Using a patentable technology based on sun and water, Koolboks, a cleantech startup based in France with a growing footprint in Nigeria and sub-Saharan Africa, has created an affordable solution that is able to generate continuous cooling in the absence of power and sunlight. To further make the technology affordable, Koolboks has adopted the lease-to-own business model that enables customers to enjoy full access to their Koolhome units while they pay in small instalments. This model works with a Pay-As-You-Go (PAYG) technology that is enabled by mobile money and GSM-based machine-to-machine connectivity to remotely control and monitor the refrigerators usage, billing, and performance. Koolboks’ mission is to make refrigeration affordable and accessible to all.
Market Opportunity/ Problem
The average fish trader in Nigeria loses 30% of their product daily due to a lack of affordable, reliable refrigeration. Because the grid is unreliable, traders supplement with diesel generators, which are expensive and harmful to the environment. Solar refrigeration could be a potential solution. However, the up-front costs are prohibitive. Loans could help purchase these assets, but fish traders have no collateral and therefore are ineligible for most loans. Koolboks has adopted a lease-to-own business model that enables customers enjoy full access to affordable off grid refrigerator units while paying in small instalments. This model works using Pay-As-You-Go technology.
Years of operation
Type of organization
Stage of the business
Early stage/ Startup
Enabling (Cold storage)
Agriculture value chain(s) focus?
Primary country of operation
Other country(ies) of operation
How many employees does your business have?
Does the business have more than 30% women ownership?
Does the business have more than 30% youth ownership (under 35 years)?
Financing and expansion overview
How much capital is the company currently fundraising (US$)?
What is the split between equity and debt?
$1.75M in Equity and $3.0M in Debt