Ethiopian plastic upcycling startup Kubik gets $1.9m seed extension

BREAKING NEWSApril 29, 2024 at 2:04 PM UTC

TLDR

Kubik, a plastic upcycling startup, secures $1.9 million seed extension from investors including African Renaissance Partners, Endgame Capital, and King Philanthropies.
Kubik expands operations in Ethiopia by converting plastic waste into building materials using proprietary technology.
With plans to license its technology for broader expansion, Kubik aims to double operations in Addis Ababa and pave the way for expansion across Africa by 2025.

Kubik, a plastic upcycling startup, has secured a $1.9 million seed extension from investors including African Renaissance Partners, Endgame Capital, and King Philanthropies.

This funding boost comes as Kubik expands its operations in Ethiopia, leveraging its factory in Addis Ababa to convert plastic waste into building materials such as bricks, columns, beams, and jambs. It uses proprietary technology to transform plastic waste into durable and cost-effective building materials.

The startup plans to license this technology to accelerate its growth across Africa and eventually globally. With a focus on doubling its operations in Addis Ababa, Kubik aims to pave the way for broader expansion across Africa starting in 2025.

Points clés à retenir

Plastic pollution is a major problem that causes environmental damage and risks lives. Globally, plastic garbage production is on the path to quadruple to over 1,000 million tonnes by 2060. But estimates show that the share of recycled plastic will nearly double to 17% over the same period as plastic entering waste management systems grows. In Africa, recyclers recover only 4% of the waste generated, indicating a long way to go. But with VC-backed efforts from startups like Kubik, there’s a ray of hope.

Kubik

African Renaissance Partners

Endgame Capital

King Philanthropies

Seed Funding

Venture Capital

Venture Funding

Ethiopia