This Paris- and Lagos-based startup is providing a solution to Africa’s refrigerating challenges

Over time, Nigeria's access to electricity has gotten worse. Because of its policies, rules, and operational management, the nation has struggled to meet demand. Its failure to deliver sufficient and reliable energy, particularly its effects on the economy, is widely documented.

Heavy reliance on self-generated power from gasoline and diesel generators has been observed in its commercial and industrial sectors. Nigeria's inability to consistently supply power is a barrier to its economy's expansion. Due to the erratic nature of the oil and gas industry, the nation must diversify its economy.

By developing a method for producing refrigeration without power, businesses like Koolboks are providing a viable option to refrigeration in Africa. The sustainable cooling startup has acquired $2.5 million in seed capital. 

With participation from Acumen, Blue Earth Capital, All On, GSMA, and other investors, the round was led by the Nigerian growth equity fund Aruwa Capital Management.

Since its founding in 2018 by Ayoola Dominic and Deborah Gael, the company has raised a total of $3.5 million. 

Initially, Koolboks' offering was simply an outdoor refrigerator for European campers.  However, the France-based startup with an African focus focused its efforts in 2020 Koolboks aimed to alter how cooling is perceived throughout the world. In the beginning, it had been the European camping scene. After recording some successes, the startup was quick to realize that its technology might have a greater impact on those who needed it the most, according to Dominic, the startup's co-founder and CEO.

The electrical grid supply in Africa is unpredictable and unreliable, affecting homes and businesses altogether. Irregular electricity hinders the expansion of local businesses that sell perishables, frozen goods, and beverages, such as restaurants and grocery stores. Some of them use expensive and hazardous diesel generators to supply electricity.to business owners in off-grid regions of Africa and developing markets, beginning with Nigeria.

“These people find it difficult to feed their families because 40% of their food gets spoilt even before getting to the market. Some labor day and night to put their savings together to buy food stocks only for them to throw it away the next day due to lack of refrigeration,” Dominic told TechCrunch.

Koolboks will use the funds to establish a staff to support its expanding B2C company and build a local assembling factory as part of its expansion across Nigeria. Additionally, it will aid in the business' scaling up and development into other areas. The company has approximately 3,000 unique consumers across all geographies. Dominic states that in the first two months of this year, Koolboks completed every transaction that was recorded in 2021.

Dominic claims that Koolboks freezers use the solar power to power the refrigerators for up to four days even with poor electricity supply. A standard Koolboks unit has two LED light bulbs and USB ports for charging smartphones, so it may be used as a refrigerator, freezer, or charging point.

The company uses a pay-as-you-go business model that allows individuals and businesses, like fish vendors, to buy one of its 110- to 1,000-liter off-grid solar refrigerators for $10 to $20 each month. They pay using their mobile devices or a nearby POS agent; they receive tokens inserted as codes into the refrigerator, which they then utilize for a set amount of time.