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§ Private Profile · Opebi, Lagos State, Nigeria
Cold chain solutions provider offering IoT and SaaS monitoring, cold storage marketplace, and data-driven insurance for perishable goods.
Founded in 2017 by Oghenetega Iortim, Figorr is based in Lagos and develops real-time cold chain monitoring solutions using Internet of Things devices and SaaS platforms to track temperature-sensitive products across 22 countries. The company provides hardware at no cost while charging monthly subscription fees for data analytics, and it operates an on-demand marketplace for refrigerated transport and cold storage infrastructure. Additionally, the firm utilizes its proprietary data assets to underwrite and validate claims for perishable goods through an acquired insurance brokerage. Figorr has tracked over 200 million items worth $600 million, preventing an estimated $200 million in potential spoilage losses for agriculture and healthcare customers. The enterprise has raised $1.7 million in total equity funding, including a $1.5 million seed round led by Atlantica Ventures, with additional backing from VestedWorld, Katapult VC, and Gavi.
Figorr has raised $2.0M across 1 funding round.
Figorr has raised $2.0M in total across 1 funding round.
Figorr has raised $2.0M in total across 1 funding round.
Figorr's investors include Atlantica Ventures, Jaza Rift Ventures, Katapult, VestedWorld.
Figorr is a Nigerian technology company specializing in IoT-powered cold chain solutions for temperature-sensitive products in agriculture, healthcare, and pharmaceuticals.[1][2][4] It provides real-time monitoring of temperature, humidity, and location via subscription-based devices, alongside data-driven insurance, inventory management software, and cold room/truck rentals, primarily serving businesses to reduce spoilage losses in storage and transportation.[1][2][4] Figorr solves critical visibility gaps in perishable goods supply chains, having tracked over 110 million items and saved customers more than $200 million in potential losses, with operations expanding across Africa including Ethiopia, Ghana, Kenya, South Africa, Tanzania, and Uganda.[1][3]
The company has raised $1.5 million in seed funding led by Atlantica Ventures, plus $1.7 million total equity and $275,000 in grants from entities like Google Black Founders Fund and Africa Business Heroes, fueling its growth amid rising demand in Africa's agriculture and health sectors.[1][3]
Figorr was founded by Oghenetega (Tega) Iortim, inspired by post-harvest losses from his own fresh agro-produce venture, leading him to develop better storage and transportation for temperature-sensitive goods.[1] Originally named Gricd, the company pivoted in 2020 from broader IoT solutions to focus on monitoring perishable products after strong interest in its temperature-tracking capabilities.[1] Early traction came through grants and partnerships, enabling expansion beyond Nigeria; a pivotal $1.5 million seed round in 2023 supported continental rollout and new features like risk management platforms.[1][3]
Iortim's leadership has driven key moments, including a partnership with Gavi, the Vaccine Alliance, as an INFUSE Pacesetter for vaccine cold chain improvements, building on initial successes in Nigerian agriculture.[3]
Figorr rides the wave of Africa's cold chain digitization trend, addressing massive post-harvest losses (up to 40% in agriculture) and vaccine distribution challenges amid population growth and health initiatives.[1][3] Timing aligns with rising agtech and healthtech investments, plus IoT adoption in emerging markets, where poor visibility causes billions in annual spoilage.[1][2] Market forces like expanding African agriculture (e.g., Kenya's sector) and global vaccine equity efforts via Gavi favor Figorr, positioning it as a key enabler for sustainable supply chains.[1][3] It influences the ecosystem by setting standards for data-backed insurance and monitoring, inspiring similar solutions and supporting small businesses in underserved regions.[3][4]
Figorr is poised for accelerated pan-African expansion, leveraging its funding and partnerships to deepen healthcare integrations (e.g., more Gavi-like deals) and agtech dominance, potentially entering new markets via Kenya as a hub.[1][3] Trends like AI-enhanced predictive analytics, climate-resilient farming, and insurance tech will shape its path, amplifying savings and scalability. Its influence may evolve from niche monitor to full-stack cold chain platform, redefining perishables logistics and empowering Africa's $1T+ food economy—turning losses into resilient growth, much like Iortim's initial agro-venture sparked the vision.[1][3][4]
Figorr has raised $2.0M across 1 funding round. Most recently, it raised $2.0M Seed in May 2023.
| Date | Round | Lead Investors | Other Investors | Status |
|---|---|---|---|---|
| May 1, 2023 | $2M Seed | Atlantica Ventures | Jaza Rift Ventures, Katapult Accelerator, Vestedworld | Announced |