Gricd rebrands as Figorr, broadcasts $1.5 million funding to help data-driven insurance coverage for perishable items in Africa

  Gricd, a expertise firm that develops Web of Issues-powered options to help the last-mile supply of perishable items, has secured $1.5 million in a seed funding spherical led by Atlantica Ventures, with participation from Vested World, Jaza Rift and Katapult, to broaden throughout Africa and ship new options that can make it simpler to insure perishable items on the continent. The corporate has additionally rebranded as ‘Figorr’, signalling its new deal with software program options.

Figorr develops IoT-powered options that complement present infrastructure and belongings to scale back or remove losses related to the transportation and storage of temperature delicate and perishable items in Africa. The corporate’s options present actual time information on location, humidity, temperature and different key information factors, enabling companies and different stakeholders in agriculture, healthcare, logistics and different sectors throughout Africa to maximise the worth of perishable and temperature delicate items similar to vaccines, insulin and meals.

In keeping with Oghenetega Iortim, CEO and founding father of Figorr, “This funding comes at a good time for us, because it allows us to leverage the info we’ve gathered through the years to supply additional help for our clients with managing the dangers related to perishable items on the continent. At a time the place the worth of every part appears to be rising and the worldwide financial system is experiencing vital challenges, pointless wastage shouldn’t be compounding these points. We’re excited to onboard extra clients throughout the continent and roll out our options to allow extra Africans to maximise the worth of their items and preserve profitability”.

Greater than $4 billion value of meals objects are misplaced in Sub-Saharan Africa yearly on account of insufficient storage and transportation. On the identical time, The World Well being Organisation estimates that greater than 50 % of vaccines are wasted globally yearly due to temperature management,logistics and shipment-related points. This proportion is prone to be greater in Africa the place round 60 % of the inhabitants dwell in rural areas with restricted infrastructure. On the identical time, the absence of standardised storage and transportation processes, in addition to lack of information and readability on provide chain processes makes it troublesome for insurers to create efficient merchandise to cowl the dangers related to this product class. Because of this, companies and different stakeholders should shoulder all of the dangers which imply the fee is handed on to the top buyer, resulting in comparatively greater costs than different components of the world.

Figorr already works with a number of the main pharmaceutical producers and meals firms in Nigeria and throughout Africa to allow the efficient transportation and storage of meals and prescription drugs. It has efficiently tracked greater than 110 million perishable objects and supported its clients to understand greater than $200 million in financial savings. Through the years, the corporate has constructed a framework for understanding the dangers related to the transportation and storage of perishable and temperature delicate items in Africa. The brand new funding will help the roll out of a proprietary threat administration platform that can present information that can make it simpler to insure perishable and temperature delicate items on the continent.

Aniko Szigetvari, Founding Companion at Atlantica Ventures mentioned, “Tega and the Figorr staff have constructed a strong suite of services and products to help the chilly chain business and guarantee high quality of perishable items and pharmaceutical merchandise in Nigeria and throughout the continent. We’re excited to help the expansion and regional enlargement of the corporate”.

Associated