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  Insufficient storage and transportation systems in Sub-Saharan Africa lead to the loss of more than $4 billion worth of food annually. Additionally, global vaccine wastage exceeds 50% due to issues related to temperature control, logistics, and shipment. This problem is particularly pronounced in Africa, where approximately 60% of the population resides in rural areas with limited infrastructure. The lack of standardized processes and transparent supply chain data further complicates the development of effective insurance products to cover associated risks.
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Consequently, businesses and stakeholders bear all the risks, resulting in higher prices for customers compared to other regions. To address these challenges, Figorr, a technology company focused on IoT-powered solutions has secured $1.5 million in seed funding. Led by Atlantica Ventures and with participation from Vested World, Jaza Rift, and Katapult, the funding will enable Figorr (formerly Gricd) to expand its operations across Africa and develop innovative solutions to facilitate insurance coverage for perishable goods on the continent. The company’s rebranding reflects its renewed emphasis on software solutions.
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Figorr already collaborates with prominent pharmaceutical and food companies in Nigeria and across Africa to enhance the transportation and storage of perishable items. It has successfully tracked over 110 million perishable goods, enabling customers to save more than $200 million. Building upon its expertise in understanding the risks associated with transporting and storing temperature-sensitive products in Africa, Figorr will employ the new funding to introduce a proprietary risk management platform. This platform will provide data that simplifies insurance processes for perishable and temperature-sensitive goods.
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Aniko Szigetvari, Founding Partner at Atlantica Ventures, expresses enthusiasm for Figorr’s suite of products and services, which support the cold chain industry and ensure the quality of perishable goods and pharmaceutical products in Nigeria and beyond. The funding will support the company’s growth and expansion in the region, contributing to improved management of risks and enhanced profitability for African businesses.
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This article was first published on 19th May 2023

nnaemeka-emmanuel

Nnaemeka is an academic scholar with a degree in History and International Studies from the University of Nigeria, Nsukka. He is also a creative writer, content creator, storyteller, and social analyst.

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