All On, a prominent impact investment firm committed to enhancing energy accessibility in Nigeria, has announced an additional investment in Koolboks’ $11 million Series A funding round. This renewed backing highlights All On’s ongoing dedication to promoting affordable and sustainable cooling technologies designed specifically for underserved populations in Nigeria and other developing regions.
The Series A financing is spearheaded by KawiSafi Ventures, with All On and Aruwa Capital serving as co-leads. This round represents a crucial step in scaling Koolboks’ innovative solar-powered refrigeration units equipped with Internet of Things (IoT) capabilities.
Previously, All On contributed $500,000 to Koolboks in 2022, enabling the initial rollout of solar freezer units across Nigeria.
This fresh capital injection aims to broaden the availability and influence of Koolboks’ advanced cooling solutions, reaching a wider user base both within Nigeria and internationally.
A major component of this investment is the enhancement of Koolboks’ local manufacturing facility in Nigeria. This strategic expansion is expected to generate employment opportunities, reduce production and distribution expenses, and bolster domestic industrial capacity. Such efforts align closely with All On’s overarching goal to stimulate growth in Nigeria’s off-grid energy sector and support productive-use energy innovations that empower small enterprises and households to elevate their economic well-being.
Koolboks distinguishes itself through its innovative Pay-As-You-Go (PAYGO) model, which enables customers-including market traders, frozen food sellers, and rural healthcare centers-to access dependable cold storage by paying affordable weekly or monthly installments. The solar-powered freezers are engineered to function for multiple days without sunlight, making them ideal for areas with unreliable or absent electricity. To date, Koolboks has positively impacted over 10,000 users across 25 countries.
Caroline Eboumbou, CEO of All On, highlighted the transformative impact of Koolboks’ climate technology. “Reliable energy access is a cornerstone for economic growth and climate adaptation. Koolboks represents the innovative solutions we are eager to back-technologies that not only address energy scarcity but also create income-generating opportunities, particularly for women and small-scale entrepreneurs. Our continued investment underscores our belief in Koolboks’ mission and its potential to uplift communities throughout Nigeria and beyond,” she stated.
Ayoola Dominic, co-founder and CEO of Koolboks, emphasized the importance of the partnership with All On. “The initial support from All On was instrumental in scaling our operations and reaching the communities that benefit most from our solutions. This Series A funding allows us to deepen our impact and expand our local footprint, building a sustainable enterprise that tackles critical challenges in energy access and food preservation,” Dominic remarked.
Oluseye Bassir, Investment Manager at All On, also noted the synergy between Koolboks’ scalable business approach and All On’s vision. “Since our first investment, Koolboks has shown strong execution and tangible results. Their strategy to assemble products locally combined with an inclusive financing model makes them ideal collaborators in advancing sustainable energy access. We look forward to supporting their next phase of growth and strengthening our partnership to deliver clean cooling solutions to underserved markets,” he added.
In addition to scaling production, the new funding will support Koolboks’ Koolbuy platform, which offers cooling equipment through Buy Now, Pay Later (BNPL) options to ease upfront financial burdens for customers. The investment will also back the Scrap4New initiative, a creative program that refurbishes old freezers into solar-powered units, extending product lifespans and mitigating environmental impacts from electronic waste.
Founded with initial support from Shell, All On’s mission is to close Nigeria’s energy gap by advancing renewable energy solutions that enhance access for low-income households and small businesses. By providing both capital and strategic assistance to aligned energy enterprises, All On plays a pivotal role in nurturing Nigeria’s off-grid energy ecosystem.
Koolboks is a climate technology company specializing in solar-powered refrigeration tailored for energy-poor regions, primarily across Africa. Its IoT-enabled freezers and chillers provide essential cold storage solutions critical for food security, healthcare services, and small-scale business operations.
