Nigerian Cold-Chain Startup Figorr Raises USD 1.5 M Seed Funding

Figorr, a Nigerian-based cold chain startup has raised USD 1.5 M seed funding in a round led by Atlantica Ventures, with participation from VestedWorld, Jaza Rift Ventures, and Katapult VC. The startup has so far raised USD 1.7 M equity funding, and USD 275 K 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.

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. Outside Nigeria, Figorr’s solutions are currently used in Ethiopia, Ghana, Kenya, South Africa, Tanzania and Uganda.

Figorr is also set to launch a risk management platform before the year ends, which will provide insurance companies with the data needed to introduce tailor-made products to their customers. The platform will be built against the data that Figorr has been collecting over the last three years to show the risk profiles of its customers.