Kubik Raises $1.9M to Expand Plastic Upcycling and License Tech
Kubik, an Ethiopian startup specializing in plastic upcycling, has secured a $1.9 million seed extension round led by African Renaissance Partners, Endgame Capital, and King Philanthropies. The capital injection is aimed at expanding Kubik's footprint within Ethiopia and beyond, following the recent inauguration of its Addis Ababa factory. The company, which was co-founded by Kidus Asfaw and Penda Marre, converts plastic waste into eco-friendly and cost-effective building materials.
The technology developed by Kubik enables the construction of walls without traditional materials like cement, aggregates, or steel, cutting construction costs by an estimated 40% per square meter. With a current daily recycling capacity of 5,000 kilograms of plastic waste, Kubik has the potential to increase this to 45,000 kilograms. As part of its growth strategy, Kubik is set to license its proprietary technology globally, aiming to accelerate its expansion across Africa and into international markets.
