Exciting news from Kubik!
The African sustainable tech startup has just secured a remarkable $5.2 million in seed funding, marking a groundbreaking moment as the first Ethiopian company to receive such a significant investment in climate and sustainability solutions. With leading investors like African Renaissance Partners and Endgame Capital on board, Kubik is poised to revolutionize the industry with its purpose-driven vision.
CEO Kidus Asfaw expressed his enthusiasm, stating, “We are thrilled to close our seed funding round and welcome our stellar new investors. They share our commitment to building a brighter, greener future.” Kubik’s innovative approach involves utilizing plastic waste to create low-carbon, affordable buildings, addressing both environmental concerns and housing affordability. Their products boast a remarkable 40% cost reduction compared to traditional methods and emit 5x fewer greenhouse gas emissions.
As Kubik embarks on its pan-African expansion journey, the funding will fuel key initiatives such as scaling production, enhancing technology for waste tracing, and empowering female waste collectors. With a new plastic upcycling factory and strategic partnerships in place, Kubik is well-positioned to meet the growing demand for sustainable building solutions across the continent. The market potential is immense, with a global affordable housing deficit exceeding 300 million units, presenting a compelling case for Kubik’s innovative business model.
“We look forward to the future with great confidence,” Kidus remarked, highlighting the company’s commitment to driving positive change and accelerating its growth ambitions.
