Koolboks, the solar freezer company that assembles its products in Lagos, has a new credit facility from TLG Capital, an investor focused on sub-Saharan Africa. The deal was announced by TLG through AVCA, the African private capital association, and reported by Nairametrics and Business Tech Africa on 5 November. The size of the facility was not disclosed.
The facility pairs TLG's private credit with a guarantee from Cascador, a platform that backs growth-stage Nigerian founders, delivered in partnership with Morgan Stanley. Koolboks will use it as working capital to buy inventory and to grow its retail and appliance distribution partnerships.
What Koolboks sells
Founded in Paris in 2018 by Ayoola Dominic and Deborah Gaël, Koolboks sells freezers that combine solar panels with a patented ice-battery that keeps them cold when the sun is down, paid for in instalments on a lease-to-own, pay-as-you-go model. Its customers are traders and small businesses that would otherwise keep goods cold with diesel generators or bought ice. It also runs Koolbuy, which sells household appliances from established brands on the same instalment terms.
According to the announcement, Koolboks has sold more than 15,000 units, employs about 400 people across Nigeria, Kenya and Uganda, and has shipped to more than 25 markets. In September 2025 it raised an $11 million Series A led by KawiSafi Ventures, with All On and Aruwa Capital, to expand and build local assembly in Nigeria, Business Tech Africa notes.
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This is the second deal the three partners have done together in two months. In September, TLG financed Drive45, a Nigerian mobility company, with what Business Tech Africa reports was a $3 million facility under the same structure. TLG says it will keep working with Koolboks on governance, ESG monitoring and operations.
Isha Doshi, co-founder and partner at TLG Capital, said demand for Koolboks' cold-chain products across African markets drove the investment. Ayoola Dominic, Koolboks' chief executive, said the facility will support the company's plans to build cold-chain capacity across the continent.
