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All On, the impact investment company driving energy access in Nigeria, has reinforced its commitment to sustainable and affordable cooling solutions by participating in Koolboks’ $11 million Series A financing round.
The round was led by KawiSafi Ventures, with All On and Aruwa Capital as co-leads, and will support the expansion of Koolboks’ solar-powered, IoT-enabled refrigeration systems across emerging markets. This latest investment builds on All On’s initial $500,000 commitment in 2022, which enabled the rollout of Koolboks’ solar freezers in Nigeria.
All On’s sustained support has also been critical to establishing Koolboks’ first local assembly plant in Nigeria an initiative expected to create jobs, cut costs for end-users, and boost local manufacturing capacity. The move aligns with All On’s mission to accelerate Nigeria’s off-grid energy sector and foster productive-use solutions that empower households and small businesses.
Koolboks’ Pay-As-You-Go (PAYGO) model and IoT-enabled freezers are already transforming livelihoods for more than 10,000 users across 25 countries—including women traders, frozen food vendors, and rural health clinics by providing reliable cold storage independent of diesel or erratic grid power.
“All On is committed to backing innovations that expand energy access while strengthening economic resilience,” said Caroline Eboumbou, CEO of All On. “Koolboks is a prime example, offering solutions that not only address energy poverty but also unlock income opportunities for women and small enterprises. Our continued investment reflects confidence in their mission and their growing impact across Nigeria and beyond.”
Koolboks Co-Founder & CEO, Ayoola Dominic, added: “All On’s early support was pivotal in helping us scale and reach underserved communities. This Series A round will enable us to deepen our impact and expand local production.”
Echoing this, All On’s Investment Manager, Oluseye Bassir, noted: “Koolboks has demonstrated strong execution and measurable impact since our first investment.
Their scalable model, local assembly strategy, and inclusive financing approach fit squarely with our vision for sustainable energy access.” Beyond refrigeration, the funds will also back Koolboks’ Koolbuy platform offering cooling solutions on Buy Now, Pay Later (BNPL) terms and its Scrap4New program, which refurbishes discarded freezers into solar-powered units, extending lifecycles and reducing e-waste.
