All On, an impact investment company backed by Shell, has deepened its support for clean energy solutions with a follow-on investment in Koolboks’ $11 million Series A financing round.
The round, led by KawiSafi Ventures and co-led by All On and Aruwa Capital, will enable Koolboks to expand its solar-powered, IoT-enabled refrigeration systems across emerging markets. The new investment builds on All On’s initial $500,000 financing in 2022, which supported the rollout of Koolboks’ solar freezers in Nigeria.
With All On’s continued support, Koolboks has established its first local assembly plant in Nigeria, a move expected to cut costs for consumers, create new jobs, and strengthen local manufacturing. This aligns with All On’s mission to expand access to off-grid energy solutions that empower small businesses and households.
Koolboks’ solar freezers, offered under a Pay-As-You-Go (PAYGO) model, are already transforming livelihoods for more than 10,000 users in 25 countries—including market women, frozen food vendors, and rural health clinics. The systems provide reliable cold storage without dependence on diesel generators or unreliable grid power, helping to boost food security and economic resilience.
“All On believes access to reliable energy is foundational to economic empowerment and climate resilience,” said Caroline Eboumbou, CEO of All On. “Koolboks exemplifies the kind of innovation we are proud to support—solutions that address energy poverty while creating income opportunities for women and small businesses.”
Koolboks’ Co-Founder and CEO, Ayoola Dominic, credited All On’s early support with helping the company scale. “This Series A round allows us to deepen our impact and build locally,” he said.
Oluseye Bassir, Investment Manager at All On, added: “Koolboks has demonstrated strong execution and measurable impact since our first investment. Their scalable model and inclusive financing approach align perfectly with our vision for sustainable energy access.”
With this financing, Koolboks is expected to accelerate the availability of affordable, climate-friendly cooling solutions, further positioning Nigeria as a hub for clean energy innovation in Africa.
