Figorr, a Nigerian startup, has raised $1.5 million in seed funding to expand its innovative cold chain solutions across Africa. The company leverages IoT technology to provide businesses with real-time data on the temperature and location of perishable goods, minimizing losses during transportation and storage.
Founded by Oghenetega Iortim, Figorr was born from the need to address significant post-harvest losses in the agricultural sector. By equipping cold storage facilities with IoT sensors, Figorr empowers businesses in healthcare and agriculture to monitor and protect their valuable products, reducing waste and improving efficiency.
This latest funding round, led by Atlantica Ventures, will fuel Figorr’s expansion across key African markets, including Kenya, Ethiopia, and Ghana. The company is also developing a groundbreaking risk management platform that will leverage its data to enable insurance companies to offer tailored insurance products to businesses in the cold chain sector.
This data-driven approach will not only help businesses mitigate risks but also reduce the cost of doing business by minimizing losses and enabling more affordable pricing for consumers.
Figorr’s innovative solutions are crucial in addressing the significant challenges faced by the African continent, where a substantial portion of food and medical supplies are lost due to inadequate cold chain infrastructure. By improving cold chain management, Figorr is contributing to improved food security, enhanced healthcare access, and increased economic prosperity across Africa.
