Ayoola Dominic (Koolboks)
Overview
Ayoola Dominic is a Nigerian entrepreneur and the co-founder and CEO of Koolboks, a Nigeria- and France-based startup that provides solar-powered refrigeration solutions aimed at addressing power and cold chain challenges in Africa. Koolboks is known for its innovative cooling-as-a-service business model that leverages solar energy to offer affordable and reliable refrigeration to small businesses and households in regions with unstable or unavailable electricity. The company aims to empower market traders, improve food preservation, reduce waste, and enhance economic opportunities, particularly for women entrepreneurs.
Recent Developments
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September 2025: Koolboks raised $11 million in Series A funding to expand its operations across Africa. The funding round was co-led by KawiSafi Ventures, Aruwa Capital, and All On, with additional debt financing from institutions such as the French Facility for Global Environment (FFEM) and bpifrance. The company plans to use the funds to establish its first local assembly plant in Nigeria, which will help reduce operational costs and enhance product affordability for end-users.
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June 2025: Koolboks launched its "Koolbuy" platform, offering buy-now-pay-later (BNPL) terms for a range of solar-powered cooling products. This initiative aims to make cooling appliances more accessible to small businesses and homes. In addition, the company introduced "Scrap4New," a trade-in program that refurbishes old appliances into IoT-enabled solar units.
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March 2025: Koolboks was highlighted at the Start-Up Energy Transition Awards in Berlin, where it received recognition for its contributions to sustainable cooling solutions. The company also held practical skills training sessions in Abuja to empower local technicians in the field of sustainable energy.
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February 2025: Koolboks announced pilot programs with major companies such as Guinness and Coca-Cola Nigeria to improve distribution networks for solar-powered cooling solutions in Mozambique and Ghana. This is part of Koolboks' strategy to expand its reach into new markets.
Personal Information
| Attribute | Information |
|---|---|
| Full Name | Ayoola Dominic |
| Born | [Date of Birth Not Publicly Available], Nigeria |
| Nationality | Nigerian |
| Occupation | Entrepreneur, CEO of Koolboks |
| Known For | Co-founding Koolboks, Solar-powered cooling solutions |
| Net Worth | [Not Publicly Available] |
| Education | Bachelor of Pharmacy (B.Pharm.), Obafemi Awolowo University, MSc in Entrepreneurship from EDHEC Business School |
Early Life and Education
Ayoola Dominic was born in Nigeria, where he spent his formative years. He pursued his undergraduate education at Obafemi Awolowo University, earning a Bachelor of Pharmacy degree. This academic background laid the foundation for his initial career in the pharmaceutical industry, where he gained extensive experience in sales, marketing, and management.
After completing his undergraduate studies, Ayoola further enhanced his business acumen by pursuing a Master of Science degree in Entrepreneurship at EDHEC Business School in France. The combination of his education in pharmacy and entrepreneurship equipped Ayoola with the skills needed to address complex challenges in healthcare and energy sectors, inspiring his journey into sustainable business solutions.
Career and Notable Achievements
Ayoola Dominic's professional career began in the pharmaceutical industry, where he held various leadership roles at prominent companies, including Servier and AstraZeneca. His experience in regional and country operations management across the Middle East and Africa sharpened his strategic vision and leadership capabilities.
- 2018: Co-founded Koolboks with Deborah Gaël, initially targeting European markets with solar-powered coolers.
- 2019: Pivoted Koolboks to address off-grid cooling needs in Africa, focusing on sectors such as food storage and healthcare.
- 2022: Raised seed funding from multiple investors, which set the stage for continental expansion.
- 2025: Secured significant Series A funding to scale Koolboks' operations, including establishing a local assembly plant in Nigeria and expanding the company's product offerings.
Current Work and Impact
Currently, Ayoola Dominic serves as the CEO of Koolboks, driving the company's mission to provide sustainable and affordable cooling solutions in Africa. Under his leadership, Koolboks has deployed over 10,000 solar-powered freezers across 25 countries. The company not only provides hardware, but also leverages IoT technology to offer data-driven services that optimize cooling efficiency and payment systems for end-users.
Koolboks' impact extends beyond technological innovation; it facilitates financial inclusion and economic empowerment, especially among female entrepreneurs. By incorporating pay-as-you-go and buy-now-pay-later models, Koolboks makes advanced refrigeration technology accessible to underserved markets, resulting in improved food security and income stability.
Conclusion
Ayoola Dominic's work with Koolboks showcases his commitment to leveraging technology for societal benefit. By addressing crucial energy and refrigeration challenges, Koolboks stands as a model for combining business acumen with social impact. As the company expands its footprint across Africa, it continues to reduce barriers to clean energy access and supports economic advancement in the regions it serves. Ayoola's leadership in sustainable cooling solutions is not only transforming businesses but also contributing to a broader movement towards environmental sustainability and economic justice in developing regions.