Refrigeration company raises $11m from Aruwa Capital, KawiSafi Ventures, others
Koolboks – an Africa-focused renewable energy refrigeration company – has closed an $11 million Series A funding round.
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Koolboks – an Africa-focused renewable energy refrigeration company – has closed an $11 million Series A funding round. Lead investors were KawiSafi Ventures and Aruwa Capital, which also led Koolboks’ seed round in November 2021.
Other participants included All On as an equity investor, while FCMB, FFEM and Bpifrance provided debt financing. FFEM and Bpifrance’s contribution will fund the company’s first assembly plant in Nigeria. The round was further supported by grants from FFEM/AFD, PREO (co-funded by UK aid and the IKEA Foundation), Efficiency for Access and Innovate UK. Results-based financing came from BGFA in Uganda, CEI Africa and the Shell Foundation.
Founded in 2018 by Ayoola Dominic and Deborah Gaël, Koolboks addresses Africa's cooling gap through solar-powered refrigeration technology. With over 10,000 solar freezers deployed across 25 countries, the company serves market women, frozen food sellers, bars, and rural clinics with cold storage solutions that operate without dependence on diesel generators or unstable electricity grids. Koolboks’ ice-battery system works with its IoT platform to monitor temperature, energy use, location and door activity remotely. The same technology also supports its pay-as-you-go payment model.
“Every day, I meet small business owners, mostly women, who are forced to throw away unsold food or burn diesel just to stay open. For them, cooling is not about convenience. It’s about survival, dignity, and income. This raise allows us to deepen our reach, build locally, and put power literally back in their hands,” said Ayoola Dominic, co-founder and CEO of Koolboks.
“We are thrilled to continue our partnership with Koolboks as they enter this exciting new phase of growth. Since our initial investment in 2021, we have witnessed first hand the transformative impact of their proprietary cooling solution and innovative PAYGO technology on small businesses and communities across Africa. Koolboks embodies our investment thesis; combining proven commercial success with significant social impact, particularly for women entrepreneurs. From starting only in Nigeria to scaling to 25 markets globally, we are excited to keep supporting the Koolboks team as they scale their operations, expand their reach, and continue empowering women and communities across the continent,” said Adesuwa Okunbo Rhodes, founder and managing partner of Aruwa Capital.
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