Friday
August 19
2022

Koolboks Closes $2.5 Million Seed Round to Scale Solar Refrigeration Across Africa

By Justice Okamgba

Koolboks, the sustainable cooling company providing accessible cold storage solutions to businesses across Africa, has closed a $2.5M Seed funding round, led by Aruwa Capital Management and with participation from AcumenBlue Earth CapitalAll OnGSMA and other investors. This brings the company’s total investment to-date to $3.5M.

Koolboks will deploy the capital to scale its expansion across Nigeria, including building its team to support its growing B2C business and construction of a local assembly facility in the country. The company also opened an affiliate office in Kenya in July, 2022.

Founded in 2018 in France, Koolboks, combines Africa’s abundant supply of the sun with water to create a solution that is able to generate refrigeration for up to four days in the absence of power and sunlight.

Photo courtesy of C.C. Chapman.

Source: TechEconomyNG (link opens in a new window)

Categories
Energy
Tags
clean energy, energy access, investing, scale, solar