- All On has made a follow-on investment in Koolboks’ $11 million Series A round to help scale solar-powered, IoT-enabled refrigeration systems across emerging markets, building on its initial $500,000 support in 2022
- The investment has enabled Koolboks to establish its first local assembly plant in Nigeria, create jobs, reduce costs for users, and expand access to reliable, off-grid cold storage for over 10,000 users in 25 countries
- Funds will also support Koolboks’ Koolbuy Buy Now, Pay Later platform and Scrap4New program, which refurbishes discarded freezers into solar-powered units, extending product lifecycles and reducing e-waste
All On, the impact investment company focused on accelerating energy access in Nigeria, has reaffirmed its commitment to affordable and sustainable cooling solutions for underserved communities by participating in Koolboks’ $11 million Series A financing round.
The round, led by KawiSafi Ventures and co-led by All On and Aruwa Capital, will enable Koolboks to scale its solar-powered, IoT-enabled refrigeration systems across emerging markets.
This latest investment builds on All On’s initial $500,000 funding in 2022, which supported the deployment of Koolboks’ solar freezers in Nigeria.
All On’s continued backing has been pivotal in establishing Koolboks’ first local assembly plant in Nigeria—a move expected to create jobs, reduce costs for end users, and strengthen local manufacturing capacity. This aligns with All On’s mission to catalyse the growth of Nigeria’s off-grid energy market and promote productive-use energy solutions for small businesses and households.
Koolboks’ Pay-As-You-Go (PAYGO) model and IoT-enabled solar freezers have already impacted over 10,000 users in 25 countries, including market women, frozen food vendors, and rural clinics. These solutions provide reliable cold storage without reliance on diesel or unstable grid electricity, supporting economic resilience and food security.
“All On believes that access to reliable energy is foundational to economic empowerment and climate resilience. Koolboks exemplifies the kind of innovation we are proud to support—solutions that address energy poverty and unlock income opportunities for women and small businesses,” said Caroline Eboumbou, CEO of All On.
Koolboks Co-Founder & CEO, Ayoola Dominic, added, “All On’s early support was pivotal in helping us scale operations and reach communities that need us most. This Series A round allows us to deepen our impact and build locally.”
The new funds will also support Koolboks’ Koolbuy platform, which offers cooling products on Buy Now, Pay Later (BNPL) terms, and its Scrap4New programme, which refurbishes discarded freezers into solar-powered units, extending product lifecycles and reducing e-waste.
About All On:
All On Partnerships for Energy Access (All On), an independent impact investing company seeded by Shell, is dedicated to catalysing the growth of Nigeria’s off-grid energy market and providing affordable, reliable, and sustainable energy for low-income households and small businesses.
About All On:
All On Partnerships for Energy Access (All On), an independent impact investing company, was seeded by Shell to catalyze the growth of Nigeria’s off-grid energy market to provide affordable, reliable, and sustainable energy for low-income households and small businesses.
All On provides debt and equity funding, as well as non-financial support, to Nigerian energy companies that align with its mission of closing Nigeria’s access-to-energy gap through renewable energy solutions. Visit https://www.all-on.com/ to learn more. For media enquiries, contact communications@all-on.com
About Koolboks
Koolboks is a climate-tech company that provides solar-powered, IoT-enabled refrigeration solutions, primarily across Africa. Their product line includes solar freezers and chillers designed to operate for several days without sunlight, making them ideal for regions with unreliable electricity.
The company’s business model focuses on making cooling both accessible and affordable. Through their Pay-As-You-Go (PAYGO) financing system, customers can pay in manageable weekly or monthly instalments. Koolboks also runs a “Scrap4New” program, which refurbishes discarded freezers into solar-powered units, an initiative aimed at reducing electronic waste.
To learn more, visit https://koolboks.com/
