All On, an impact investment firm financially supported by Shell, has reinforced its commitment to promoting affordable and sustainable energy access in Nigeria by reinvesting in Koolboks, a solar refrigeration startup. This follow-on investment forms a significant part of Koolboks’ recently secured $11 million Series A funding round, led by KawiSafi Ventures and co-led by All On and Aruwa Capital. The infusion of capital will enable Koolboks to expand its innovative solar-powered, IoT-enabled refrigeration systems throughout Nigeria and other developing markets, broadening access to reliable cooling solutions and promoting economic empowerment in underserved communities.
This investment underscores All On’s ongoing support for Koolboks, building upon an earlier $500,000 investment made in 2022. That initial funding facilitated the deployment of Koolboks’ solar freezers in communities across Nigeria lacking reliable energy access. This continued partnership highlights All On’s dedication to nurturing inclusive energy solutions that empower households and small businesses while simultaneously addressing climate change and energy poverty challenges. The establishment of Koolboks’ first local assembly plant in Nigeria, a direct result of All On’s initial investment, serves as a testament to this commitment.
The locally based assembly plant marks a major milestone in Koolboks’ growth trajectory and is projected to generate employment opportunities, reduce product costs for end consumers, and enhance local manufacturing capabilities for energy solutions. This aligns seamlessly with All On’s overarching mission to cultivate Nigeria’s off-grid energy market while promoting energy innovation that directly improves the livelihoods of communities. The reduced reliance on imported components and the creation of skilled jobs within Nigeria contribute to a more robust and sustainable energy ecosystem.
Koolboks’ positive impact is evident in its reach across 25 countries, serving over 10,000 users since its inception. The company’s Pay-As-You-Go (PAYGO) solar freezers have proven particularly beneficial for market women, frozen food vendors, and rural health clinics, offering reliable cold storage without the need for diesel generators or unreliable grid electricity. This access to reliable refrigeration technology is instrumental in improving food security, enhancing economic resilience, and bolstering public health outcomes in communities where these services are often lacking.
The leadership of both All On and Koolboks have expressed enthusiasm for this renewed partnership. Caroline Eboumbou, CEO of All On, emphasized the company’s belief in reliable energy access as a cornerstone of economic empowerment and climate resilience, highlighting Koolboks as a prime example of the type of innovation All On champions. Ayoola Dominic, Co-Founder and CEO of Koolboks, welcomed the continued support, acknowledging the critical role All On’s initial investment played in scaling operations and expanding access to underserved communities. Oluseye Bassir, Investment Manager at All On, further commended Koolboks’ impressive execution and growth trajectory, praising their scalable model, local assembly strategy, and inclusive financing approach.
The newly acquired capital will be deployed strategically across multiple initiatives. Beyond expanding production capacity at the local assembly plant, the funding will bolster Koolboks’ digital financing platform, Koolbuy, which facilitates access to cooling products through flexible Buy Now, Pay Later (BNPL) options. Furthermore, resources will be allocated to the Scrap4New program, an innovative initiative that refurbishes discarded freezers and converts them into solar-powered units. This environmentally conscious approach not only extends product lifecycles and reduces electronic waste but also expands access to sustainable cooling solutions for low-income households. This multifaceted strategy reinforces Koolboks’ position as a leading provider of clean cooling solutions in emerging markets. The collaborative efforts of All On and Koolboks demonstrate a shared commitment to delivering impactful, market-driven solutions that foster economic inclusion, environmental sustainability, and energy access throughout Nigeria and beyond, ultimately contributing to a more equitable and sustainable future.
