London-based private credit manager TLG Capital has closed a credit facility for Koolboks, the Lagos-based maker of solar-powered freezers, bringing its commitments to Nigerian small and medium-sized enterprises to $65 million across 16 businesses in the past two years.
The facility pairs TLG’s private credit with a guarantee from Cascador, a Nigeria-focused platform for growth-stage founders, delivered in partnership with Morgan Stanley. It gives Koolboks working capital to fund the inventory it needs to keep up with demand across African markets, and to grow its retail and appliance partnerships.
The Koolboks deal is the second transaction completed by TLG, Cascador and Morgan Stanley together. The first was TLG’s $3 million senior debt facility for Lagos-based mobility company Drive45 in September. Both transactions use the same model: a bank-backed guarantee reduces the lender’s risk, so businesses that might not otherwise qualify can reach institutional capital.
Koolboks sells solar-powered freezers and appliances to traders, small businesses and corporate customers in Nigeria and beyond. Its freezers run off-grid, and customers can pay in instalments through a pay-as-you-go model. That matters in a country where a power cut can spoil a trader’s stock within hours.
The company has sold more than 15,000 units, assembles its products in Lagos, and employs around 400 people across Nigeria, Kenya and Uganda. The new facility follows an $11 million Series A in 2025, which blended equity, debt and grants and was led by KawiSafi Ventures. Cascador has also backed the company in the past, including a ₦2 billion (about $1.4 million) debt facility awarded at its Pitch Day in June 2026.
Ayoola Dominic, Koolboks’ chief executive, said TLG understood what the product means to customers and found the right financing to match the pace the company needed. He added that the company has serious ambitions to address cold-chain infrastructure across Africa.
Isha Doshi, co-founder and partner at TLG Capital, praised the company’s innovative product and its ability to scale across several African markets. Cascador CEO Trish Thomas said her organisation has worked with Koolboks for several years, helping it strengthen its business as it grew.
TLG says it has deployed more than $250 million across African markets. Its Africa Growth Impact Fund II targets SMEs and is backed by development finance institutions including the International Finance Corporation, Norfund, Swedfund and Bpifrance. The firm says its strategy focuses on refinancing expensive debt and providing growth capital to viable companies that struggle to access affordable funding.
After the investment, TLG will keep working with Koolboks on governance, ESG monitoring, operational performance and strategic growth.
Nigeria’s SME sector has long struggled to access affordable, long-term credit. Deals like this show how guarantees can change that, at least for companies with proven demand. For Koolboks, the capital means more freezers in more markets. For Nigerian traders, it could mean fewer losses from spoiled stock.
