Plastics upcycling startup Kubik has raised a $1.9 million seed extension, months after announcing its first equity investment. The latest investment in the startup comes from African Renaissance Partners, an East African venture capital firm. Endgame Capital is an investor biased towards climate-related technologies. and King Philanthropies, a climate change and extreme poverty investor.
The new capital comes as the startup expands in Ethiopia after launching a factory in Addis Ababa, where it is turning plastic waste into interlocking building materials such as bricks, columns, beams and frames. . Kubik co-founder and CEO Kidus Asfaw told TechCrunch that the company intends to double its operations in Addis Ababa to lay the foundation for pan-African growth starting in 2025. Told.
Kubik’s approach involves using proprietary technology to upcycle plastic waste into “low-carbon, durable and affordable” building materials, and Asfaw is a pan-African The company says it plans to license it out for rapid and eventually global growth.
“What we want to do is solve urban problems, so we’re thinking about our business model being truly circular. We are at a stage where we are focused on demonstrating in Ethiopia, but we plan to expand to several more markets to prove the diversity of situations in which this business model works. “And what we really want to do is move to a company that licenses out this technology,” said Asfaw, who co-founded Cubic with Penda Mare in 2021.
“In doing so, we feel we can really scale, not by having factories all over the world, but by adopting new ways for this industry to make materials around the world.” he said.
He said the company’s products allow developers to build walls without the need for cement, aggregate or steel, speeding up construction and reducing costs by “at least 40% per square meter.” Ta. Cost is a major barrier in construction, and the availability of affordable or cheaper building materials is a better option for developers of affordable housing projects.
Asfaw said Cubic’s material had passed safety tests by European standards agency Intertek, which tested it for strength, toxicity and flammability.
“We don’t want to sell anything that is harmful to humans. We did not start selling until these reports were available,” he said.
The startup currently recycles 5,000 kilograms (up to 45,000 kilograms) of plastic waste per day. It has partnered with companies and the Addis Ababa municipality for regular supplies of plastic waste. In the short term, we are considering diversifying our products to cover paving and flooring materials.
It is estimated that the world produces 430 million tonnes of plastic each year, two-thirds of which are used for short-term purposes. Clearly, the world is choking on plastic waste, a situation exacerbated by consumerist trends in developed countries, while regions facing rapid urbanization and economic growth, such as African cities. But plastic waste is getting out of control and urgent action is needed. In the coming days, startups like Kubik will play a leading role in providing sustainable solutions to the threat.
