Agribusiness cooling solutions company lands €1m investment
Agribusiness cooling solutions company lands €1m investment
The Foundation for Clean Energy and Energy Inclusion for Africa has announced an investment of up to €1 million in InspiraFarms Cooling.
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The Foundation for Clean Energy and Energy Inclusion for Africa (CEI Africa) has announced an investment of up to €1 million in InspiraFarms Cooling through a convertible note, alongside existing investors KawiSafi and Factor[e]. The investment comes after InspiraFarms Cooling successfully raised its Series B round in 2020 and signed an investment agreement with InfraCo Africa in 2023, to pilot its ‘cooling-as-a-service’ model.
InspiraFarms Cooling designs, develops, and installs precooling and cold chain technology for fresh fruit and vegetables, flowers, and animal protein supply chains in Africa and other emerging markets. It provides agribusinesses of all sizes with cooling solutions to handle their perishable products. These cooling solutions significantly cut energy costs, reduce food losses, extend shelf life, and help customers sell more. InspiraFarms Cooling’s designs include tailor-made and standardised solutions, which are adapted for the right energy source, including solutions that can be 100% off-grid.
Only 5% of African fresh produce enters the cold chain, compared to Europe’s 94%. This difference in cold storage accessibility is a key factor leading to the loss of 30-50% of fresh produce across Africa. Additionally, without adequate cooling, many African producers and exporters miss out on high-value global markets with stringent export standards for food quality, size, and safety, all directly linked to cooling.
InspiraFarms Cooling’s solutions include cold rooms, precoolers, freezers, packhouses, slaughterhouses, long-term storage for potatoes, and temperature-controlled warehouses – all of which are renewable energy compatible.
Julian Mitchell, the CEO of InspiraFarms said, “We are delighted to welcome CEI Africa on board as an investor in InspiraFarms Cooling. Their capital will enable us to continue our mission of making cooling solutions more accessible to agribusinesses of all sizes. Access to quality cooling is fundamental for clients to reduce post-harvest losses, and sell more, at better prices, with lower costs, bringing both economic and climate benefits. Moving forward, our focus will remain on designing, developing, installing, servicing, and financing energy-efficient cooling. This support from CEI and existing investors KawiSafi and Factor[E] reflects a shared commitment to sustainable impact within the fresh produce industry.”
Steven Evers, member of the executive board of CEI Africa said, “Our investment in InspiraFarms Cooling, the first investment under the Crowdlending window of the Foundation, will not only support the growth of the off-grid energy cold-storage sector in sub-Saharan Africa and result in tangible impact for smallholder farmers but will also catalyse private retail investment into the sector through crowdfunding.”
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