All On, an impact investment company focused on accelerating energy access in Nigeria, has announced a follow-on investment in Koolboks’ $11 million Series A funding round, reinforcing its commitment to affordable and sustainable cooling solutions for underserved communities.
The round, led by KawiSafi Ventures and co-led by All On and Aruwa Capital, will support Koolboks in scaling its solar-powered, IoT-enabled refrigeration systems across emerging markets.
The investment builds on All On’s initial $500,000 financing in 2022, which enabled the deployment of Koolboks’ solar freezers in Nigeria.
All On’s continued backing has already been instrumental in setting up Koolboks’ first local assembly plant in Nigeria, expected to create jobs, cut costs for end users, and strengthen domestic manufacturing capacity.
“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,” said All On CEO, Caroline Eboumbou.
Koolboks’ Co-Founder & CEO, Ayoola Dominic, noted that All On’s early support was crucial to the company’s growth.
“This Series A round allows us to deepen our impact and build locally,” he said.
Koolboks’ solar-powered freezers, offered through a Pay-As-You-Go (PAYGO) model, have already reached over 10,000 users in 25 countries, including rural clinics, frozen food vendors, and market women.
The company also runs Koolbuy, a Buy Now, Pay Later (BNPL) platform, and Scrap4New, a program that refurbishes discarded freezers into solar-powered units, reducing e-waste.
The fresh funds will drive further expansion across Africa, enhance product accessibility, and promote sustainable energy solutions in line with Nigeria’s off-grid energy goals.