Kubik, a plastic upcycling startup, has secured a $1.9 million seed extension, following its initial equity investment announcement. The latest funding round includes investments from African Renaissance Partners, Endgame Capital, and King Philanthropies.
With the new funding, Kubik is expanding its operations in Ethiopia after launching a factory in Addis Ababa where plastic waste is transformed into building materials like bricks, columns, and beams. Kubik’s CEO, Kidus Asfaw, shared that the company plans to focus on growing in Addis Ababa as a strategic move towards pan-African expansion starting in 2025.
Kubik utilizes proprietary technology to upcycle plastic waste into durable and affordable building materials, with plans to license this technology for wider adoption across Africa and globally.
As Asfaw explained, “Our business model is geared towards sustainability, and we aim to scale not by increasing our factory footprint but by licensing out our technology for global impact.”
The company’s innovative approach allows for faster and cost-effective construction, reducing the need for traditional building materials like cement and steel by up to 40% per square meter. This cost reduction is crucial for affordable housing projects.
Kubik’s materials have passed safety tests by organizations like Intertek, ensuring compliance with European standards for strength, toxicity, and flammability.
Currently recycling 5,000 kilograms of plastic waste daily (with the capacity for 45,000), Kubik has established partnerships with corporates and the Addis Ababa municipality for a steady supply of plastic waste. Future plans include diversifying their product range to cover pavers and flooring material.
With the world producing 430 million tonnes of plastic annually, the need for sustainable solutions like Kubik is evident, especially in regions like African cities where plastic waste management is becoming a significant challenge.
