxes, Figorr shifted its focus to the IoT component after recognizing the demand for real-time monitoring.
Figorr also plans to launch a risk management platform leveraging the data collected over the years. This platform will enable insurance companies to develop tailored products based on specific data, helping to mitigate risks associated with the perishable sector.
With significant opportunities in Africa's agriculture and health sectors, Figorr envisions continued growth and tangible benefits, such as improved accessibility to healthcare and increased incomes for people in the region.
The seed funding, led by Atlantica Ventures will enable the startup to expand its operations beyond Nigeria. It has already extended its solutions to Ethiopia, Ghana, Kenya, South Africa, Tanzania, and Uganda, with plans to capitalize on the growth of the agricultural sector in Kenya.