Figorr, a Nigerian startup, initially attempted to create a mobile refrigerator called the Mote 50, which featured its own power source and real-time communication of location and storage conditions. However, the market response indicated that the IoT component of the device held greater value for many businesses. As a result, Figorr shifted its focus towards developing the Gricd Mote, an Internet of Things (IoT) device that complements cold chain infrastructure. This device enables customers in sectors such as healthcare, agriculture, and logistics to monitor and track essential data at cold storage facilities, including temperature changes.
Figorr’s work has gained recognition, and it has secured grants from notable organizations such as Alibaba Group, Google, and GreenHouse Labs. In a significant collaboration, the company partnered with the National Primary Health Care Development Agency (NPHCDA) in 2021 to deliver 4.2 million doses of the Moderna COVID-19 vaccine.
Rather than charging customers for the Gricd Mote itself, Figorr operates on a subscription model where customers pay a fee to access the data provided by the device. The base fee is $10, but customers can opt for higher tiers depending on their specific data requirements.
While Figorr initially emerged in Nigeria, it has expanded its solutions to serve businesses in at least seven African countries, including Kenya, Tanzania, South Africa, and Ethiopia. The company boasts of tracking over 100 million perishable items and helping customers save more than $200 million. This information was shared with Techpoint Africa in a statement.
Aniko Szigetvari, the Founding Partner at Atlantica Ventures, expressed excitement about Figorr’s products and services, stating that they support the cold chain industry and ensure the quality of perishable goods and pharmaceutical products not only in Nigeria but across the entire continent. Atlantica Ventures intends to support the company’s growth and regional expansion.
With the recent seed funding secured, Figorr plans to establish partnerships with insurance companies. This strategic move aims to provide businesses dealing with perishable products some insurance coverage in the event of losses. Iortim, the CEO of Figorr, notes that the perishable space often faces high losses, which dissuades insurance companies from offering coverage to such customers. The absence of insurance coverage leads to customers bearing the full cost of losses, ultimately passing it on to the end consumer. Figorr believes that by supplying insurance companies with relevant data to underwrite risks for these businesses, both parties can benefit and increase their revenues.
Moreover, Figorr intends to utilize a portion of the funding to expand its coverage in the East African region and hire additional employees to support its growth.