Ethiopian startup Kubik has raised a whopping $3.34M in an oversubscribed seed investment round .This a significant step forward for the circular economy and climate technology sectors. The company, which repurposes difficult-to-recycle plastic waste into cost-effective, low-carbon building supplies, will use the funding to scale its operations across Ethiopia and contribute to the proliferation of accessible housing solutions in Africa.
Spotlight on Innovation
Kubik’s groundbreaking building materials have garnered considerable attention in the market, driving the interest of customers and investors alike. Recently, Kubik received the prestigious 2023 Startup of the Year title at the Global Startup Awards. Further testament to their progress, the International Finance Corporation (IFC) hailed Kubik as the top ClimateTech startup in Africa at the VivaTech Conference in Paris. These recognitions underscore the potential of Kubik’s unique business model that merges social impact, circular economy strategies, and low-carbon building.
Backing from Key Investors
High-profile angel investors, including Joel Holsinger, Will Abbey, Maex Ament, and prominent VC firms like Satgana, have played a vital role in Kubik’s trajectory. Co-founder of Climate Tech VC Satgana, Romain Diaz, praised Kubik’s purpose-driven mission and remarkable team, indicating keen anticipation for their collaboration. As Kubik aligns its sustainability-focused values with scalable solutions, it cements its status as a frontrunner in the African real estate scene, appealing to impact-conscious investors.
Revitalizing the Construction Industry
Kubik’s technology is set to reshape the real estate sector by reducing plastic waste and bettering city infrastructure. The company’s innovative approach to repurposing plastic waste lowers material expenses and carbon emissions in construction, aligning with the objectives of sustainability investors who prioritize waste reduction and environmental conservation.
Uplifting Women in Waste Collection
In line with its mission to solve the waste and housing issues in Africa, Kubik also emphasizes improving female waste collectors’ lives and work conditions. The startup is working towards sector formalization, ensuring a cleaner and safer work environment while providing these women with durable and respectable housing. By championing a women-first agenda in waste management and construction, Kubik fosters financial autonomy and gender equality.
Expanding Horizons with New Funding
Co-founded in 2021 by Kidus Asfaw and Penda Marre, Kubik has achieved remarkable progress briefly. The startup is gearing up to broaden its footprint beyond Ethiopia, seeking mission-compatible investors for its forthcoming funding milestone to support its growth trajectory. With its groundbreaking solutions and a strong commitment to sustainability, Kubik is primed to make a lasting impression on the construction industry while enhancing living conditions and championing environmental preservation.
Kubik’s successful seed funding round is a major leap in its endeavor to convert plastic waste into cost-effective, low-carbon building materials. As it garners the backing of multinational investors and strategic partners, Kubik stands at the cusp of transforming the construction landscape in Africa and, possibly, the world. By tackling the urgent issues of waste management, affordable housing, and gender equality, Kubik is forging a path toward a more sustainable and inclusive tomorrow.