Ethiopian startup Kubik has closed its $5.2 million seed funding round with a significant $1.86 million seed extension, marking a milestone in climate and sustainability solutions.
This achievement positions Kubik as the first Ethiopian company to secure a multi-million dollar investment in this sector, with notable participation from investors like African Renaissance Partners, Endgame Capital, and King Philanthropies. Kubik focuses on upcycling plastic waste into low-carbon, durable building materials, thereby addressing plastic pollution and promoting eco-friendly development practices across Africa.
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The funding infusion will fuel Kubik’s expansion efforts, enabling the scaling of production capacity, team expansion, market presence enhancement in Ethiopia, and technology improvement for waste traceability and environmental impact tracking. Moreover, Kubik aims to empower female waste collectors as part of its strategic initiatives, aligning with its vision of sustainable growth and community impact.
Recent milestones include the launch of a new plastic upcycling factory in Ethiopia’s Adama Industrial Park, strategic partnerships with stakeholders like the City of Addis Ababa, and securing contracts with reputable clients such as Pharo Ventures and Cornerstone Development Group.
Kubik’s business model addresses a critical need while delivering tangible environmental benefits. The company’s “Net Zero Plastic” programs have attracted interest from businesses seeking responsible plastic waste management solutions, indicating a growing demand for sustainable alternatives in the construction industry.
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