New Investments
Kenyan Startup Keep IT Cool Secures Funding for Pan-African Expansion
Kenyan startup Keep IT Cool, known for its innovative and sustainable refrigeration solutions, has received funding from global impact investor Acumen to support its ambitious expansion across Africa.
The company, co-founded in 2021 by Francis Nderitu and Abigail Gachigi, focuses on connecting supply and demand in the fish and chicken value chains.
Its suite of cooling solutions and a B2B app, Markiti, enable seamless transactions between suppliers and buyers.
The Markiti app empowers a network of shops, outlets, and restaurants to order fish and chicken directly from producers.
This innovation provides real-time demand data to farmers and fisherfolk, improving efficiency and market access.
Operating in Kenya and Tanzania, Keep IT Cool’s achievements were recently recognized when it won the 2024 Earthshot Prize.
Co-founder and Managing Director Nderitu highlighted the impact of the funding:
“Our collaboration with Acumen centers on our mutual commitment to uplifting underserved African communities. We strive to empower these communities by boosting their productivity, improving market access, and minimizing waste, ultimately helping to increase their incomes.”
The startup has already demonstrated significant impact, increasing the incomes of 3,600 fisherfolk by over 15% and virtually eliminating post-harvest losses within its network. Its growing customer base includes 40 supermarkets and 2,000 small businesses.
Keep IT Cool is constructing a solar-powered cold chain facility that will increase its capacity sevenfold.
This expansion will allow the company to diversify into fruits and vegetables and serve over 100,000 fisherfolk and farmers effectively.
The funding from Acumen is critical to achieving its vision of scaling operations across the continent.
The investment is part of Acumen’s Forcibly Displaced People (FDP) Lens Investing program in East Africa, which aims to bolster sustainable livelihoods in displacement-affected communities.
The program, supported by the Conrad N. Hilton Foundation, Swiss Agency for Development and Cooperation, and IKEA Foundation, provides capital and technical assistance to small and medium enterprises that support forcibly displaced people and their hosts.
Keep IT Cool’s innovative approach and commitment to community empowerment position it as a key player in addressing food preservation challenges while fostering economic growth across Africa.
Related Articles
Register Now
Empower Africa Times Newsletter
Share :
“We are delighted to partner with ISA to support the development of solar energy in Africa,” said Alain Ebobissé, CEO of Africa50. “This partnership will help to accelerate the deployment of solar energy in Africa and improve the lives of millions of Africans,” he added.
You may also like...
Cleantech Investor Gaia Impact Raises New $42M Fund to Invest in African Startups
Gaia Impact, a cleantech investment firm focused on Africa, has raised a new $42 million fund to support early-stage startups developing sustainable solutions for the continent.
Nigerian Fintech Waza Secures $8 Million to Expand B2B Payments Across Africa
Waza, a Nigerian fintech startup specializing in B2B payments and liquidity solutions for emerging markets, has raised $8 million in a combination of equity and debt financing.
Nigerian Cleantech Startup Arnergy Secures $3 Million Funding, Eyes Series B
Arnergy, a Nigerian cleantech startup specializing in distributed renewable energy solutions, has raised $3 million in a bridge round led by All On, an off-grid energy impact investment company supported by Shell.