Koolboks, an African-focused climate tech startup, has successfully raised $11 million to scale its solar-powered, IoT-enabled refrigeration units across the continent and other emerging markets. The funding round, a combination of equity and debt, was led by KawiSafi Ventures, with Aruwa Capital Management and All On reinforcing their support. Debt financing came from FFEM and Bpifrance, complemented by grants and results-based financing from Innovate UK, Shell Foundation, and CEI Africa. This new injection builds on Koolboks’ $2.5 million seed raise in 2022 and is set to accelerate its mission to tackle Africa’s cooling crisis.
For Koolboks, this funding is about more than capital—it’s about survival for small businesses. CEO and co-founder Ayoola Dominic highlights the daily challenges faced by small business owners, particularly women, who often lose food or rely on diesel to keep operations running. By expanding its reach, Koolboks aims to provide reliable, affordable cooling that safeguards livelihoods, supports income generation, and restores dignity to entrepreneurs across the continent.
The company already operates more than 10,000 solar freezers across 25 countries, serving market vendors, frozen food sellers, bars, and rural clinics. Each unit is equipped with IoT capabilities to monitor temperature, energy use, and door activity, integrated with a flexible PAYGO system that allows customers to access cooling solutions without upfront financial strain. Co-founder Deborah Gael emphasizes the broader human impact, noting that access to reliable cooling drives economic freedom for women, families, and communities alike.
Beyond refrigeration, Koolboks is advancing inclusive innovation through initiatives like the Koolbuy platform for BNPL cooling products and Scrap4New, a recycling programme transforming discarded freezers into IoT-enabled solar units. With climate change, rising temperatures, and unreliable electricity threatening food security and small businesses, Koolboks is positioning itself at the intersection of climate resilience and economic empowerment, proving that sustainable cooling solutions can be both transformative and life-saving.
