Kubikan African sustainable technology startup in Ethiopia. $5.2 million in seed funding round.
With this seed round, the company becomes the first Ethiopian company to raise multi-million dollar investment in climate and sustainability solutions.
Investors in the round include leading venture capital firms in East Africa Africa Renaissance Partners; Emphasis on net zero. endgame capital, Investors in technologies that address climate change.and climate and extreme poverty investors. King Philanthropy.
About the company
Kubik is an environmental technology that harnesses plastic waste to create low-carbon, durable and affordable buildings, removing plastic waste from the environment and promoting greener and cleaner development across Africa. It’s a company.
Kubik’s product prices are At least 40% reduction per square meter It is superior to traditional cement-based developments, with its low-carbon properties resulting in five times fewer greenhouse gas emissions.
what they are saying
“We are excited to close our $5.2 million seed funding round and welcome great new investors. They understand Kubik’s attractive market opportunity, our performance against our strategy to date, and our objective to build sustainably and affordably towards a brighter, greener future. Share the vision of leadership.” Kidas Asfawsaid Cubic’s co-founder and CEO.
“Today’s funding will enable us to respond to the increased demand we are experiencing, further expand our business with enhanced technology, empower more women waste collectors and build on our growth ambitions across Africa. can be accelerated.We look forward to the future with great confidence” Kidas said.
why is this important
The market factors in Mr. Kubik’s investment case are compelling. Affordable housing is $2.2 trillion global business Although it is in the red, Over 300 million units It is considered affordable for the poorest people.
With more than 40% of housing development costs attributed to materials, Cubic’s business model of turning hard-to-recycle plastic waste into affordable building materials is ideally placed.
what happens next
Kubik is pursuing a pan-African growth strategy and the proceeds will be used to scale up production, the company said. Grow your team and market presence in Ethiopia. Strengthen technology to track waste and track environmental impact. and deepening its reach to empower women waste collectors.
zoom out
The latest funding comes after a period of growth for Kubik, which saw the company launch a new plastic upcycling factory in a state-of-the-art facility in Ethiopia. Adama Industrial Park, Ethiopia. In collaboration with the City of Addis Ababa and various social enterprises in the waste management sector, we have started sourcing plastics on a large scale.
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