By Seun Ibiyemi
All On, an impact investment company dedicated to expanding energy access in Nigeria, has reaffirmed its support for clean energy innovation with a follow-on investment in Koolboks’ $11 million Series A funding round.
The round was led by KawiSafi Ventures, with All On and Aruwa Capital co-leading. The fresh capital will help Koolboks scale its solar-powered, IoT-enabled refrigeration systems across emerging markets, improving access to affordable and sustainable cooling solutions.
This investment builds on All On’s initial $500,000 funding in 2022, which supported the deployment of Koolboks’ solar freezers in Nigeria. Since then, the company has opened its first local assembly plant, a milestone expected to create jobs, reduce end-user costs, and strengthen domestic manufacturing capacity.
“All On believes that access to reliable energy is foundational to economic empowerment and climate resilience,” said All On CEO, Caroline Eboumbou. “Koolboks exemplifies the kind of innovation we are proud to support—solutions that address energy poverty while unlocking income opportunities for women and small businesses.”
Koolboks’ Co-Founder and CEO, Ayoola Dominic, acknowledged All On’s early role in the company’s success. “That first round of support was crucial to our growth. This Series A allows us to deepen our impact and build more locally,” he said.
Koolboks’ solar-powered freezers—distributed through a Pay-As-You-Go (PAYGO) model—are already serving over 10,000 users in 25 countries, from rural health clinics to market women and frozen food vendors. The company also operates Koolbuy, a Buy Now, Pay Later (BNPL) platform, and Scrap4New, a recycling initiative that transforms discarded freezers into solar-powered units, helping to cut e-waste.
With the new funding, Koolboks plans to expand further across Africa, increase product accessibility, and contribute to Nigeria’s off-grid energy goals while promoting climate-friendly solutions.