Aruwa Capital Management (Aruwa), an early-stage growth equity and gender lens fund investing in Nigeria and Ghana has invested in Koolboks, a technology-enabled renewable energy refrigeration company that provides cost-effective cooling to business owners, particularly women, in off-grid areas in Nigeria and globally.
The Company makes eco-friendly refrigeration affordable and accessible to everyone.
Established in 2018, the Company’s founders created a product to provide affordable and energy efficient refrigerators to customers. This solution is critical for the African continent where refrigeration penetration rate is currently only at 17 per cent and 770 million people are without access to electricity. In Africa, there are significant amounts of spoilage, particularly in the food and pharmaceutical industries, due to the grid instability and lack of power.
Koolboks has created a refrigerator that can store energy for up to four days in the absence of power from the grid or generators, through its proprietary ice-battery design and technology.
