Kubik's Green Innovation: $5.2M Funding Milestone

Kubik's Green Innovation: $5.2M Funding Milestone

By Staff Writer, 30 April 2024

African environmental tech startup, Kubik, has reached a significant milestone by securing a $1.86 million seed extension, finalizing its seed funding round at $5.2 million.

Originally raising $3.34 million in June 2023, Kubik’s achievement not only cements its position as a major player in climate and sustainability solutions but also marks a historic moment as the first Ethiopian company to secure a multi-million dollar investment in this field.

The funding round attracted participation from prominent investors such as African Renaissance Partners, Endgame Capital, and King Philanthropies, highlighting the industry's recognition of Kubik's potential to drive positive change.

Founded in 2021 by Kidus Asfaw and Penda Marre, Kubik’s primary objective is to utilize environmental technology to convert plastic waste into durable, low-carbon, and cost-effective building materials.

This innovative approach not only addresses the issue of plastic pollution but also promotes eco-friendly construction practices across Africa.

Kubik's products offer substantial cost savings, approximately 40% per square meter compared to traditional cement-based materials, while emitting significantly fewer greenhouse gas emissions—five times less, to be precise.

With the infusion of funding, Kubik plans to scale up its production capacity, expand its team and market presence within Ethiopia, improve its technology for waste traceability and environmental impact assessment, and empower female waste collectors.

These strategic initiatives are aligned with Kubik’s overarching vision of fostering sustainable growth and bringing about positive change in communities throughout Africa.

Source: Innovation Village

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