The reasons are valid and varied.
The start-up formerly known as Gricd is now Figorr, showing that the company has a new focus – software solutions. It also reflects the company’s expanded scope, serving several sectors such as agriculture, logistics, and healthcare.
The company became fully operational in 2018 and was founded by Oghenetega lortim.
Gricd-now Figorr-is an agricultural technology company that has revolutionized last-mile delivery of perishable goods, enabling businesses to reduce the loss of temperature-controlled goods by offering real-time information on storage conditions and the location of assets. This helps create an unending supply chain of food distribution across the board, year in and year out.
“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,” said lortim, CEO/founder of Figorr.
Figorr uses its innovative, hardware device, MOTE to achieve its goals. About the size of a deck of cards, MOTE transmits real-time data on the humidity, location, and temperature of sensitive products to customers and the cloud. In so doing, it allows businesses effectively track and safeguard their perishable goods effectively.
What’s in a name?
That which we call a rose by any other name would smell just as sweet, writes William Shakespeare. This statement conveys that the naming of things is irrelevant.
However, in business, it is a big deal.
A start-up’s name plays an enormous role in its growth and perception; it has the power to make or break the company. It is crucial to its existence and if it becomes unsuitable as the business grows, a name change can be in order.
That renaming or rebranding may be due to varied and valid reasons. Often it could simply align the company with the language already familiar to its customers as one example below reveals. Or the change could be a chance for the company to freshen its brand in keeping up with the times.
Other justifications include:
Finding/changing focus: As it is with Figorr, the new name indicates the company’s latest concentration on software solutions to achieve its goal and support expansion plans across Africa. Gricd is now Figorr. The agricultural, technological start-up seems to have figorred its purpose in the ecosystem.
Rebranding: In February 2023, a three-year-old start-up providing tools and enablement that drive increased sales and satisfaction for buyers and sellers in emerging markets, Pepperest, rebranded to Peppa.io. “The new name better suits our branding and positioning as we continue to grow as a company”, the official statement read. One cannot help but think of the adorable cartoon character, Peppa Pig. Both old and new names are relatable in this clime.
Product success: Earlier this year, TeamApt, a business banking platform, shed its name and took that of its flagship product—Moniepoint. The move was a testament to the success of Moniepoint and a desire to bring the company closer to its customers, according to a statement from the company. This was apt as the Moniepoint brand was already trusted among the company’s customer base.
Business evolution and direction: In 2019, the secure online savings platform, PiggyBank, became PiggyVest. The familiar name associated with childhood savings switched to half an unrecognized moniker. The reason? It represented the firm’s determination to ensure that its services continuously evolved with the needs of its customers.
In addition to the six reasons given above for renaming are product pivot, product expansion, and rebranding because of brand confusion, or the original name presents some challenges for the company’s customers.
In a way, one can assume that renaming/rebranding is sometimes par for the course of a start-up’s growth.
Read also: From Pepperest to Peppa.io: New Name, Same Quality
About GetFundedAfrica
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