Koolboks

A great member of my investment team brought a company to my attention a few years back. After some initial DD, we were convinced about the uniqueness of its business model, traction, clear product-market fit and quality of the team. The next question then became how much to invest and what instrument to use—debt, equity, or some unique blend of both. While I was convinced this should be at least a USD1 million equity investment based on the overall opportunity quality and size, we decided by committee to reduce the investment size by half and invest debt. If I'd pushed based on the conviction my deal lead and I, I know we would have had our way, but we didn't push or rock the boat. That company was Koolboks, which in my opinion, is the best player in the solar refrigeration space today, providing innovative cold storage solutions for underserved businesses and communities across Africa and beyond. Koolboks became a groundbreaking success, more than validating the product-market fit we initially saw. Despite the early promise and our conviction, our decision to take a cautious approach with a smaller, debt-based investment meant we didn’t fully capitalize on the early-stage potential we recognized. Over time, as Koolboks scaled and demonstrated even greater traction, All On made additional investments in the company, but at a significantly higher valuation. While this further engagement aligned with our mission and reinforced our partnership, it came at a greater cost than if we had followed our initial instincts. This experience underscored a vital lesson for me: when you have deep conviction in a deal based on strong fundamentals—quality leadership, a scalable product, and clear market potential—it’s often worth trusting that judgment and taking a calculated leap. Holding back can sometimes mean missing out on the full upside of a transformative opportunity. This applies to many other areas of life. Photo: Meeting the Koolboks leadership team of Ayoola Dominic and Deborah Gael at the Koolboks stand at the Lagos International Trade Fair last month. They more than impress.

Honored to have attended the dinner hosted by President Emmanuel Macron in honor of Nigeria’s President Bola Ahmed Tinubu on Thursday, November 28, 2024. Surrounded by so many inspirational figures, my thoughts kept returning to the market women we serve at Koolboks—their resilience and dedication fuel everything we do. Our mission remains clear: we won’t stop until everyone in sub-Saharan Africa has access to affordable refrigeration. While the evening celebrated the partnership between France and Nigeria, for me, it symbolized something deeper. It wasn’t just about being at the Élysée; it was about standing for the unsung heroes—our customers—whose unwavering determination inspires us to keep moving forward. Ayoola Dominic Céline De Percin Fabiola Cerol