Nigerian Startup Koolboks Closes USD 2.5 Mn Seed Round

Koolboks, a sustainable cooling company, which offers accessible cold storage solutions to businesses across Africa, has raised USD 2.5 Mn in seed funding. Nigeria-based growth equity fund Aruwa Capital Management led the round with participation from Acumen, Blue Earth Capital, All On, GSMA, and other investors.

Koolboks is a technology-enabled renewable energy refrigeration firm that offers cost-effective cooling services to business owners in off-grid locations in Nigeria and around the world. The startup uses pay-as-you-go solar freezers to provide cold storage for perishables and beverages to productive-use clients like fish dealers and neighborhood stores in urban, peri-urban, and rural locations with limited grid access and high cooling expenses.