Koolboks Gets $11M to Expand Solar-Powered Freezer Business in Africa
TLDR
- Koolboks, a Nigeria- and France-based cleantech startup, has raised $11 million in Series A funding to expand its solar-powered freezer business across Africa
- The round was co-led by KawiSafi Ventures, Aruwa Capital, and All On, with additional debt financing from FFEM and bpifrance
- Founded in 2018 by Ayoola Dominic and Deborah Gaël, Koolboks has deployed over 10,000 solar-powered freezers in 25 countries, with Nigeria being its largest market
Koolboks, a Nigeria- and France-based cleantech startup, has raised $11 million in Series A funding to expand its solar-powered freezer business across Africa and build its first local assembly plant in Nigeria.
The round was co-led by KawiSafi Ventures, Aruwa Capital, and All On, with additional debt financing from FFEM and bpifrance. Grants and support also came from organizations including PREO, Efficiency for Access, Innovate UK, BGFA Uganda, CEI Africa, and the Shell Foundation. The raise brings Koolboks’ total funding to $15.4 million.
Founded in 2018 by Ayoola Dominic and Deborah Gaël, Koolboks has deployed over 10,000 solar-powered freezers in 25 countries, with Nigeria being its largest market. Customers can purchase units outright or opt for pay-as-you-go financing. The company also operates Koolbuy, a buy-now-pay-later platform, and Scrap4New, a trade-in program for old machines.
The assembly plant, expected within 12–18 months, will cut logistics and import costs, reducing end-user prices by up to 20%. Koolboks plans to expand its financing products and IoT-enabled monitoring platform as part of its growth strategy.
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Points clés à retenir
Koolboks’ $11 million raise highlights investor interest in climate-resilient infrastructure and financial inclusion in Africa’s $271.9 billion cooling industry. Reliable refrigeration remains scarce in Sub-Saharan Africa, where frequent power cuts and high equipment costs leave food traders, clinics, and households exposed to spoilage and income loss. By combining locally assembled solar freezers with financing and IoT monitoring, Koolboks is creating an ecosystem that addresses affordability and efficiency at scale. The Nigerian assembly plant will help lower costs and expand reach in its strongest markets, including Nigeria, Côte d’Ivoire, and Senegal. The startup’s financing arm and trade-in program further position it as more than a hardware provider, layering financial services and circular economy practices onto its cooling-as-a-service model. While regulatory hurdles in markets like Kenya remain a challenge, Koolboks is consolidating leadership where adoption is strongest, with a strategy to reach millions of small businesses and households underserved by traditional cold-chain providers.
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