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Kubik: Upcycling Startup Raises $1.9 Million Fund

Kubik, a pioneering plastic upcycling startup, has recently closed a $1.9 million seed extension round
April 29, 2024

In a bid to combat Africa's growing plastic waste problem, Kubik, a plastic upcycling startup, has secured a $1.9 million seed extension. This investment, led by African Renaissance Partners, Endgame Capital, and King Philanthropies, marks a significant milestone for the startup as it ramps up operations in Ethiopia.

Kubik, founded in 2021 by Kidus Asfaw and Penda Marre, has been making waves in the sustainability sector with its innovative approach to plastic waste management. The startup has launched a factory in Addis Ababa, where it converts plastic waste into interlocking building materials such as bricks, columns, beams, and jambs.

According to Asfaw, Kubik's mission is to provide low-carbon, durable, and affordable building materials using proprietary technology. The startup plans to expand its operations across Ethiopia and aims for pan-African growth by 2025.

"Our business model is truly circular. We're focusing on proving our model in Ethiopia and plan to expand to other markets to demonstrate its versatility. Ultimately, we aim to license out our technology to scale globally," says Asfaw.

Kubik's building materials offer a sustainable alternative to traditional construction materials, allowing developers to build walls without cement, aggregates, or steel. This not only speeds up construction but also reduces costs by at least 40% per square meter.

The startup has already received safety certifications from the European standards agency, Intertek, ensuring that its materials meet strict safety standards for strength, toxicity, and flammability.

Kubik currently recycles 5,000 kilograms of plastic waste per day, with the capacity to process up to 45,000 kilograms. The startup has partnered with corporates and the Addis Ababa municipality to ensure a steady supply of plastic waste.

With the world producing 430 million tonnes of plastic waste annually, startups like Kubik are at the forefront of providing sustainable solutions to this growing menace. As Africa faces rapid urbanization and economic growth, the need for innovative waste management solutions has never been more urgent. Kubik's expansion and commitment to sustainability signal a promising future for plastic waste management in the region and beyond.

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