Short-term catalytic financing will help Koolboks fulfill a 500-unit order for FanMilk’s last-mile vendor network
SANTA CLARA, Calif., August 4, 2026 — Miller Center Capital, the impact investing arm of Miller Center for Global Impact at Santa Clara University, has provided short-term catalytic financing to Koolboks, a social enterprise designing and distributing solar-powered refrigeration units for markets where grid electricity is unreliable or expensive. The investment was made in partnership with fund manager Beneficial Returns.
The financing will help Koolboks fulfill a 500-unit purchase order for FanMilk, a Danone subsidiary, supporting the distribution of solar-powered chest freezers to FanMilk microfranchise vendors in Ghana.
Across Sub-Saharan Africa, weak cold-chain infrastructure and unreliable electricity contribute to spoilage, higher operating costs, and lower earnings for vendors and agribusinesses. Koolboks addresses this gap by providing solar-powered freezers that help customers protect perishable goods while reducing reliance on diesel or grid electricity. Approximately 90% of Koolboks products are used for commercial purposes.
Each solar-powered chest freezer with battery can generate up to $1,045 in annual electricity savings and avoid approximately 0.84 metric tons of CO₂ emissions per year, while helping businesses keep goods cold even when grid power fails.
“Small businesses lose income when they cannot keep products cold,” said Ayoola Dominic, CEO of Koolboks. “Koolboks was designed for that reality: abundant sun, unreliable electricity, and customers who need affordable ways to pay. This financing helps us deliver 500 freezers for FanMilk vendors in Ghana and take an important step toward scaling clean cooling across West Africa.”
In late 2025, Koolboks completed a 50-unit pilot with FanMilk in Ghana, testing its solar-powered refrigeration model with FanMilk’s last-mile vendor network. The pilot showed strong operating performance, and FanMilk is now expanding from pilot to a 500-unit order for its microfranchise network in Ghana. FanMilk’s distribution model has long relied on independent vendors selling directly to consumers through bicycles, push carts, motorcycles, and other last-mile channels. Reliable refrigeration can help micro-entrepreneurs operate more efficiently and earn more income.
The Miller Center Capital loan will help Koolboks bridge the timing gap between paying manufacturing partners and receiving payment after delivery documentation is presented. The quick turnaround financing is designed to help Koolboks move fast on a time-sensitive purchase order while demonstrating its ability to fulfill larger cold-chain accounts.
“Koolboks has already shown that its freezers work in the field and that customers want them,” said Paul Belknap, director of impact investing at Miller Center for Global Impact. “This loan helps bridge a very practical gap: paying suppliers now so the company can deliver 500 units on time. That is exactly the kind of targeted financing Miller Center Capital is designed to provide.”
About Koolboks
Koolboks designs and distributes solar-powered refrigeration units that make cold storage accessible to small businesses and households in markets where grid electricity is unreliable or expensive. Its solar-powered freezers support income protection, food security, and climate resilience by helping customers preserve perishable goods, reduce energy costs, and lower dependence on fossil-fuel-based power sources.
About Miller Center Capital
Miller Center Capital is the impact-investing arm of Miller Center for Global Impact at Santa Clara University. The Innovation Fund, managed by Beneficial Returns, is one part of this initiative, providing catalytic loans to early-growth-stage social enterprises that reduce poverty by advancing women’s economic power and building climate resilience. Founded in 1997, Miller Center has supported 1,600 social enterprises in more than 100 countries.
About Beneficial Returns
Beneficial Returns is an impact investment manager that finances social enterprises working to alleviate poverty and protect the natural environment in Latin America and Southeast Asia. In addition, the firm serves as fund manager for Miller Center Capital, where it provides investments to Miller Center graduates throughout the developing world.
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Media Contact:
Karen Carter
Director of Marketing Communications
Miller Center for Global Impact
kcarter1@scu.edu
Investment Contact:
Paul Belknap
Director of Impact Investing
Miller Center for Global Impact
pbelknap@scu.edu
