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Nigerian solar freezer maker Koolboks has received a credit facility from TLG Capital. The facility is backed by a guarantee from Cascador, which was arranged with Morgan Stanley. The size of the facility was not disclosed.
This is the second deal the partners have closed together, after TLG’s financing of Drive45 in September. With this facility, TLG has committed $65 million across 16 Nigerian SMEs over the past two years.
“TLG recognised what our product means for our customers, and found the right kind of financing to back it at the pace that we needed. We have serious ambitions to address cold-chain infrastructure across Africa, and this facility gives us the capital and support to chase them. The Cascador team has stood behind us since well before this transaction, and having them and Morgan Stanley guarantee this funding gives us a strong base to keep building from,” says Ayoola Dominic, CEO of Koolboks.
Founded in 2018 by Ayoola Dominic and Deborah Gaël, Koolboks sells solar-powered freezers to traders, small businesses and corporate customers. Many of them lose income because unreliable electricity makes it hard to keep food and drinks cold.
The freezers combine solar panels with patented ice-battery technology, so they keep cooling at night and during power cuts. Customers can also pay in small instalments through a lease-to-own plan. Koolboks assembles its products in Lagos.
According to the company, it has sold more than 15,000 units and employs around 400 people across Nigeria, Kenya and Uganda. Its products have been shipped to more than 25 markets.
Through its Koolbuy platform, Koolboks also offers household appliances from major brands on pay-as-you-go terms. Fast Company named it one of the Most Innovative Companies in EMEA in 2026.
Last year, the company raised $11 million in Series A funding to expand its cooling-as-a-service business across Africa and establish its first local assembly plant in Nigeria.
“Koolboks has built an incredibly innovative product that addresses critical challenges for individuals and SMEs. Its ability to scale in recent years is a testament to the ingenuity of its cold chain solution, and its ability to meet the demand across many African markets. Along the way they’ve assembled a fantastic set of partners who recognise that, and Cascador stands out among them: their partnerships run deep, and they keep showing up with the right structure to back businesses they believe in,” said Isha Doshi, Co-Founder and Partner at TLG Capital.
TLG Capital, a private credit firm operating across Sub-Saharan Africa, has made more than 50 investments and over 30 exits across more than 20 African countries since it was founded in 2012.
Its flagship fund, Africa Growth Impact Fund II, targets small and medium-sized enterprises and is anchored by the IFC, Norfund, Swedfund and Bpifrance.
“We’ve partnered with Koolboks for several years now, and watching what Ayoola, Deborah, and the team have built in that time has been one of the most rewarding parts of our work. Their product clearly solves a real problem that exists across countless markets, and they are building at a scale we always believed was possible,” said Trish Thomas, CEO of Cascador.
Cascador is a platform focused on helping growth-stage founders in Nigeria, backed by the Empowering Economic Growth Foundation (EEGF). Since its launch in 2019, it has supported over 70 ventures that have raised more than $125 million and created many jobs.
Through its ScaleUp Programme and a $5+ million Catalytic Fund launching in 2025, Cascador offers mentorship, strategic support, and access to financing options like debt and equity.
Koolboks will use the facility as working capital to buy the inventory it needs to meet rising demand across African markets. It will also use the money to grow its retail and appliance partnerships. The facility combines TLG’s private credit with Cascador’s guarantee. After the investment, TLG will keep working with Koolboks on governance, ESG monitoring, operations and growth plans.
