Key Takeaways
- • TLG Capital has closed a credit facility for Koolboks, a Nigerian maker of solar-powered freezers and appliances, providing working capital to fund inventory and expand retail and appliance partnerships.
- • The facility combines TLG's private credit with a guarantee from Cascador, delivered in partnership with Morgan Stanley, according to Africa Private Equity News.
- • The deal brings TLG Capital's commitments to $65 million across 16 Nigerian SMEs over the past two years.
- • Koolboks has sold more than 15,000 units, employs around 400 people across Nigeria, Kenya and Uganda, and has shipped to more than 25 markets.
Summary
TLG Capital has closed a credit facility for Koolboks, which sells solar-powered freezers and appliances to traders, small businesses and corporate customers in Nigeria and beyond, according to Africa Private Equity News. The facility is intended to provide the working capital Koolboks needs to fund inventory as demand grows across African markets, and to expand its retail and appliance partnerships.
The financing combines TLG's private credit with a guarantee from Cascador, a Nigeria-focused platform for growth-stage founders, delivered in partnership with Morgan Stanley. The transaction brings TLG's total commitments to $65 million across 16 Nigerian small and medium-sized enterprises over the past two years.
Koolboks was founded in Paris, France, in 2018 by Ayoola Dominic and Deborah Gaël to address unreliable electricity, which limits economic activity in many markets. Its solar-powered freezers combine solar panels, patented ice-battery technology and connected pay-as-you-go capabilities, providing cooling day and night, including during power outages, and reducing dependence on diesel generators and ice blocks. The company has sold more than 15,000 units, assembles its products in Lagos, employs around 400 people across Nigeria, Kenya and Uganda, and has shipped to more than 25 markets. Its Koolbuy platform extends pay-as-you-go technology to household appliances from major brands.
Isha Doshi, co-founder and partner at TLG Capital, described Koolboks as having built an innovative product addressing critical challenges for individuals and SMEs, and said TLG had completed its second deal with Cascador within a few weeks. Ayoola Dominic, chief executive of Koolboks, said the facility gives the company capital and support to pursue its ambition of addressing cold-chain infrastructure across Africa. Trish Thomas, chief executive of Cascador, said the two firms had closed two deals in a matter of weeks and described the pairing as a scalable model for reaching businesses, countries and sectors across the region.
The financing combines TLG's private credit with a guarantee from Cascador, a Nigeria-focused platform for growth-stage founders, delivered in partnership with Morgan Stanley. The transaction brings TLG's total commitments to $65 million across 16 Nigerian small and medium-sized enterprises over the past two years.
Koolboks was founded in Paris, France, in 2018 by Ayoola Dominic and Deborah Gaël to address unreliable electricity, which limits economic activity in many markets. Its solar-powered freezers combine solar panels, patented ice-battery technology and connected pay-as-you-go capabilities, providing cooling day and night, including during power outages, and reducing dependence on diesel generators and ice blocks. The company has sold more than 15,000 units, assembles its products in Lagos, employs around 400 people across Nigeria, Kenya and Uganda, and has shipped to more than 25 markets. Its Koolbuy platform extends pay-as-you-go technology to household appliances from major brands.
Isha Doshi, co-founder and partner at TLG Capital, described Koolboks as having built an innovative product addressing critical challenges for individuals and SMEs, and said TLG had completed its second deal with Cascador within a few weeks. Ayoola Dominic, chief executive of Koolboks, said the facility gives the company capital and support to pursue its ambition of addressing cold-chain infrastructure across Africa. Trish Thomas, chief executive of Cascador, said the two firms had closed two deals in a matter of weeks and described the pairing as a scalable model for reaching businesses, countries and sectors across the region.
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