Koolboks, a cleantech startup operating out of Nigeria and France, has raised $11 million in Series A funding to accelerate its mission of delivering affordable, solar-powered refrigeration across Africa. The funding will be used to expand its cooling-as-a-service model, establish its first local assembly plant in Nigeria, and deepen its presence in key markets.
The Series A round was co-led by KawiSafi Ventures, Aruwa Capital, and All On, with the latter two returning from Koolboks’ 2022 seed round. Additional debt financing came from FFEM and bpifrance, while grants and support were secured from a wide array of development partners including FFEM/AFD, PREO (UK Aid and IKEA Foundation), Efficiency for Access, Innovate UK, BGFA Uganda, CEI Africa, and the Shell Foundation. This brings Koolboks’ total funding to $15.4 million, according to Crunchbase.
In regions like Nigeria, Côte d’Ivoire, and Senegal, access to reliable cooling is critical—not just for convenience, but for survival. It enables traders to preserve food and clinics to store vaccines, often in areas plagued by frequent power outages. Koolboks aims to solve this challenge by combining solar energy, IoT-enabled monitoring, and flexible financing to make refrigeration accessible to underserved communities.
Ayoola Dominic, co-founder and CEO, stated:
Every day, I meet small business owners, mostly women, who are forced to throw away unsold food or burn diesel just to stay open. This raise allows us to deepen our reach, build locally, and put power back in their hands.
Founded in 2018 by Ayoola Dominic and Deborah Gaël, Koolboks has deployed over 10,000 solar-powered freezers across 25 countries, with Nigeria as its largest revenue-generating market. Customers can purchase units outright or opt for pay-as-you-go (PAYGO) financing. Koolboks has also launched Koolbuy, a buy-now-pay-later (BNPL) platform for both Koolboks products and third-party cooling solutions.
The new funding will support the establishment of a local assembly plant in Nigeria within the next 12 to 18 months. This move is expected to reduce logistics and import costs, enabling Koolboks to lower product prices by 15–20%, making solar refrigeration more affordable for end-users.
Koolboks is also expanding Scrap4New, a trade-in program that allows customers to exchange old or broken freezers for discounts on new units. Returned devices are either refurbished into solar-powered units or recycled for parts, reducing waste and extending access to low-cost cooling solutions.
Beyond hardware, Koolboks is building a data-driven energy-tech platform. Its IoT-enabled freezers track temperature, usage, and payments remotely, helping users manage their devices more efficiently while generating recurring revenue for Koolboks through data services and financing.
Deborah Gaël, co-founder of Koolboks, emphasized:
This isn’t just about technology. It’s about economic freedom for women, families, and communities. This funding helps us reach the people who’ve been overlooked for too long.
Koolboks stands out in the solar cooling space by integrating local manufacturing, flexible financing, IoT monitoring, and circular economy programs. While competitors like ColdHubs, SunDanzer, and EcoCooling offer solar-powered refrigeration, few match Koolboks’ holistic approach.
Investors see Koolboks as a key player at the intersection of climate resilience, financial inclusion, and last-mile distribution. The cooling industry, valued at $271.9 billion globally, remains underpenetrated in Sub-Saharan Africa due to regulatory barriers, high equipment costs, and limited consumer financing. In countries like Mozambique, Nigeria, and Sudan, up to 40% of the population lacks adequate access to cooling, leading to food spoilage and income loss.
Despite challenges in markets like Kenya and Central Africa, Koolboks is doubling down on its strongest regions, positioning itself as a platform that empowers millions of small businesses and households long excluded from affordable cooling.
