Koolboks, an African-focused climate technology startup, has secured $11 million in equity and debt financing to accelerate the rollout of its solar-powered refrigeration systems across Africa and other emerging markets. The company, founded to tackle the continent’s chronic cooling and energy challenges, is positioning itself as a lifeline for small businesses grappling with food waste and unreliable electricity. This fresh round underscores growing investor confidence in inclusive climate solutions that combine innovation with real human impact.
Funding Details and Investor Backing
The Series A round was led by KawiSafi Ventures, with strong follow-on participation from Aruwa Capital and All On, both of which had invested in Koolboks’ earlier funding rounds. Debt financing was provided by FFEM and bpifrance, while additional grants and results-based financing came from organizations including Innovate UK, Shell Foundation, PREO, CEI Africa, and BGFA. This capital injection builds on the company’s $2.5 million seed raise in 2022, providing significant momentum to scale operations and product development.
A Mission Rooted in Survival and Dignity
For Koolboks, refrigeration is not merely about convenience but about survival, particularly for small business owners in underserved communities. CEO and co-founder Ayoola Dominic emphasized that many women entrepreneurs are forced to discard unsold goods or burn costly diesel fuel to preserve stock, undermining their livelihoods. He explained that the new funding will allow the company to extend its reach, localize its operations, and empower business owners to maintain dignity and income stability.
Technology-Driven Cold Storage
Koolboks has already deployed more than 10,000 solar-powered refrigeration units across 25 countries, serving customers from food vendors and bars to rural healthcare clinics. Each unit is equipped with IoT technology that tracks key metrics such as temperature, energy use, and door activity, enabling customers to monitor usage remotely. The refrigerators are integrated with a Pay-As-You-Go system, ensuring flexible payment options that reduce financial barriers for small enterprises.
Co-Founder’s Perspective on Economic Impact
Deborah Gaël, co-founder of Koolboks, highlighted how access to reliable cooling reshapes both households and businesses. She noted that refrigeration creates opportunities for economic independence, particularly for women, by preventing food loss and enabling long-term planning. For Gaël, the significance of Koolboks lies not only in advancing clean technology but also in providing communities with the tools for sustainable economic participation.
Expanding Platforms and Circular Economy Initiatives
Beyond its core refrigeration products, Koolboks is scaling its Koolbuy platform, which offers both solar and non-solar appliances on a Buy Now, Pay Later model. This approach expands access to affordable cooling while addressing affordability challenges in low-income regions. In parallel, the company is investing in its Scrap4New program, which refurbishes discarded freezers into IoT-enabled solar units, extending product lifecycles while tackling e-waste.
Addressing Climate and Energy Challenges
The company’s expansion comes at a critical time, as rising global temperatures and unreliable energy access threaten food security and economic stability across Africa. By reducing reliance on diesel generators and minimizing food spoilage, Koolboks is directly contributing to climate resilience and inclusive innovation. Its solutions not only offer a lifeline to businesses but also create environmental benefits through cleaner, more sustainable energy use.
Koolboks’ $11 million raise marks a significant milestone in the evolution of Africa’s climate technology landscape, reflecting the urgency of practical, scalable solutions to the continent’s cooling crisis. By blending advanced IoT technology with flexible financing and circular economy principles, the company is ensuring that reliable refrigeration becomes accessible to communities historically left behind. As it expands its footprint, Koolboks is not just keeping products cold—it is keeping small businesses alive, empowered, and ready to thrive in a warming world.