Firm backs $11m investment to boost clean cooling
All On, an investment company accelerating energy access in Nigeria, has announced its follow-on investment in Koolboks’ $11 million Series A financing round. The investment reinforced its commitment to affordable, sustainable cooling solutions for underserved communities. According to a statement, this round, led by KawiSafi Ventures and co-led by All On and Aruwa Capital, will […]
All On, an investment company accelerating energy access in Nigeria, has announced its follow-on investment in Koolboks’ $11 million Series A financing round.
The investment reinforced its commitment to affordable, sustainable cooling solutions for underserved communities.
According to a statement, this round, led by KawiSafi Ventures and co-led by All On and Aruwa Capital, will enable Koolboks to scale its solar-powered, IoT-enabled refrigeration systems across emerging markets.
It added that the investment builds on All On’s initial $500,000 financing in 2022, which supported the deployment of Koolboks’ solar freezers in Nigeria.
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“All On’s continued support has been instrumental in establishing Koolboks’ first local assembly plant in Nigeria, a move that is expected to create jobs, reduce costs for end users, and strengthen local manufacturing capacity.
“This aligns with All On’s mission to catalyze the growth of Nigeria’s off-grid energy market and promote productive-use energy solutions that empower small businesses and households,” the statement reads.
All On’s CEO, Caroline Eboumbou stressed that the firm’s continued investment reflects its confidence in Koolboks’ mission and its transformative impact across Nigeria and beyond.
“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,” she said.
Koolboks Co-Founder & CEO Ayoola Dominic acknowledged All On’s early support, describing it as pivotal in scale operations and reaching communities that need us most.
He said that this Series A round will help to deepen their impact and build locally.
“Koolboks’ innovative Pay-As-You-Go (PAYGO) model and IoT-enabled solar freezers has already impacted over 10,000 users in 25 countries, including market women, frozen food vendors, and rural clinics. These solutions provide reliable cold storage without reliance on diesel or unstable grid electricity, critical for economic resilience and food security,” he said.