Kubik, a startup based in Ethiopia and Kenya that specializes in converting plastic waste into building materials, has disclosed it has completed its seed funding round, raising $3.34 million.
In a Press release sent to Shega Kubik stated that it intends to use its new capital to increase production of building materials in Ethiopia before expanding to other countries in Africa.
“We are delighted to have achieved this significant milestone in our fundraising efforts,” said Kidus Asfaw, Co-Founder and CEO of Kubik. “This investment will fuel our growth and enable us to enhance our team as we continue to advance the development of affordable housing solutions across the African continent. We are immensely grateful for the passionate and strategic investors and partners who share our vision of providing a livable world for all.”
The oversubscribed $3.34 million was raised from Nearly 10 investors, including Ethiopia’s Kazana Fund. The other Participating investors included Plug & Play, BESTSELLER Foundation, GIIG Africa Fund, Satgana, Unruly Capital, Savannah Fund, African Renaissance Partners, Princeton Alumni Angels, and Andav Capital.
In addition, according to the press release, strategic angel investors such as Joel Holsinger, Will Abbey, and Maex Ament provided crucial support.
Kubik, founded by Kidus and Penda Marre in 2021, specializes in developing interlocking building materials such as bricks, columns, beams, and jambs. These materials enable developers to construct walls without the need for cement and steel. Additionally, Kubik states that its products are at least 40% cheaper per square meter compared to traditional alternatives.
In 2022, Kubik signed a Memorandum of Understanding with the Industrial Parks Development Corporation (IPDC) to lease space and establish a waste plastic recycling plant within the Adama industrial park. The recycling facility aims to process 10,000 tons of waste plastic annually and produce low-cost, low-carbon building materials.
Matthew Claxton, Partner & Global Director of Sustainability at Plug and Play, said, “We are thrilled to partner with Kidus and the Kubik team to amplify their solution for reducing plastic waste and enhancing city infrastructure. Witnessing their impressive growth in recent months has been truly rewarding, and we eagerly anticipate their promising future.”
The seed funding round comes after Kubik received the prestigious Startup of the Year award at the Global Startup Awards in March 2023. Furthermore, it received acclaim from the International Finance Corporation (IFC), which hailed Kubik as the leading ClimateTech startup in Africa during the VivaTech Conference in Paris last week.