Circular economy and climate tech startup Kubik has successfully completed its initial milestone in the seed investment round, raising an oversubscribed $3.34M. The Ethiopian-based startup specializes in transforming hard-to-recycle plastic waste into affordable, low-carbon building materials. The funding round attracted multinational investors, including Plug & Play, BESTSELLER Foundation, GIIG Africa Fund, and Satgana, among others. With this investment, Kubik aims to expand its operations throughout Ethiopia and advance the development of affordable housing solutions across Africa.
Recognition and Traction
Kubik’s innovative building materials have gained significant traction in the market, attracting both investors and customers. The startup was recently honored as the Startup of the Year 2023 by the prestigious Global Startup Awards. Furthermore, the International Finance Corporation (IFC) recognized Kubik as the leading ClimateTech startup in Africa during the VivaTech Conference in Paris. These accolades highlight the potential impact of Kubik’s purpose-driven vision and its unique business model that combines positive social impact, circular economy principles, and low-carbon construction.
Support from Strategic Investors
The participation of strategic angel investors such as Joel Holsinger, Will Abbey, and Maex Ament, along with prominent venture capital firms like Satgana, has provided crucial support for Kubik’s growth. Romain Diaz, co-founder of Climate Tech VC Satgana, expressed enthusiasm for partnering with Kubik and commended their purpose-driven vision and exceptional team. The alignment of Kubik’s values with its sustainable and scalable solution positions the startup as a game-changer in Africa’s real estate sector and attracts interest from sustainability-focused investors.
Revolutionizing the Construction Sector
Kubik’s technology, aimed at reducing plastic waste and enhancing city infrastructure, has the potential to transform the real estate sector. By repurposing hard-to-recycle plastic waste, the startup significantly drives down material costs and carbon emissions in construction. Moreover, Kubik’s efforts to create sustainable solutions align with the goals of sustainability investors, who recognize the importance of waste reduction and environmental preservation.
Empowering Women Waste Collectors
In addition to addressing the housing and waste crises in Africa, Kubik has a strong focus on improving the working and living conditions of women waste collectors. The startup aims to formalize the sector, providing safe and clean working conditions while creating dignified and long-lasting housing for these women. By empowering women through its women-first agenda in the waste management and construction sectors, Kubik strives to promote financial independence and gender equality.
Future Growth and Funding
Kubik, founded in 2021 by Co-Founders Kidus Asfaw and Penda Marre, has made significant strides in a short period. The startup plans to expand its operations beyond Ethiopia and aims to close its next fundraising milestone with mission-aligned investors who can support its next phase of growth. With its innovative solutions and strong commitment to sustainability, Kubik is well-positioned to make a lasting impact on the construction industry while improving living conditions and promoting environmental stewardship.
Kubik’s successful seed funding round marks a significant milestone for the startup in its mission to transform plastic waste into affordable, low-carbon building materials. With the support of multinational investors and strategic partners, Kubik is poised to revolutionize the construction industry in Africa and beyond. By addressing the pressing challenges of waste management, affordable housing, and gender equality, Kubik is paving the way for a more sustainable and inclusive future.
