Oghenetega Lortim constructed Nigerian-based chilly chain startup Figorr after imagining higher technique of storage and transportation of temperature-sensitive merchandise, following the post-harvest losses from his recent agro-produce enterprise.
Figorr (beforehand Gricd) runs IoT-powered options that present companies, particularly these in healthcare and agriculture, with key knowledge corresponding to location, humidity, and temperature of highly-perishable merchandise, serving to entrepreneurs to chop the losses that emerge from lack of such visibility. Figorr’s units, that are positioned/caught in chilly storage setups, come for gratis, however customers subscribe to entry the collected knowledge.
Lortim says Figorr is at the moment on an growth bid, following a rise in demand for its options exterior Nigeria. The growth is pushed by a profitable $1.5 million seed funding it has raised in a spherical led by Atlantica Ventures, with participation from Vested World, Jaza Rift and Katapult. The startup has to this point raised $1.7 million fairness funding, and $275K grants from numerous entities such because the Google Black Founders Fund, Africa Enterprise Heroes by Jack Ma Basis, FbStart, and Lafiya Innovators by Influence Hub.
Exterior Nigeria, Figorr’s options are at the moment utilized in Ethiopia, Ghana, Kenya, South Africa, Tanzania and Uganda. It lately entered the Kenyan market to faucet the expansion of its agriculture sector.
“Kenya is a really fascinating marketplace for us, particularly due to the agricultural play. We additionally imagine it could possibly be a really key springboard into new markets,” Lortim, Figorr founder and CEO, informed TechCrunch.
Figorr can be set to launch a threat administration platform earlier than the yr ends, which can present insurance coverage corporations with the information wanted to introduce tailored merchandise to their clients. The platform shall be constructed in opposition to the information that Figorr has been gathering over the past three years to point out the danger profiles of its clients.
Lortim believes that with appropriate and particular knowledge, insurance coverage corporations shall be higher positioned to supply tailor-made merchandise.
“One main problem we’ve got seen by serving the sector is that lots of our clients worry getting notifications that their merchandise are being uncovered to harsh situations, and that is just because traditionally, perishables are a dangerous sector,” mentioned Lortim.
“We’re serving to insurance coverage corporations to see the chance by offering them with the information [and] for our buyer, if one thing goes improper, they’ll have some consolation that insurance coverage is offering them with some degree of protection,” he mentioned.
He says the insurance coverage answer its constructing will revolutionize the best way enterprise is completed, particularly for smallholder farmers.
Lortim mentioned having insurance coverage won’t solely insure companies from losses, but additionally guarantee merchandise are cheaper as companies won’t must move prices rising from losses all the way down to their clients.
Lortim launched Figorr in 2019, as a supplier of cellular solar-powered storage containers, earlier than pivoting to double down on the IoT element of the product.
“After we constructed the answer, lots of people have been extra considering that IoT element, and in 2020 we determined to concentrate on serving to companies monitor, temperature-sensitive merchandise, informing them on the placement as nicely, serving to them preempt and stop losses from occurring,” he mentioned.
Lortim expects Figorr to proceed rising buoyed by the fast-rising alternatives in Africa’s agriculture and well being sectors.
In Nigeria, the gadget is especially used within the healthcare sector to watch temperature-sensitive merchandise like vaccines and insulin, whereas in markets like Kenya, there may be demand within the agriculture quarter, particularly by horticulture companies.
In sub-Saharan Africa, 37% of the meals produced, or 120-170 kg/yr per capita, is misplaced or wasted attributable to poor storage and dealing with, but that is preventable if the meals is stored safely and monitored in real-time to stop losses. It’s estimated that half of the vaccines on the earth go to waste primarily attributable to cold-chain breaches.
Startups like Figorr are serving to forestall these losses brought on by poor storage, and lack of monitoring.
“What we’re constructing is one thing that basically impacts folks,” mentioned Lortim. “You may truly see the true impact on folks’s lives when it comes to accessibility to well being care, and improved incomes.”
