Ethiopia’s Kubik, which specialises in the transformation of hard-to-recycle plastic waste into affordable, low-carbon building materials, has raised a US$5.2 million seed funding round to help scale operations.
Founded in 2021 by Kidus Asfaw and Penda Marre, Kubik produces low-carbon, affordable building materials from plastic waste to tackle Africa’s housing and waste crises. Its products cost at least 40 per cent less per square metre than traditional cement-based development, and its low-carbon qualities yield five times less greenhouse gas emissions.
The startup has raised a US$5.2 million seed round to help it pursue its pan-African growth strategy, with the proceeds to be used to scale production, grow its team and market presence in Ethiopia, strengthen its technology to trace waste and track environmental impact, and deepen its reach to empower female waste collectors.
Investors in the round include African Renaissance Partners, Endgame Capital, and King Philanthropies. The round follows an earlier seed round raised last year, and follows an exciting growth period for Kubik during which, among other things, it has launched a new plastic upcycling factory in Ethiopia’s state-of-the-art Adama Industrial Park, and secured several stellar clients including Pharo Ventures and Cornerstone Development Group.
“We are thrilled to close our $5.2 million seed funding round and welcome our stellar new investors. They have seen Kubik’s compelling market opportunity, our delivery against our strategy to date, and share our purpose-driven vision – to build sustainably and affordably to a brighter, greener future,” Asfaw said.
“Today’s fund raise will allow us to keep up with the escalating demand we’re experiencing, scale our operations further with enhanced technology, empower more female waste collectors and turbo-charge our pan-African growth ambitions. We look forward to the future with great confidence.”
Source: disruptafrica.com
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