Cooling Technology Company Sure Chill Raises £4m from Novastar Ventures and The Garage Soho
(London, 16th July 2019)
Cooling technology company Sure Chill has secured £4m Series A investment from Africa-focused VC Novastar Ventures and London-based VC The Garage Soho.
Sure Chill has developed a unique cooling technology to protect lifesaving, temperature sensitive vaccines in emerging countries where access to consistent and reliable power supplies are rare. The company supplies World Health Organization approved vaccine refrigerators to UNICEF as part of the Global Alliance Vaccines and Immunization (GAVI) programme, as well as to Hospitals and Ministries of Health in 49 countries.
This round of investment will enable Sure Chill to accelerate the development of wider applications of the technology for the benefit of households and businesses on a global scale, starting in Africa.
The Sure Chill technology harnesses a unique property of water to enable continuous cooling from inconsistent power and is the only company to use this type of technology. The technology can keep on cooling refrigerators for days when the power goes out.
Sure Chill cooling technology can improve lives for billions of people in developing countries whilst also helping businesses to reduce energy costs. “We are delighted to welcome two significant investors to join our ever-growing story. Both bring a particular skill set and experience to the company which is complimentary. The funds will ensure we take the business to the next phase by successfully entering new markets and making Sure Chill a global brand.” Said Nigel Saunders, CEO of Sure Chill.
Andrew Carruthers, Co-founder of Novastar Ventures, commented: “We were initially attracted to Sure Chill after seeing the application of its cooling technology to the safe storage of life-saving vaccines in some of the most remote places in Africa. Together with Sure Chill management, we see enormous potential to deploy the technology to serve the refrigeration needs of mass consumer and small business markets that are currently hindered by inconsistent and unreliable access to electricity.”
About Novastar Ventures
Novastar is a venture capital manager dedicated to supporting exceptional entrepreneurs building innovative businesses to serve the common good in East and West Africa.
Novastar manages over $160 million across two venture funds that back innovative businesses where positive social impact for mass low-income markets is a natural biproduct of their commercial success. The funds have backed 18 businesses to date across various sectors including health, education, information, mobility and energy. The investment in Sure Chill is the third from Novastar’s second fund – Novastar Ventures
Africa Fund II – which was inaugurated at the end of 2018.
About Sure Chill
The Sure Chill technology harnesses a unique property of water to enable continuous cooling from inconsistent power and is the only company to use this type of technology. After developing its technology in 2009, Sure Chill launched its first product to market in 2011. Sure Chill’s customers include UNICEF, Ministries of Health, MSF and other key partners in global health. Sure Chill’s unprecedented potential to address global cooling challenges in both emerging and developed economies has already attracted support from two of the world’s leading foundations: the Bill & Melinda Gates Foundation and the Shell Foundation.
In 2018, Sure Chill was selected to join the UK Prime Minister Theresa May on a four-day trade mission to Africa meeting with leading businesses, policymakers and entrepreneurs in order to build new investment, trading and export ties between the UK and emerging markets. According to the International Monetary Fund, African economies are amongst the fastest growing in the world, making it a significant trading and investment partner for the UK.