Koolboks Raises $2.5M For Solar-Powered Fridge And Freezer Services Across Africa
Black-owned renewable energy platform, Koolboks, announced the close of its $2.5 million seed funding round.
The funding round, led by Nigeria-based growth equity fund Aruwa Capital Management, also included participation from Acumen, Blue Earth Capital, All On, GSMA, and other investors.
Koolboks, founded in 2018 by Ayoola Dominic and Deborah Gael, has provided a solution to Africa’s inconsistent and erratic power supply. The company has designed generated refrigerators without power to offer accessible cold storage solutions to businesses and citizens across Africa.
The company also offers 24-hour refrigeration sourced from the energy of the sun. Koolbok’s products can function as refrigerators and freezers, depending on the user’s preference.
“Koolboks wanted to change the way the world experiences cooling. Despite some success, it didn’t take us too long to figure out that our technology could be more impactful with the people that need it the most,” said Dominic, co-founder, and CEO, of Koolboks.
“These people find it difficult to feed their families because 40% of their food gets spoilt even before getting to the market. Some labor day and night to put their savings together to buy food stocks only for them to throw it away the next day due to lack of refrigeration.”
The additional funding will expand Koolboks’ services across Nigeria, including developing their teams to support their clients. Additionally, the funds will help the platforms expand into new markets.