Nigerian Internet of Things Startup, Figorr, secures $1.5m fund


Oghenetega Iortim, formerly of Gricd, has raised $1.5 million from a variety of investors to promote his digital business, Figorr.

According to a statement released on Monday, Iortim’s business received the financing in the form of investments from Atlantica Ventures, Vested World, Jaza Rift, and Katapult during a seed funding round.

Insulin, food, and other perishables that are temperature-sensitive and subject to loss during storage and transportation in Africa are all assisted by Figorr.

The company accomplishes this by creating Internet of Things-powered solutions that enhance already-existing assets and infrastructure that assist the delivery of perishable commodities in their final miles.

With the real-time location, humidity, temperature, and other key data points provided by Figorr, companies and other stakeholders in the agriculture, healthcare, logistics, and other sectors of Africa can maximise the value of perishable and temperature-sensitive goods like vaccines, insulin, and food.

Iortim, who is also the CEO of Figorr, commented on the investment, saying that it is helpful at a time when inflation is on the rise and the world economy is experiencing serious obstacles:

“This funding comes at a great time for us, as it enables us to leverage the data we have gathered over the years to provide further support for our customers with managing the risks associated with perishable goods on the continent.

“At a time where the price of everything seems to be rising and the global economy is experiencing significant challenges, unnecessary wastage should not be compounding these issues.

“We are excited to onboard more customers across the continent and roll out our solutions to enable more Africans to maximise the value of their goods and maintain profitability”.


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