Paris-Based Koolboks Closes $2.5M Seed Round To Scale Solar Refrigeration Across Africa
08/18/22, 9:03 AM
Location
nigeriaMoney raised
$2.5 million
Industry
energy
Round Type
seed
The power grid supply in Africa is erratic and inconsistent, affecting rural and urban households and businesses. For restaurants or neighborhood stores dealing with perishables, frozen foods and beverages, having intermittent electricity inhibits the growth of their businesses. Some of them turn to diesel-fueled generators, which are expensive and toxic, to provide electricity.
Company Info
Location
nigeria
Additional Info
The sustainable cooling company, which offers accessible cold storage solutions to businesses across Africa, has raised $2.5 million in seed funding. But in 2020, the France-based and Africa-focused startup pivoted to a new market: business owners in off-grid locations in Africa and emerging markets, starting with Nigeria. The Paris- and Lagos-based company employs a pay-as-you-go model that enables these individuals and small businesses, such as fish dealers, to pay $10 to $20 monthly to own one of its 110–1,000 liter-sized off-grid solar refrigerators. Then the exciting fact is we integrated into this solution, a pay-as-you-go technology, which enables individuals to pay in small monthly, weekly or daily installments for their refrigerators.”A Koolboks RefrigeratorThe four-year-old company currently sells across 18 countries, said the chief executive. However, the company has a physical presence in just Nigeria and Kenya; the latter was opened as an affiliate office last month.