Figorr, formerly Gricd, has raised $1.5 million seed funding in a round led by Atlantica Ventures, with participation from VestedWorld, Jaza Rift Ventures, and Katapult VC.
Figorr is a cold-chain startup specialized in storage and safe last-mile delivery of temperature-controlled products such as vaccines, food and insulin.
Having raised $1.7 million in equity funding so far, and $275k in grants from investors including the Google Black Founders Fund, Africa Business Heroes by Jack Ma Foundation, FbStart, and Lafiya Innovators by Impact Hub, Figorr is set to launch a risk management platform before the end of 2023. The goal is to provide the required data needed by insurance companies, helping them meet clients’ needs with tailor-made products.
The Insurance for temperature-sensitive products will be built on the data collected by Figorr over the last three years to show the risk profiles of its customers.
Figorr’s real-time monitoring solution will help insurance companies distinguish between risky and non risky businesses, ensuring they provide the much-needed comfort for businesses while doing so profitably.
Present in Ethiopia, Ghana, Kenya, South Africa, Tanzania and Uganda, Figorr provides Internet of Things (IoT) solutions that cater to the needs of businesses, particularly those in the healthcare and agriculture sectors. By harnessing the power of IoT, Figorr empowers entrepreneurs with essential data, including the precise location, humidity, and temperature of perishable goods.
This valuable information enables businesses to minimize losses caused by a lack of visibility. Figorr offers cost-free devices that can be easily installed in cold storage facilities. Users, however, need to subscribe to gain access to the comprehensive data collected by these devices.