Paris-based Koolboks Secures $11M for Solar Cold Storage in Africa

Paris-based Koolboks has raised $11 million in a funding round aimed at scaling its solar-powered refrigeration solutions across Africa.

KawiSafi Ventures led the round with participation from Aruwa Capital and All On. Meanwhile, the French Facility for Global Environment (FFEM) and Bpifrance provided the debt financing.

Koolboks will use the new financing to expand its cooling-as-a-service model across Africa and establish its inaugural assembly facility in Nigeria.

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How Koolboks Model Works

Founded in 2018 by Ayoola Dominic and Deborah Gaël, Koolboks designs and manufactures solar-powered refrigerators that operate off-grid. The facility uses a thermal ice-battery system that can maintain a cold temperature for up to four days without external power. 

In regions such as Nigeria, Côte d’Ivoire, and Senegal, access to dependable cooling can have a significant impact on crucial outcomes. It can mean the difference between a vendor preserving produce or watching it spoil, or a clinic maintaining vaccines or losing them to power interruptions.

“Every day, I meet small business owners, mostly women, who are forced to throw away unsold food or burn diesel just to stay open,” said Ayoola Dominic, co‑founder and CEO of Koolboks. “This raise allows us to deepen our reach, build locally, and put power back in their hands.”

The company has also introduced Koolbuy, a BNPL (buy now, pay later) platform that offers solar-freezers on flexible payment terms. Eventually, it will also include third-party cooling appliances. This would make the units more accessible to small businesses, clinics, and farmers in areas with unreliable electricity.

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Koolboks claims its technology supports food vendors, farmers, and healthcare clinics. This helps to reduce food spoilage, improve vaccine storage, and cut reliance on diesel generators.

With headquarters in Paris and local offices in Lagos, Nairobi, and Kampala, Koolboks blends European engineering with local market presence in Africa. More than 10,000 Koolboks units have been deployed in about 25 countries, with Nigeria currently the company’s largest market. 

Funding to Scale Solar-powered Refrigerators across Africa

KawiSafi Ventures led the round, with Aruwa Capital and All On as co-lead investors. Both had previously supported Koolboks in its 2022 seed round. FFEM and Bpifrance provided debt financing.

Koolboks also secured grants from various development entities, including FFEM/AFD, PREO (supported by UK Aid and IKEA Foundation), Efficiency for Access, Innovate UK, BGFA Uganda, CEI Africa, and Shell Foundation.

Koolbok’s new capital will support the establishment of a local assembly plant in Nigeria within the next 12 to 18 months. The move is designed to reduce logistics costs and provide savings to end users.

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The climate tech startup also plans to expand operations in Nigeria, Côte d’Ivoire, Senegal, and other African markets, and to grow its operational team and after-sales support.

Koolbok’s new funding marks a significant step for Africa’s climate-tech ecosystem, signaling increased investor interest in clean energy and distributed infrastructure.

Main Image: Koolboks cofounders. Image Source: Empower Africa