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Gricd, a know-how firm that develops Web of Issues-powered options to assist 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 increase 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 eradicate losses related to the transportation and storage of temperature-sensitive and perishable items in Africa. The corporate’s options present real-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-sensitive items resembling vaccines, insulin and meals.
Greater than $4 billion value of meals gadgets are misplaced in Sub-Saharan Africa yearly resulting from 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 share is more likely to be increased in Africa the place round 60 % of the inhabitants lives in rural areas with restricted infrastructure. On the identical time, the absence of standardised storage and transportation processes, in addition to an absence of information and readability on provide chain processes makes it tough for insurers to create efficient merchandise to cowl the dangers related to this product class. Because of this, companies and different stakeholders must shoulder all of the dangers which suggests the associated fee is handed on to the top buyer, resulting in comparatively increased costs than in different elements of the world.
Figorr already works with a number of the main pharmaceutical producers and meals corporations 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 gadgets and supported its prospects to understand greater than $200 million in financial savings. Over time, the corporate has constructed a framework for understanding the dangers related to the transportation and storage of perishable and temperature-sensitive items in Africa. The brand new funding will assist the rollout of a proprietary danger administration platform that can present information that can make it simpler to insure perishable and temperature-sensitive items on the continent.
In line 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 now we have gathered through the years to offer additional assist for our prospects with managing the dangers related to perishable items on the continent. At a time when the worth of every thing appears to be rising and the worldwide financial system is experiencing important challenges, pointless wastage shouldn’t be compounding these points. We’re excited to onboard extra prospects throughout the continent and roll out our options to allow extra Africans to maximise the worth of their items and keep profitability”.
Aniko Szigetvari, Founding Associate at Atlantica Ventures mentioned, “Tega and the Figorr group have constructed a strong suite of services to assist the chilly chain trade and guarantee high quality of perishable items and pharmaceutical merchandise in Nigeria and throughout the continent. We’re excited to assist the expansion and regional growth of the corporate”.
About Figorr
Figorr is a know-how firm that develops options for managing the transportation and storage of perishable items in Africa. The corporate offers real-time monitoring, chilly chain advisory companies and information to pharmaceutical producers, agricultural corporations and different stakeholders in varied sectors throughout the continent to underpin efficient decision-making to maximise the worth of perishable items.
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