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The Venture Codex

All On

44 Bourdillon Road, Ikoyi, Lagos, Nigeria

Overview

Increasing access to commercial energy for off-grid markets.

Founded

2016

Deals ยท 12mo

2

Links

WebsiteLinkedInX (Twitter)

Stage focus

Series A

Geographic focus

France
Nigeria
United Kingdom

Sector focus

Energy

Investment portfolio

7rounds
NAMEDATESIZE
Eja-Ice Nigeria Limited
Jun 2026Led
$1 MOther Equity
ICE Solar
Nov 2025Led
$0.25 MOther Equity
Koolboks
Sep 2025Led
$11 MSeries A
Arnergy
Apr 2025Participated
$15 MSeries B
Arnergy
Feb 2024Led
$3 MOther Equity
Koolboks
Aug 2022Participated
$3 MSeed
Arnergy
Aug 2019Participated
$9 MSeries A
Eja-Ice Nigeria Limited
Jun 2026Led
$1 MOther Equity
ICE Solar
Nov 2025Led
$0.25 MOther Equity
Koolboks
Sep 2025Led
$11 MSeries A
Arnergy
Apr 2025Participated
$15 MSeries B
Arnergy
Feb 2024Led
$3 MOther Equity
Koolboks
Aug 2022Participated
$3 MSeed
Arnergy
Aug 2019Participated
$9 MSeries A
7
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Insights

Time horizon

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Deal Distribution

All On: 7 funding rounds are recorded in the selected participation categories.All available history.
All On: 7 funding rounds are recorded in the selected participation categories. All available history
Round typeLed dealsParticipated deals
Seed01
Series A11
Series B01
Other Equity30

Monthly Deal Activity

All On: 7 deals are recorded across 87 months.All available history.
All On: 7 deals are recorded across 87 months. All available history
MonthDeals
Aug '191
Sep '190
Oct '190
Nov '190
Dec '190
Jan '200
Feb '200
Mar '200
Apr '200
May '200
Jun '200
Jul '200
Aug '200
Sep '200
Oct '200
Nov '200
Dec '200
Jan '210
Feb '210
Mar '210
Apr '210
May '210
Jun '210
Jul '210
Aug '210
Sep '210
Oct '210
Nov '210
Dec '210
Jan '220
Feb '220
Mar '220
Apr '220
May '220
Jun '220
Jul '220
Aug '221
Sep '220
Oct '220
Nov '220
Dec '220
Jan '230
Feb '230
Mar '230
Apr '230
May '230
Jun '230
Jul '230
Aug '230
Sep '230
Oct '230
Nov '230
Dec '230
Jan '240
Feb '241
Mar '240
Apr '240
May '240
Jun '240
Jul '240
Aug '240
Sep '240
Oct '240
Nov '240
Dec '240
Jan '250
Feb '250
Mar '250
Apr '251
May '250
Jun '250
Jul '250
Aug '250
Sep '251
Oct '250
Nov '251
Dec '250
Jan '260
Feb '260
Mar '260
Apr '260
May '260
Jun '261
Jul '260
Aug '260
Sep '260
Oct '260

Sector Breakdown

All On: Clean Energy & Sustainability is the largest displayed sector by deal count (7 deals).All available history.

A deal can appear in multiple sectors, so sector totals may overlap. Capital represents disclosed total round sizes, not fund cheque sizes.

All On: Clean Energy & Sustainability is the largest displayed sector by deal count (7 deals). All available history
SectorDeals
Clean Energy & Sustainability7
Manufacturing1
Transportation & Logistics1

Deal Size Distribution

All On: 7 rounds have a disclosed size in the displayed size bands.All available history.

Undisclosed round sizes are excluded. Capital represents total round sizes, not fund cheque sizes.

All On: 7 rounds have a disclosed size in the displayed size bands. All available history
Round size band (USD)Deals
<$5M4
$5M-$10M1
$10M-$25M2
$25M-$50M0
$50M-$100M0
$100M-$250M0
$250M-$500M0
$500M-$1B0
$1B+0

Deals By Geography

All On: Nigeria has the largest recorded deal count among the displayed regions (4 deals).All available history.

Top 2 of 2 regions; European countries are grouped as Europe.

All On: Nigeria has the largest recorded deal count among the displayed regions (4 deals). All available history
RegionDeals
Nigeria4
Europe3
All On: 11 co-investors are shown, with Aruwa Capital Management sharing 2 recorded deals.All available history.

Co-Investors

Bubble size = shared deals

Click a bubble to open that fund in a new tab.

Shows up to 20 co-investors ranked by shared deals. Deals may be shared with multiple funds, so rows overlap. Capital is total round size, not fund cheque size.

All On: 11 co-investors are shown, with Aruwa Capital Management sharing 2 recorded deals. All available history
Co-investorShared deals
Aruwa Capital Management2
Breakthrough Energy Ventures2
Norfund2
Acumen1
Blue Earth Capital1
British International Investment1
CardinalStone Capital Advisers1
EDFI ElectriFI1
EDFI Management Company1
GSMA1
KawiSafi Ventures1

Investment Strategy

All On: Led accounts for 57% and participating for 43% of round participation.All available history.
All On: Led accounts for 57% and participating for 43% of round participation. All available history
CategoryDeals (count)Share (%)
Led457%
Participating343%
All On: Single-lead accounts for 75% and co-led for 25% of lead dynamics.All available history.
All On: Single-lead accounts for 75% and co-led for 25% of lead dynamics. All available history
CategoryDeals (count)Share (%)
Single-lead375%
Co-led125%

Team

Caroline Eboumbou
Wiebe Boer

Chief Executive Officer