Onome Amuge
All On, an impact investment company focused on accelerating off-grid energy access in Nigeria, has doubled down on its push for sustainable cooling technologies with a fresh commitment to Koolboks’ $11 million Series A financing round.
The funding round was led by Nairobi-based KawiSafi Ventures, with co-lead participation from All On and gender-lens investor Aruwa Capital. It follows All On’s initial $500,000 seed investment in 2022, which enabled Koolboks to expand deployment of its solar-powered refrigeration systems across Nigeria.
This latest infusion, executives say, will accelerate manufacturing, distribution, and adoption of the technology across Africa and beyond.
Koolboks, a Paris- and Lagos-based climate-tech company, designs Internet-of-Things-enabled solar freezers that can run for several days without sunlight, a feature tailored to regions with weak or erratic grid supply. Its systems are sold through a Pay-As-You-Go (PAYGO) model that allows low-income customers, such as market women, frozen food vendors, and rural health clinics, to pay in small, manageable instalments. Already present in 25 countries, the company says it has reached more than 10,000 end users.
The technology addresses a structural challenge that affects millions of households and small businesses across sub-Saharan Africa: unreliable and costly cooling. Diesel generators, long the default backup for refrigeration, have become increasingly uneconomic due to fuel price volatility and subsidy reforms in Nigeria. At the same time, food insecurity and vaccine storage needs have highlighted the economic and social costs of unreliable cold chains.
“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,” said Ayoola Dominic, Koolboks co-founder and chief executive.
The local dimension is central to All On’s strategy. Part of its follow-on investment has gone toward establishing Koolboks’ first assembly plant in Nigeria. The facility is expected to lower costs for consumers, create jobs in light manufacturing, and reduce reliance on imported equipment. Analysts note that this aligns with Nigeria’s wider industrial policy objectives and the push to localise renewable energy supply chains.
“At All On, we believe 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 not only address energy poverty but also unlock income opportunities for women and small businesses,” said chief executive Caroline Eboumbou.
In addition to manufacturing and distribution, the Series A proceeds will fund Koolboks’ expansion of Koolbuy, a Buy Now, Pay Later platform that offers customers flexible ownership options. The company is also scaling Scrap4New, a circular economy initiative that converts discarded freezers into refurbished solar-powered units, reducing electronic waste while extending product lifecycles.
For All On, the Koolboks bet illustrates a shift towards productive-use energy solutions, technologies that not only provide power but enable small businesses to generate income. Its portfolio already spans mini-grids, solar home systems, and clean cooking ventures, but the focus on cold storage highlights the growing recognition of cooling as a development and climate priority.
“Cooling is no longer a peripheral issue; it is central to food security, healthcare, and small business survival. Koolboks has demonstrated strong execution and measurable impact since our initial investment. Their scalable model, local assembly strategy, and inclusive financing approach align perfectly with our vision for sustainable energy access,” said Oluseye Bassir, investment manager at All On.
Globally, the cooling sector is projected to see rising demand as populations grow and climate change raises average temperatures. Yet the energy intensity of conventional refrigeration technologies poses a risk of escalating emissions unless alternatives such as solar-powered solutions are scaled rapidly. For countries like Nigeria, where grid electricity is unreliable and diesel is increasingly unaffordable, distributed solar cooling offers a rare convergence of climate mitigation, adaptation, and economic opportunity.
By backing Koolboks, All On and its partners are betting not just on a company but on a market segment poised for structural growth. If successful, the model is also expected to provide a blueprint for other emerging markets facing the twin challenges of energy poverty and climate resilience.
