All On, a leading impact investment company dedicated to accelerating energy access in Nigeria, has announced a follow-on investment in Koolboks’ $11 million Series A financing round. This latest commitment underscores All On’s sustained support for affordable, sustainable cooling solutions tailored to underserved communities across Nigeria and other emerging markets.
The Series A round is led by KawiSafi Ventures and co-led by All On alongside Aruwa Capital, marking a significant milestone in scaling Koolboks’ cutting-edge solar-powered, Internet of Things (IoT)-enabled refrigeration systems.
Recall that All On initially invested $500,000 in Koolboks in 2022, which facilitated the deployment of solar freezers in Nigeria.
The company said that this follow-up funding will expand the reach and impact of these innovative cooling technologies to more users in Nigeria and beyond.
A key focus of this investment is the consolidation of Koolboks’ local assembly plant in Nigeria, a strategic move projected to spur job creation, lower production and logistics costs, and strengthen domestic manufacturing. This development is well-aligned with All On’s broader mission to catalyse growth in Nigeria’s off-grid energy market and champion productive-use energy solutions that empower small businesses and households to improve their livelihoods.
Koolboks stands out for its innovative Pay-As-You-Go (PAYGO) business model that allows customers—ranging from market women and frozen food vendors to rural health clinics—to access reliable cold storage by making affordable weekly or monthly installment payments. Its solar freezers are designed to operate for several days without sunlight, making them especially suitable for regions with erratic or no electricity supply. To date, Koolboks has impacted over 10,000 users across 25 countries.
The CEO of All On, Caroline Eboumbou, emphasised the transformative potential of Koolboks’ climate-tech innovations. “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 tackle energy poverty but also unlock income opportunities, especially for women and small businesses. Our continued investment reflects our confidence in Koolboks’ mission and its capacity to transform communities across Nigeria and beyond,” she said.
Also speaking, Koolboks co-founder and CEO, Ayoola Dominic, highlighted the significance of the partnership with All On. “All On’s early support was pivotal in helping us scale our operations and reach the communities that need us most. This Series A round enables us to deepen our impact further and grow our local presence, building a sustainable business that addresses critical energy and food preservation challenges,” Dominic said.
The investment manager at All On, Oluseye Bassir, also noted the alignment between Koolboks’ scalable business model and All On’s vision. “Koolboks has demonstrated strong execution and measurable impact since our initial investment. Their local assembly strategy and inclusive financing approach make them ideal partners in driving sustainable energy access. We are excited to support their next growth phase and deepen our collaboration to bring clean cooling solutions to underserved communities,” he added.
Beyond expanding production capacity, the new funds will also fuel Koolboks’ Koolbuy platform, which offers cooling products on Buy Now, Pay Later (BNPL) terms to reduce upfront costs for customers. Additionally, the investment will support the Scrap4New program, an innovative initiative to refurbish discarded freezers into solar-powered units, thereby extending product life cycles and addressing environmental concerns related to electronic waste.
All On was seeded by Shell to bridge Nigeria’s energy gap by advancing renewable energy solutions that improve access for low-income households and small businesses. By providing both financial and non-financial support to energy companies aligned with this mission, All On plays a vital role in nurturing Nigeria’s off-grid energy market.
Koolboks, meanwhile, is a climate-tech company that focuses on delivering solar-powered refrigeration solutions tailored for energy-deficient regions, primarily across Africa. Its IoT-enabled freezers and chillers offer cold storage that is critical for food security, healthcare, and small-scale entrepreneurship.
