Ethiopian startup Kubik, which turns plastic waste into eco-friendly building materials, has secured $1.9 million in funding to grow its operations.
The money comes from African Renaissance Partners, Endgame Capital, and King Philanthropies. Kubik recently opened a factory in Addis Ababa to make bricks and other building supplies from plastic waste.
Founded in 2021 by Kidus Asfaw and Penda Marre, Kubik aims to tackle housing and waste problems in Africa by repurposing hard-to-recycle plastic into affordable construction materials.
Last year, they raised $3.34 million to ramp up production, with plans to expand across Africa by 2025.
Asfaw stated that the new funding will help Kubik meet rising demand, improve technology, support female waste collectors, and accelerate their growth across the continent. Their innovative products enable construction without traditional materials like cement and steel, slashing costs by 40% per square metre.
Currently, Kubik processes 5,000 kilograms of plastic waste daily, with a capacity for 45,000 kilograms through partnerships with corporations and the Addis Ababa municipality.
This initiative is vital as global plastic production exceeds 400 million tonnes yearly, with only a small fraction being recycled.
Africa faces a particular challenge, with a rising tide of single-use plastic causing pollution and health issues amidst population growth and urbanisation.
Related Posts
Klasha Raises An Additional $2 Million To Expand B2B Cross-Border Payment Rails Into China
Moove Expands To Mexico, Extending Global Footprint
