Koolboks Secures $11 Million to Expand Solar Refrigeration Across Africa
Koolboks, a climate-tech company dedicated to providing accessible and affordable cooling solutions in Africa, has successfully raised $11 million in a Series A funding round. This significant investment will fuel the company’s expansion of its solar-powered, IoT-enabled refrigeration units across the African continent and other emerging markets. This strategic funding underscores the growing importance of sustainable energy solutions and the potential of African tech companies to address critical needs.
Funding Fuels Expansion of Sustainable Cooling Solutions
The $11 million funding round comprises both equity and debt financing. Leading the round was KawiSafi Ventures, with co-leadership from Aruwa Capital, who also led Koolboks’ seed round, and All On, another existing investor. Debt funding was provided by FFEM and bpifrance, and grants were secured from FFEM/AFD, PREO, Efficiency for Access, and Innovate UK. Furthermore, Koolboks received results-based financing (RBF) from BGFA (Uganda), CEI Africa, and Shell Foundation. Ayoola Dominic, Co-Founder & CEO of Koolboks, highlighted the critical impact of their cooling solutions for small business owners, particularly women, stating, “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.”
Koolboks aims to combat food spoilage and reduce reliance on expensive and polluting fossil fuels by providing access to clean energy-powered refrigeration. This investment will enable Koolboks to scale its operations, build locally, and increase its impact across Africa, providing sustainable solutions and empowering local communities.
Keywords
Related Keywords: Koolboks, solar refrigerators, Africa, refrigeration, fundraising, renewable energy, offgrid solutions, tech startup, clean energy, investment, energy storage
