Figorr unveiled an insurance product in 2023, supercharged by Catalytic Africa

Figorr (a Nigerian-based startup that runs IoT-powered solutions for businesses) recently unlocked the Catalytic Africa Matching Fund through a fundraising round led by Atlantic Ventures, and Rising Tide Africa. Through the immense support of Africa Business Angel Network’s angel network (Rising Tide Africa), Figorr was eligible for the 3:1 matching ratio of the Catalytic Africa 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 provider 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.

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. 

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. Catch the complete interview with the startup’s founder right here