Due to insufficient storage and handling, 37% of food produced in Sub-Saharan Africa is wasted, equating to 120-170 kg per individual per year. Similarly, it is claimed that 50% of all vaccinations worldwide are wasted due to cold-chain breaches.
A Nigerian company called Figorr, formerly called Gricd, just closed a $1.5 million seed round to solve this problem.
Using IoT-powered solutions, the company gives businesses in healthcare and agriculture real-time information about the location, humidity, and temperature of perishable goods. This helps them avoid losses caused by a lack of awareness.
Users get the devices in cold storage for free but must pay a membership fee to access the data. After realizing the need for real-time tracking, Figorr switched its focus from mobile solar-powered storage boxes to the IoT part.
Figorrr also wants to use the data it has collected over the years to launch a tool for risk management. This tool allows insurance companies to create customized products based on specific data. This will help reduce risks in the perishable sector.
Figorr thinks that Africa’s agriculture and healthcare sectors offer much room for growth and real benefits, like better access to healthcare and higher incomes for people in the area.
With the help of the seed funds led by Atlantica Ventures, the startup will be able to grow beyond Nigeria. It has already brought its services to Ethiopia, Ghana, Kenya, South Africa, Tanzania, and Uganda and wants to take advantage of Kenya’s growing agriculture sector.