Ethiopia’s Kubik secures $1.9 million seed funding to help accelerate growth. Ethiopian startup that recycles plastic waste into low-cost, environmentally friendly building materials has now raised $1.9 million in a seed extension round to help expand its operations in the region.
Ethiopia’s Kubik Secures $1.9 Million
Ethiopian startup Kubik has recently announced securing $1.9 million in seed funding from notable investors, including African Renaissance Partners, Endgame Capital, and King Philanthropies. This funding injection comes as Kubik expands its operations within Ethiopia, particularly focusing on its innovative plastic recycling initiative.
Kubik’s expansion in Ethiopia involves the establishment of a factory in Addis Ababa, dedicated to converting plastic waste into interlocking building materials such as bricks, columns, beams, and jambs. Co-founded by Kidus Asfaw and Penda Marre in 2021, Kubik is committed to addressing both housing and waste management challenges in Africa.
Previous Funding Rounds
This latest funding round follows a successful $3.34 million raised by Kubik in June 2023. Investors in this round included a diverse range of entities such as Plug & Play, BESTSELLER Foundation, GIIG Africa Fund, and others. These funds were utilized to ramp up production and lay the groundwork for future expansion efforts.
Future Growth and Expansion Plans
With the newly secured funds, Kubik aims to further expand its operations in Addis Ababa and prepare for broader expansion initiatives across Africa by 2025.
CEO Kidus Asfaw emphasizes that the funding will enable Kubik to meet increasing demand, enhance technological capabilities, empower more female waste collectors, and accelerate pan-African growth ambitions.
Innovative Building Solution
Kubik’s innovative product enables developers to construct walls without traditional materials like cement, aggregates, or steel. This not only speeds up construction processes but also significantly reduces costs, with savings estimated at least 40% per square meter.
Environmental Impact
Currently, Kubik processes approximately 5,000 kilograms of plastic waste per day, with the capacity to handle up to 45,000 kilograms through strategic partnerships with corporations and municipal authorities.
This initiative aligns with global efforts to combat plastic pollution, a pressing environmental issue exacerbated by the alarming rate of plastic production and inadequate recycling measures.
Global Plastic Crisis
According to the World Health Organization, over 400 million tonnes of plastic are produced annually worldwide, with a significant portion ending up in water bodies, posing environmental and health risks.
Despite the scale of plastic production, less than 10% is recycled, contributing to environmental degradation. Africa, with its burgeoning population and urbanization, faces a growing plastic crisis, emphasizing the urgency of innovative solutions like Kubik’s.
Conclusion
Kubik’s successful funding round underscores the growing recognition and support for sustainable solutions addressing pressing environmental and developmental challenges in Africa.
With its focus on plastic recycling and affordable housing solutions, Kubik is poised to make a meaningful impact on both environmental sustainability and social development across the continent.
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