Funding Acquired by Koolboks in Paris for Solar-Powered Cold Storage Infrastructure in Africa Totals $11 Million
Koolboks, a Paris-based company specialising in solar-powered refrigeration solutions, has secured $11 million in funding to support its expansion across Africa. This significant investment marks a milestone for Africa's climate-tech ecosystem, signalling increased interest from investors in clean energy and distributed infrastructure.
The funding round was co-led by KawiSafi Ventures, Aruwa Capital, and All On, with participation from investors such as AHL Venture Partners, Novastar Ventures, and Delta Partners. The French Facility for Global Environment (FFEM) and Bpifrance provided the debt financing.
Koolboks' innovative technology designs and manufactures solar-powered refrigerators that operate off-grid, using a thermal ice-battery system. These refrigerators support food vendors, farmers, and healthcare clinics, helping to reduce food spoilage, improve vaccine storage, and cut reliance on diesel generators.
In regions like Nigeria, Côte d'Ivoire, and Senegal, access to dependable cooling can significantly impact outcomes such as preserving produce, maintaining vaccines, and reducing food spoilage. To date, more than 10,000 Koolboks units have been deployed in about 25 countries, with Nigeria currently being the company's largest market.
To make its units more accessible to small businesses, clinics, and farmers in areas with unreliable electricity, Koolboks has introduced Koolbuy, a Buy Now Pay Later (BNPL) platform offering solar-freezers on flexible payment terms.
As part of its growth strategy, Koolboks aims to expand operations in Nigeria, Côte d'Ivoire, Senegal, and other African markets, and grow its operational team and after-sales support. The company also plans to establish a local assembly plant in Nigeria within the next 12 to 18 months to reduce logistics costs and provide savings to end users.
With this new funding, Koolboks will focus on expanding its cooling-as-a-service model across Africa and establishing its inaugural assembly facility in Nigeria. This move is expected to further strengthen Koolboks' presence in Africa, contributing to the continent's sustainable development and climate-tech growth.
Image Credit: Empower Africa (main image of Koolboks' cofounders)
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