African tech startup Kubik has announced a $5.2 million seed funding round, making it the first Ethiopian company to raise a multi-million dollar investment in climate and sustainability solutions.
Ethiopia’s First Company To Raise Multi-Million Climate Investment
Kubik, named the Global Startup of the Year 2023, is an environmental company that uses tech to help countries reduce their carbon and plastic footprint.
They turn hard-to-recycle plastic waste into low-cost, low-carbon, interlocking building material by removing environmental waste and creating ultra-durable, safe, affordable buildings.
They are on a mission to build dignity through clean and affordable living for all, with their products costing at least 40% less per square metre than traditional cement-based development.
Additionally, their low-carbon qualities yield five times less greenhouse gas emissions.
The $5.2M Seed Funding Round
In its $5.2 million seed funding round, investors included East African venture capital firm African Renaissance Partners, Endgame Capital and King Philanthropies.
The proceeds are reportedly being used to scale production, grow its team and market presence in Ethiopia, while strengthening its tech to trace waste and track environmental impact.
It also aims to deepen its reach to empower female waste collectors.
“We are thrilled to close our $5.2 million seed funding round and welcome our stellar new investors,” said Kidus Asfaw, Co-Founder and CEO of Kubik.
“They have seen Kubik’s compelling market opportunity, our delivery against our strategy to date, and share our purpose-driven vision – to build sustainably and affordably to a brighter, greener future.”
Kubik has also sent waves around businesses taking the initiative to be responsible for their plastic waste.
Through its “Net Zero Plastic” programmes, pledges from the hospitality and services industry have come to partner with Kubik and curb their waste into Kubik products.
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