Cold-chain startup Figorr raises $1.5M, backs the roll out of data-driven perishables insurance

Oghenetega Iortim built Nigerian-based cold chain startup Figorr after imagining better means of storage and transportation of temperature-sensitive products, following the post-harvest losses from his fresh agro-produce venture.

Figorr (previously Gricd) runs IoT-powered solutions that provide businesses, especially those in healthcare and agriculture, with key data such as location, humidity, and temperature of highly-perishable products, helping entrepreneurs to cut the losses that emerge from lack of such visibility. Figorr’s devices, which are placed/stuck in cold storage setups, come at no cost, but users subscribe to access the collected data.

Iortim says Figorr is currently on an expansion bid, following an increase in demand for its solutions outside Nigeria. The expansion is driven by a successful $1.5 million seed funding it has raised in a round led by Atlantica Ventures, with participation from VestedWorld, Jaza Rift Ventures, and Katapult VC. The startup has so far raised $1.7 million equity funding, and $275K grants from various entities such as the Google Black Founders Fund, Africa Business Heroes by Jack Ma Foundation, FbStart, and Lafiya Innovators by Impact Hub.