Ethiopian Startup Kubik Secures $1.9M for African Expansion
Ethiopian startup Kubik has secured $1.9 million in seed extension funding, following a previous round of $3.34 million. The funds will support Kubik's expansion in Ethiopia and set the stage for broader African expansion by 2025.
Founded in 2021 by Kidus Asfaw and Penda Marre, Kubik tackles African housing and waste challenges by transforming plastic waste into affordable, eco-friendly building materials. The startup's factory in Addis Ababa currently recycles 5,000 kilograms of plastic waste daily, with the capacity to process up to 45,000 kilograms. Kubik's innovative product enables developers to construct walls without cement, aggregates, or steel, expediting construction and slashing costs by at least 40% per square meter.
The latest funding round was led by African Renaissance Partners, Endgame Capital, and King Philanthropies. The funding supports Kubik's expansion in Ethiopia, following the launch of its Addis Ababa factory, and will be used to expand operations in the city and prepare for broader African expansion in 2025. The startup's work aligns with the Addis Ababa Environmental Protection and Climate Change Authority (EPA) in promoting environmental sustainability.
With the newly acquired funds, Kubik is well-positioned to continue its mission of transforming plastic waste into affordable building materials, while also expanding its operations and making a significant impact on the African construction industry.
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