Global impact investor Acumen has provided funding to Kenyan startup Keep IT Cool to support its pan-African goals. The company has created a novel approach to sustainable refrigeration solutions that is revolutionizing food preservation.
Established in 2021 by Francis Nderitu and Abigail Gachigi, Keep IT Cool uses a variety of cooling solutions and a business-to-business (B2B) app to connect supply and demand in the value chains for chicken and fish.
Farmers and fishermen can measure demand in real time by using its app “Markiti,” which enables a network of stores, outlets, and eateries to order fish and chicken directly from the source. Currently operating in Kenya and Tanzania, Keep IT Cool, a 2024 Earthshot Prize winner, is poised to grow even more with funding from global impact investor Adumen.
“Our collaboration with Acumen centres on our mutual commitment to uplifting underserved African communities,” said Nderitu, Keep IT Cool’s co-founder and managing director. “We strive to empower these communities by boosting their productivity, improving market access, and minimising waste, ultimately helping to increase their incomes.”
Within its network, Keep IT Cool has virtually eradicated post-harvest loss and raised the incomes of 3,600 fishermen by more than 15%. It has established a network that includes over 2,000 small businesses and 40 supermarkets.
With its current capacity increased by a factor of seven, the startup, which has already expanded to Tanzania, is constructing a solar-powered cold chain facility that will enable it to expand into fruits and vegetables and efficiently serve more than 100,000 farmers and fishermen. Its plans to expand throughout Africa will be strengthened by the Acumen funding.
This investment is part of Acumen’s Forcibly Displaced People (FDP) Lens Investing program in East Africa, which aims to expand access to funding and technical support for small and medium-sized businesses that operate in communities affected by displacement and help forcibly displaced people and their hosts establish sustainable livelihoods. The Swiss Agency for Development and Cooperation, the IKEA Foundation, and the Conrad N. Hilton Foundation all provide support.
“In East Africa, post-harvest losses due to lack of adequate cold storage present a critical barrier to food security and economic growth,” said Chris Maranga, who leads Acumen’s work in East Africa. “Keep IT Cool’s solar-powered cold storage technology not only addresses this issue but does so sustainably, empowering fisherfolks and smallholder poultry farmers in some of Kenya’s most marginalized communities. This alignment with our goal to build long-term resilience in local markets made this an easy choice for us.”
