Global Innovation Fund backs Kenyan cold chain operator
The Global Innovation Fund has invested in Keep It Cool.
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The Global Innovation Fund has invested in Keep It Cool (KIC), a Nairobi-based start-up transforming supply chains with its smart distribution platform, Markiti. KIC provides refrigeration and logistics solutions to fisherfolk and smallholder farmers in Kenya and Uganda.
Food loss is a significant challenge in many markets in Africa. With inadequate cold storage and transport systems in place, fisherfolk on the Kenyan side of Lake Victoria are losing up to half of their catch every day.
“Our platform uses innovative business models and technology to link supply and demand in the fish and chicken value chains,” explains Francis Nderitu, CEO of KIC. “By leveraging decentralised off-grid and on-grid cold storage facilities, the platform reduces post-harvest losses and guarantees market access.
“Our approach enhances supply chain efficiency by 98%, helping fisherfolk increase their income while promoting fair trade. We also promote sustainability, cutting carbon emissions by 51% through innovations such as solar-powered coolers and hybrid trucks.”
Investment Associate Dianah Irungu acted as deal lead for the Global Innovation Fund: “We are participating in this current round alongside lead investor, Acumen, in a deal which will significantly scale the business,” she says. “GIF’s investment in Keep IT Cool is pivotal in delivering a new solar-powered cold chain hub and the expansion of regional distribution centres.
“This deal is aligned with how GIF is increasingly focusing our investment strategy on innovating for climate adaptation and resilience. KIC supports climate action by reducing post-harvest losses, ultimately decreasing both food waste and greenhouse gas emissions. Moreover, by offering solar-powered cold storage, KIC is minimising waste and providing an eco-friendly alternative to traditional energy sources, reducing the carbon footprint of the value chain,” Irungu added.
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