Figorr follows the start-up trend in Nigeria and bids for expansion across the continent just as Atlantica Ventures led the start-up company to complete the $1.5 million Seed funding session with other investors’ inclusive offerings. Figorr’s B2B IoT-powered services will lead the homegrown market while the start-up considers setting up shop elsewhere from Nigeria and other existing marketplaces.
The start-up IoT-powered company focuses on the healthcare and the agricultural sector as its target market which leverage its connection to the final consumer in dealing with perishables. Figorr’s IoT B2B solutions service to its target market hovers over data analytics which covers specific aspects such as location, humidity, and temperature of highly-perishable products.
The Figorr IoT-powered system is developed to broaden its services thereby aiding entrepreneurs to cut the losses that emerge from a lack of available analytic data. The IoT-powered start-up analytics data manager originates from the infrastructural storage hardware that is built to accumulate available data.
The IoT-powered start-up company CEO, Oghenetegaa Iortim confirmed series of offerings was offered to sum up the $1.5 million additional business capital to alter the start-up company cross border expansion campaign. Figorr’s hardware, which is placed/stuck in cold storage setups has no price tagged to access its services, but users subscribe to access the analytic data.
“One major challenge we have seen by serving the sector is that a lot of our customers fear getting notifications that their products are being exposed to harsh conditions, and this is simply because historically, perishables are a risky sector. We’re helping insurance companies to see the opportunity by providing them with the data [and] for our customer,” said Iortim
In terms of expansion, the IoT-powered start-up considers incorporating logistics solutions to alter the data analytic procurement on perishables. Aside from storing perishable farm produce and other healthcare tools providing analysis of storage system, Iortim said: “transportation of temperature-sensitive products, following the post-harvest losses from his fresh agro-produce venture, will alter its expansion bid.”
Iortim shared rhetoric on “if something goes wrong, they will have some comfort that insurance is providing them with some level of coverage. Kenya is a very interesting market for us, especially because of the agricultural play. We also believe it could be a very key springboard into new markets.”
Outside Kenya and Nigeria, Figorr’s IoT solutions are currently operational in Ethiopia, Ghana, Kenya, South Africa, Tanzania, and Uganda operating as a pan-African start-up company. Recall that Figorr used to be called “Gricd”, the moniker transition also impacts the startup company’s penetration into the cross-border African market.
Due to the bullish profits Figorr has experienced serving its homegrown market, the start-up company consented to introduce its IoT-powered services to optimize perishable goods storage. Still, the start-up company bagged a million dollars in investment will aid the IoT-powered B2B solutions to accelerate its expansion bid.
Aside from Atlantic Ventures which led the start-up data analytics company focused on IoT-powered hardware systems, the likes of VestedWorld, Jaza Rift Ventures, and Katapult VC also participated. The $1.5 million Seed funding also included offerings from previous investors such as Google Black Founders Fund, Africa Business Heroes by Jack Ma Foundation, FbStart, and Lafiya Innovators by Impact Hub.