The archive · Climate & Energy · Product decision · 2018-2026
Koolboks' PAYG solar-freezer bet: cold chain for off-grid Africa, $15.4M raised
Solar freezers sold on pay-as-you-go to vendors and clinics without reliable power; 10,000+ units deployed, an $11M Series A from climate investors.
Koolboks
What the business is
Koolboks makes solar-powered refrigerators and freezers with built-in batteries and IoT connectivity, sold through pay-as-you-go and BNPL financing to off-grid vendors, households and clinics across Africa, with local assembly in Nigeria.
Starting capital：About $15.4M total by 2026, including All On's $500,000 investment in 2022 and an $11M Series A led by KawiSafi Ventures with All On and Aruwa Capital co-leading
How it started
Koolboks was founded in Nigeria in 2018 by Ayoola Dominic and initially explored other markets before pivoting to solar-powered refrigeration for regions without stable electricity. Its units combine solar panels with lithium-ion batteries so freezers run 24/7, doubling as power hubs that charge phones and run LED lights. All On, the Shell-backed Nigerian impact investor, made an initial $500,000 investment in 2022 that supported the first deployments of Koolboks solar freezers in Nigeria.
What happened
Since 2021 Koolboks has deployed more than 10,000 units across Nigeria, Kenya and Uganda, selling through a pay-as-you-go model where customers pay a small deposit and settle the balance in weekly or monthly installments via mobile money. The company added IoT remote monitoring, opened its first local assembly plant in Nigeria, launched Koolbuy, a BNPL marketplace financing appliances from other brands, and runs Scrap4New, which refurbishes discarded freezers into solar-powered units.
How it ended up
In 2026 Koolboks closed an $11M Series A led by KawiSafi Ventures and co-led by All On and Aruwa Capital, bringing total funding to about $15.4M. The round funds expansion into markets such as Mozambique and Ghana within the next 12 to 18 months, deeper local manufacturing and the Koolbuy and Scrap4New initiatives.
Background
Koolboks is a Nigerian clean-cooling company that sells solar-powered refrigerators and freezers to markets where the electricity grid is unreliable or absent. Its units carry integrated lithium-ion batteries so they run around the clock and can also charge phones and power lights, making each freezer a small energy hub for vendors, households and clinics.
The business model is pay-as-you-go: customers make a modest initial payment and settle the balance in weekly or monthly installments through mobile money, bypassing traditional credit histories. Combined with IoT remote monitoring, the approach lets Koolboks serve customers who could never buy a freezer outright, and the company reports more than 10,000 units deployed across Nigeria, Kenya and Uganda since 2021.
In 2026 Koolboks closed an $11M Series A led by KawiSafi Ventures and co-led by All On and Aruwa Capital, bringing total funding to about $15.4M and extending a relationship that began with All On's $500,000 investment in 2022. The company operates its first local assembly plant in Nigeria and complementary initiatives: Koolbuy, a BNPL marketplace for cooling appliances, and Scrap4New, which refurbishes old freezers into solar units.
The bet is that reliable cooling is an economic tool, not a luxury: frozen-food vendors, market sellers and rural clinics using cold storage for medicines are the customers, and the financing model is what makes the hardware affordable. The Series A is earmarked for entering markets such as Mozambique and Ghana and scaling local production, positioning Koolboks within the broader off-grid solar and clean-cooking energy-access wave in Africa.
What has to be true
- PAYG financing converts a high upfront cost into income-linked installments, letting vendors and clinics adopt solar freezers without bank credit or collateral.
- The hardware is a productive asset: protecting fish, food and medicines directly raises vendor income and clinic reliability, which drives repayment and repeat demand.
- IoT monitoring turns distribution into a managed service, cutting default risk and improving maintenance in remote areas.
- Impact investors with Nigeria-specific mandates, All On and Aruwa, plus climate-focused KawiSafi, signal a funding path other off-grid hardware startups can follow.
What can be applied
Infrastructure gaps are addressable when unit economics work for the end user: PAYG financing plus IoT monitoring can sell hardware into markets with no credit history and no reliable grid.
Aftermath
As of 2026-09-05 Koolboks is using its $11M Series A to expand from Nigeria, Kenya and Uganda into Mozambique and Ghana, deepen its local assembly in Nigeria and scale the Koolbuy and Scrap4New programs. The company reports more than 10,000 units deployed and over 10,000 people reached across 25 countries. Open risks are typical of pay-as-you-go hardware: collection rates in weak economies, unit economics at scale, and competition from cheaper grid alternatives as electrification improves.
Sources
- Koolboks Secures $11M Series A for Off-Grid Refrigeration
- All On backs Koolboks in $11m deal to drive clean cooling
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