All On, an impact investment company focused on accelerating energy access in Nigeria, has reinforced its commitment to affordable and sustainable cooling solutions for underserved communities with a follow-on investment in Koolboks’ $11 million Series A financing round.
The funding round, led by KawiSafi Ventures and co-led by All On and Aruwa Capital, is set to enable Koolboks to expand its solar-powered, IoT-enabled refrigeration systems across emerging markets. The deal builds on All On’s initial $500,000 investment in 2022, which supported the deployment of Koolboks’ solar freezers in Nigeria.
Scaling clean cooling solutions
All On’s continued backing has been instrumental in establishing Koolboks’ first local assembly plant in Nigeria. The plant is expected to create new jobs, lower costs for consumers, and strengthen local manufacturing capacity, a move in line with All On’s mission to grow the country’s off-grid energy market and promote productive-use energy solutions.
Koolboks’ solar freezers are already transforming cold storage access across underserved communities. Through an innovative Pay-As-You-Go (PAYGO) model, users can make incremental payments while enjoying reliable refrigeration. Integrated IoT technology allows remote monitoring and management of units, improving customer service and operational efficiency.
To date, more than 10,000 people across 25 countries have benefited from Koolboks’ solutions, including small business owners, frozen food vendors, market women, and rural clinics that depend on stable cold storage for medicines and vaccines. By replacing diesel generators and unreliable grid electricity with solar-powered alternatives, the company is addressing both food security and economic resilience.
Investor confidence
Commenting on the follow-on investment, Caroline Eboumbou, All On’s chief executive officer, said the decision underscores the company’s confidence in Koolboks’ mission and impact.
“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,” Eboumbou said. “Our continued investment reflects our confidence in Koolboks’ mission and its transformative impact across Nigeria and beyond.”
Ayoola Dominic, Koolboks’ co-founder and CEO, expressed appreciation for All On’s early support, describing it as pivotal to the company’s progress.
“All On’s early support was pivotal in helping us scale operations and reach communities that need us most,” Dominic said. “This Series A round allows us to deepen our impact and build locally, furthering our vision to make sustainable cooling accessible and affordable for everyone.”
For Oluseye Bassir, investment manager at All On, Koolboks’ execution record and local-first strategy made the company a strong candidate for continued backing.
“Koolboks has demonstrated strong execution and measurable impact since our initial investment,” Bassir noted. “Their scalable model, local assembly strategy, and inclusive financing approach align perfectly with All On’s vision for sustainable energy access. We are excited to support their next phase of growth and deepen our collaboration in driving clean cooling solutions across underserved communities.”
Beyond Refrigeration: New Initiatives
The fresh capital will also support the expansion of Koolboks’ complementary initiatives, including the Koolbuy platform, which offers refrigeration and cooling products on Buy Now, Pay Later (BNPL) terms. This approach helps small businesses and low-income households acquire critical equipment without the burden of upfront costs.
Another initiative, Scrap4New, focuses on refurbishing discarded freezers into solar-powered units. The program not only extends the lifecycle of refrigeration products but also tackles e-waste, a growing environmental challenge across Africa.
Driving inclusive energy access
By blending affordability, sustainability, and innovation, Koolboks is positioning itself as a leader in clean cooling for off-grid and underserved communities. The company’s business model directly addresses energy poverty while creating opportunities for local entrepreneurs, food vendors, and healthcare providers.
For All On, the investment is more than financial. It represents a push to catalyse Nigeria’s off-grid market, promote renewable energy adoption, and ensure that productive-use technologies—such as refrigeration- empower both households and small businesses.
With the growing demand for reliable cooling in agriculture, food retail, and healthcare, stakeholders believe the partnership between Koolboks and its investors could significantly enhance access to sustainable refrigeration in Nigeria and across emerging markets.
