Following the post-harvest losses from his new agro-produce firm, Oghenetega Iortim founded the Nigerian cold chain startup Figorr. He then imagined better methods of storing and transporting temperature-sensitive products.
IoT-powered solutions operated by Figorr (formerly Gricd) give businesses, particularly those in healthcare and agriculture, access to vital information like the location, humidity, and temperature of perishable goods, assisting entrepreneurs in reducing losses that result from a lack of such visibility. The Figorr devices, which are positioned or stuck in cold storage systems, are free, but users must pay to access the data gathered.
According to Iortim, Figorr is now pursuing an expansion strategy in response to a rise in demand for its solutions outside of Nigeria. The $1.5 million seed funding it received in a round led by Atlantica Ventures, with participation from Vested World, Jaza Rift, and Katapult, fuels the expansion. The firm has received usd 275K in grants and USD 1.7 million in equity capital from organisations, including the Google Black Founders Fund, the Jack Ma Foundation’s Africa Business Heroes, FbStart, and Lafiya Innovators (an Impact Hub initiative).
Outside of Nigeria, Ethiopia, Ghana, Kenya, South Africa, Tanzania, and Uganda are currently using Figorr’s solutions. To capitalize on the expansion of Kenya’s agriculture industry, it recently joined the market.
Kenya is a really intriguing market for us, particularly given agriculture’s role. We also think it might be an essential launching pad into other markets, says Iortim, the founder and CEO of Figorr.
Before the year is through, Figorr plans to deploy a risk management platform that will give insurance companies the information they need to offer their clients customized packages. To display the risk profiles of its clients, the venue will be developed using the data that Figorr has been gathering over the past three years.
Iortim thinks insurance companies will be better equipped to offer specialized products with access to relevant and precise data.
By giving them the data, “we are helping insurance companies see the opportunity, and for our customers, they will have some comfort that insurance is providing them with some level of coverage,” he said.
He claims that the insurance solution they are developing will completely alter how commerce is conducted, particularly for smallholder farmers.
According to Iortim, having insurance will protect businesses from losses and ensure that items are less expensive because firms won’t have to pass along the costs associated with failures to their customers.
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