- All On, backed by Shell, has invested in Koolboks’ $11m Series A round to scale its solar refrigeration solutions and expand local assembly in Nigeria.
- The move strengthens food security, healthcare, and small business resilience while advancing affordable, sustainable energy access.
All On, the Shell-backed impact investment company dedicated to expanding energy access in Nigeria, has reaffirmed its commitment to affordable and sustainable energy by investing further in Koolboks, a solar refrigeration startup.
The investment formed part of Koolboks’ recently concluded $11 million Series A funding round, led by KawiSafi Ventures, All On and Aruwa Capital as co-leads. The funding will enable Koolboks to scale its solar-powered, IoT-enabled refrigeration systems across Nigeria and other emerging markets.
All On first invested $500,000 in Koolboks in 2022, facilitating the deployment of solar freezers in underserved communities. The company’s renewed backing underscores its long-term strategy of supporting inclusive energy solutions that empower households and small businesses while addressing climate and energy challenges.
A key outcome of All On’s support has been establishing Koolboks’ first local assembly plant in Nigeria. The facility will create jobs, lower product costs for end users, and strengthen local manufacturing capacity, advancing All On’s broader mission to grow the off-grid energy sector while fostering innovations that improve livelihoods.
Since its inception, Koolboks has reached more than 10,000 users across 25 countries. Its Pay-As-You-Go (PAYGO) solar freezers provide reliable cold storage for market women, frozen food vendors, and rural health clinics, reducing dependence on diesel and unstable grid electricity. These solutions enhance food security, economic resilience, and healthcare delivery.
“All On believes that access to reliable energy is foundational to economic empowerment and climate resilience,” said Caroline Eboumbou, CEO of All On. “Koolboks exemplifies the type of innovation we are proud to support, solutions that tackle energy poverty while creating income opportunities for women and small businesses. Our follow-on investment demonstrates confidence in their mission and the transformative impact they deliver in Nigeria and beyond.”
In addition, Koolboks Co-Founder and CEO, Ayoola Dominic, welcomed the renewed partnership, noting that All On’s early investment was pivotal in scaling operations and expanding access. “This Series A funding round will allow us to deepen our impact and strengthen local production through our assembly plant in Nigeria,” he said.
All On Investment Manager, Oluseye Bassir, commended Koolboks’ execution and growth trajectory. “Since our initial investment, Koolboks has demonstrated measurable impact through its scalable model, local assembly strategy, and inclusive financing approach. These align perfectly with All On’s vision of driving sustainable energy access. We are excited to support their next growth phase and expand clean cooling solutions across underserved communities,” he said.
Beyond scaling production, the new funding will strengthen Koolboks’ digital financing platform, Koolbuy, which offers cooling products through flexible Buy Now, Pay Later (BNPL) terms. The company will also expand its Scrap4New program, refurbishing discarded freezers into solar-powered units, extending product lifecycles, reducing electronic waste, and broadening access for low-income households.
With energy poverty persisting across Africa, innovators like Koolboks are becoming increasingly critical. The company supports food preservation and small business viability by providing reliable, clean cooling and strengthening rural healthcare delivery.
Through this follow-on investment, All On is positioning Koolboks as a leader in clean cooling. The collaboration reflects a shared commitment to advancing economic inclusion, environmental sustainability, and energy access in Nigeria and beyond.