Oghenetega Iortim was tired of seeing his fresh produce go to waste.
As a farmer in Nigeria, he knew that the country was losing billions of dollars each year to post-harvest losses.
So, he decided to do something about it.
In 2019, Iortim founded Figorr, a cold chain startup that uses IoT technology to monitor the temperature and humidity of temperature-sensitive products.
Figorr’s devices are placed in cold storage setups and provide users with real-time data on the condition of their products.
This data can be used to prevent losses due to spoilage or theft, and to improve the efficiency of transportation and distribution.
Figorr’s solution has been a hit with farmers and businesses across Africa.
The company has raised $1.7 million in equity funding, and $275K in grants from various entities.
Figorr is currently used in Ethiopia, Ghana, Kenya, South Africa, Tanzania, and Uganda, and the company plans to expand to new markets in the coming years.
Figorr’s success is a sign of the growing opportunities for African startups in the agricultural and healthcare sectors.
The company is helping to address the problem of food waste in Africa, which is estimated to be 37% of the food produced.
Figorr is also helping to improve access to healthcare by providing real-time data on the condition of temperature-sensitive products like vaccines and insulin.
But Figorr’s success is also a sign of the growing interest in African startups from investors around the world.
The company’s $1.7 million in equity funding is a significant amount for an African startup, and it is a sign that investors are starting to recognize the potential of African startups to solve real-world problems.
Figorr is an example of how African startups are using technology to make a positive impact on the continent.
The company is helping to improve food security and economic development in Africa.
So, what does Figorr’s success mean for other African startups?
Figorr’s success is a sign of the bright future of African startups.
It means that there is money to be made in Africa.
It means that investors are willing to put their money behind African startups with big ideas and it means that African startups have the potential to make a real difference in the world.
So, if you’re an African startup founder with a big idea, don’t be afraid to go for it. The world is waiting for you.
And remember, if you can chill out investors like Figorr did, you’re well on your way to success.
Source: Techcrunch
