Koolboks, a Nigeria- and France-based cleantech startup that develops solar-powered freezers, has raised $11 million in Series A funding to scale its operations across Africa and set up its first local assembly plant in Nigeria.

The round was co-led by KawiSafi Ventures, Aruwa Capital, and All On, with additional debt financing from FFEM and bpifrance. Other backers included UNDP, UNESCO, Meta, Google, and Microsoft. The raise brings the company’s total funding to $15.4 million, according to Crunchbase.

Founded in 2018 by Ayoola Dominic and Deborah Gaël, Koolboks is tackling one of Africa’s toughest challenges: reliable and affordable cooling. In markets such as Nigeria, Côte d’Ivoire, and Senegal, where power outages threaten food security and healthcare, Koolboks’ solar freezers provide an alternative to diesel-powered cooling.

“Every day, small business owners—especially women—are forced to throw away food or spend heavily on diesel,” said Dominic, co-founder and CEO. “This funding allows us to expand, build locally, and put more control back in their hands.”

So far, Koolboks has deployed over 10,000 solar-powered freezers in 25 countries, with Nigeria as its biggest market. Customers can either buy units outright or through pay-as-you-go (PAYGO) financing. The company also operates Koolbuy, a buy-now-pay-later (BNPL) platform, and Scrap4New, a trade-in program that refurbishes old or broken freezers into solar units for resale.

The new funding will support the establishment of a Nigerian assembly plant within the next 12–18 months, which is expected to lower logistics and import costs. Koolboks estimates that locally assembling units could cut end-user prices by 15–20%, improving access for more small businesses.

Koolboks is also leveraging IoT technology. It’s connected freezers track temperature, usage, and payments, helping customers manage better while generating recurring revenue through data services.

“This is not only about technology,” said co-founder Gaël. “It’s about creating economic opportunities for families and communities who have been underserved for too long.”

The company faces competition from local players like ColdHubs and international brands such as EcoCooling, but its blend of hardware, financing, IoT monitoring, and recycling programs sets it apart.

Investors see Koolboks at the intersection of climate resilience, financial inclusion, and last-mile distribution in Africa’s $271.9 billion cooling industry. With millions still lacking reliable access to refrigeration, Koolboks’ model could play a crucial role in reducing food waste, supporting small businesses, and improving healthcare delivery.