Koolboks has secured a private credit facility from TLG Capital to buy inventory and expand distribution of its solar-powered freezers across Africa. The financing gives Koolboks working capital to stock freezers that it sells to traders and small businesses on installment plans.
Cascador, a Nigerian program for growth-stage businesses, provided a guarantee in partnership with Morgan Stanley. The size of the Koolboks facility was undisclosed. It marks the second deal involving the three partners, following a $3 million loan to Lagos-based vehicle leasing company Drive45 in September.
Koolboks lets customers use its freezers while paying for them in installments through a lease-to-own plan. The units use solar panels and store cooling in ice, allowing traders to keep food and drinks cold after sunset or during power cuts. The new facility will also help Koolboks expand its partnerships with retailers and appliance suppliers.
“We have serious ambitions to address cold-chain infrastructure across Africa, and this facility gives us the capital and support to chase them,” Koolboks Chief Executive Officer Ayoola Dominic said in the deal announcement.
Dominic and Deborah Gaël founded Koolboks in Paris in 2018. The company assembles its freezers in Lagos, operates in Nigeria, Kenya and Uganda, and has sold more than 15,000 units, according to the announcement. The facility follows the company’s $11 million Series A financing led by KawiSafi Ventures in 2025.
TLG Capital said the deal brought its commitments across 16 Nigerian small and medium-sized businesses to $65 million over the past two years.
