ETHIOPIA – Plastic upcycling startup Kubik has secured US$3.34 million in Seed funding to increase its focus on building material production in Ethiopia before expanding to other African countries.
The latest funding round was led by GIIG Africa Fund with the participation of Plug & Play, Bestseller Foundation, Satgana, Unruly Capital, Savannah Fund, African Renaissance Partners, Kazana Fund, Princeton Alumni Angels, and Andav Capital.
According to the startup, the fund will be used to drive the expansion of Kubik’s operations throughout Ethiopia.
Kubik specializes in the development of interlocking building materials, including bricks, columns, beams, and jambs.
These innovative materials enable developers to construct walls without the need for traditional cement, aggregates, and steel.
Moreover, Kubik’s products offer substantial cost savings, with prices at least 40% lower per square meter. The materials possess chemical properties that ensure safety, non-flammability, and non-degradability.
Additionally, they have a significantly lower carbon footprint, emitting greenhouse gases at least five times less than cement-based products.
Kidus Asfaw, co-founder of Kubik assures that Kubik’s products maintain the structural integrity of buildings and provide wall strength comparable to cement-based alternatives.
The company aims to construct over a quarter million square meters of wall surface area annually, which can potentially facilitate the construction of up to 10,000 affordable homes each year.
By revolutionizing construction practices with their transformative and eco-friendly materials, Kubik is paving the way for a more sustainable future, addressing pressing global challenges in the process.
GIIG Africa’s investment into Kubik comes as the startup was named the African winner in the category of Environment, Social & Governance (ESG) Technology and Startup of the Year at the African Startup Awards in June 2022.
This is the largest independent startup ecosystem competition on the continent and exclusive vehicle for the GIIG Africa Fund to find, fund and scale Africa’s most innovative startups with Sustainable Development Goal (SDG)-aligned solutions.
“We’re incredibly excited to welcome GIIG Africa as a strategic investor and partner within our growth journey,” said Asfaw.
“Their partnership goes beyond the capital, and we appreciate the team’s openness and enthusiasm to join our existing partners, including Savannah Fund, JLL Foundation, and a variety of angel investors across the United States, Europe and Africa.
“GIIG is going to play a key role in helping us capitalize on purposeful growth opportunities, as we aim to radically scale our production capabilities in 2023. Ahead of then, we’re looking forward to welcoming additional strategic partners to our investor base.”
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