Koolboks Secures $11 Million to Cool Africa’s Growth
Koolboks, a cleantech company with operations in both Nigeria and France, has successfully raised $11 million in Series A funding. This significant investment will fuel the expansion of their innovative “cooling-as-a-service” model across Africa, bringing much-needed refrigeration solutions to businesses and communities. Furthermore, the funding will enable Koolboks to establish its first local assembly plant in Nigeria, boosting local manufacturing and job creation.
Powering Progress with Sustainable Cooling
The Series A round was jointly spearheaded by KawiSafi Ventures, Aruwa Capital, and All On, with Aruwa Capital and All On reaffirming their confidence in Koolboks by participating as returning investors from the 2022 seed round. Additional financial support was secured through debt financing from FFEM and bpifrance. Beyond equity and debt, Koolboks also received crucial grants and financing from various organizations, including FFEM/AFD, PREO (co-funded by UK Aid and the IKEA Foundation), Efficiency for Access, Innovate UK, BGFA Uganda, CEI Africa, and the Shell Foundation. This latest influx of capital elevates Koolboks’ total funding to $15.4 million, according to Crunchbase data. Koolboks provides solar-powered freezers to regions where reliable cooling is critical, especially in countries like Nigeria, Côte d’Ivoire, and Senegal. Their technology ensures food doesn’t spoil and vaccines are safely stored, even in areas with inconsistent power.
With this substantial investment, Koolboks is poised to make a significant impact on food security, healthcare, and economic development across the African continent, providing a sustainable and reliable cooling solution that addresses a fundamental need.
Keywords
Related Keywords: Koolboks, Africa, funding, 11 million, solar refrigeration, cold storage, expansion, Nigeria, sustainable cooling, offgrid refrigeration
