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Plastic upcycling startup, Kubik, has announced a significant milestone in its journey, securing a $1.9 million seed extension funding. This injection of capital comes months after the initial equity investment and marks a pivotal moment for the company.
The latest investment round saw participation from prominent backers, including African Renaissance Partners, Endgame Capital, and King Philanthropies. With this fresh infusion of funds, Kubik is poised to accelerate its operations, particularly in Ethiopia, where it recently launched a factory in Addis Ababa.
Transforming Plastic Waste into Building Materials
At the heart of Kubik’s mission is the transformation of plastic waste into interlocking building materials, such as bricks, columns, beams, and jambs. CEO Kidus Asfaw envisions a future where these materials revolutionize construction practices across Africa and beyond.
A Circular Business Model
Asfaw emphasizes Kubik’s commitment to a circular business model, aimed at solving urban challenges while minimizing environmental impact. The company plans to expand its footprint across Africa, laying the groundwork for sustainable growth in the region.
Kubik’s innovative approach not only addresses the pressing issue of plastic waste but also offers practical solutions for affordable housing projects. By providing low-cost building materials that pass safety standards, the company aims to make construction more accessible and environmentally friendly.
Scaling Impact
With a capacity to recycle thousands of kilograms of plastic waste per day, Kubik is well-positioned to make a significant impact on plastic pollution. The startup’s partnerships with corporates and local authorities underscore its commitment to driving change at scale.
Addressing the Global Plastic Crisis
The global plastic crisis calls for urgent action, and startups like Kubik are at the forefront of providing sustainable solutions. As plastic production continues to rise, innovative approaches to recycling and repurposing are essential to mitigate environmental damage.
As Kubik continues to expand its operations and product offerings, it represents a beacon of hope in the fight against plastic pollution. With a focus on sustainability and affordability, the company is paving the way for a greener, more resilient future.