Figorr (a Nigerian-based startup that runs loT-powered solutions for businesses) recently unlocked the Catalytic Africa Matching Fund through a fundraising round led by Atlantic Ventures, and Rising Tide Africa. The participation of Rising Tide in this round made Figorr eligible for three times the investment from the Matching Fund.
Founded in 2020, the startup has been at the forefront of innovative solutions for businesses dealing with temperature-sensitive commodities through its real-time monitoring technology.
Figorr aims to help companies dealing with temperature-sensitive items reduce product losses and ensure the safety and efficacy of products such as vaccines, medical supplies, fresh produce, and other commodities that require monitoring.
"We offer a real-time monitoring solution that offers technology for monitoring humidity, temperature, and the location of temperature-sensitive products. Since its inception, Figorr has grown from working with 5 customers and 46 deployed real-time monitoring sensors to working with over 50 businesses, deployed over a thousand sensors, and diligently tracked over 200 million items, reflecting a combined value of over $600 million. With this new funding from Catalytic Africa, we aim to counter the hurdle of the devaluation of the Naira, which has significantly impacted our revenue stream, and expand our operations to new markets with stable currencies," Oghenetega Iortim, CEO of Figorr said.
Over time, Figorr has identified a unique opportunity to address the lack of insurance coverage for fresh produce, a gap in the market that primarily exists due to high loss rates across Sub-Saharan Africa. Leveraging the data collected from their customers using their technology, the startup plans to offer insurance companies the ability to underwrite and validate claims more effectively.
"This groundbreaking service will initially focus on the Nigeria and Kenya markets and the financing secured from the Catalytic Africa Matching Fund will play a pivotal role in personnel recruitment and the dissemination and distribution of this innovative product," Iortim added.
Catalytic Fund Manager, Fadilah Tchoumba, called Figorr's work impressive. She noted the startup's innovative approach and its commitment to addressing real market challenges, which in her view, made it a promising investment.
"Figorr is a promising company and we are enthusiastic about our investment in the startup.
Their cutting-edge technology and visionary team have the potential to transform the startup ecosystem in Africa and create a smarter and more connected future on the continent," she said
Fadilah additionally imparted this crucial advice to entrepreneurs seeking such an opportunity:
"Entrepreneurs should have a clear vision of their business's unique value proposition, conduct sufficient market research, and have a customer-centric focus approach to their businesses.
Additionally, they ought to stay informed on the current trends in the startup and angel investing ecosystem on the continent to be able to stay ahead of the game and consider engaging and networking with angel investors who have been registered in the Africa Business Angel Network database to expand their networking opportunities."
Powered by continuous growth and unending innovative ideas, Figorr is poised to make a lasting impact by revolutionizing insurance coverage for fresh produce and contributing to a safer and more efficient world.
Catalytic Africa is a co-investment solution by ABAN in conjunction with AfriLabs that raises funds from various institutional partners to add to a pool. This pool serves as a co-investment fund to encourage investment in viable African startups from innovation hubs affiliated with AfriLabs. To date, € 1,169,973 has been invested by local angels in startups affiliated with AfriLabs' hubs and Catalytic Africa has deployed €1,200,000 as qualified matching grants, leading to a cumulative amount of over € 2.3 Million invested in African startups across 12
Countries.
About Figorr
Figorr is a real-time monitoring solution provider that specializes in providing real-time data on humidity, temperature, and location of temperature-sensitive products, as well as sending notifications for deviations. Through this real-time data tracking, customers can ensure that the products are stored and transported within specified temperature and humidity ranges. This approach helps address potential issues, promptly minimizes risks, and maintains product quality. Figorr also helps businesses handling temperature-sensitive goods to get insurance coverage and provides them with data to verify their insurance claims. For more information about Figorr visit https://www.figorr.com/
Visit here for more information about Rising Tide Africa.
About ABAN
African Business Angel Network (ABAN) is the largest pan-African organization of Angel investors in Africa. Established in 2015, ABAN represents the growing number of business angel groups in the African early-stage ecosystems' future, providing vital human and financial capital to African startup companies creating jobs across the continent. Today, ABAN is a 68-member network in 35 African countries and the Diaspora, representing over 1,400 angel investors.
ABAN and Afrilabs spearhead the Catalytic Africa matching fund. To get your funding unlocked in 3 weeks, update your profile or register at https://catalytic-africa.com to kickstart your application process.
