Asafo & Co. recently advised Aruwa Capital Management as lead investor in a $2.5 million seed financing of Koolboks, a French-headed company providing cost-effective and environmental-friendly refrigeration solutions to business owners, particularly women, in off-grid areas in Nigeria and globally. The financing involved other institutional investors including Acumen, Blue Earth Capital, All On and GSMA.

The VC investment will provide Koolboks with the means to expand its operations and specifically address the need for affordable refrigeration solutions in areas without access to electricity, which is particularly critical for the food and health products retail businesses, typically run by women across Africa.

The Asafo & Co. team advising Aruwa Capital Management was led by partner Noro-Lanto Ravisy who was assisted by Max N’Goran (associate) in Paris and Sayo Ogundele (associate) in London.