Koolboks, a sustainable cooling startup, has just completed a $2.5 million Seed funding round to make its affordable cold storage solutions available to businesses across Africa.
Aruwa Capital Management served as the round’s lead investor. Other investors included Acumen, Blue Earth Capital, All On, GSMA, and others.
The Koolboks founders developed a device to provide clients with inexpensive, energy-efficient freezers, and the company was founded in 2018.
By utilizing its patented ice-battery design and technology, SMEs in off-grid locations can increase their revenue and profits while minimizing the loss of food and vaccines in underserved off-grid regions.
Additionally, Koolboks offers innovative financing to its end users through a lease-to-own model, allowing its customers to pay on a monthly basis in Nigeria, making the product more affordable for the SMEs being served in the weak grid and off-grid areas. Koolboks’ pay-as-you-go (PAYGO) and remote monitoring IoT system also enable Koolboks to offer its end users remote monitoring services. The company distributes directly to last-mile distributors of solar systems and appliances outside of Nigeria.
“We are pleased to be closely aligned with Aruwa in terms of their gender lens investment approach,” said Ayoola Dominic, CEO, and co-founder of Koolboks. We are able to help SMEs in the informal sector to reduce their cost burden and increase their revenue potential, which subsequently raises their standard of life by developing a product for micro SMEs often owned by women and making it inexpensive.
The latest capital takes the company’s total investment to date to $3.5M.
Over the next few years, the business intends to scale globally and enter the next phase of growth with the new funding.
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