Ethiopia’s Kubik, which specialises in the transformation of hard-to-recycle plastic waste into affordable, low-carbon building materials, has raised US$3.34 million via an oversubscribed seed round of funding to help it scale.
Founded in 2021 by Kidus Asfaw and Penda Marre, Kubik produces low-carbon, affordable building materials from plastic waste to tackle Africa’s housing and waste crises.
It currently operates in Ethiopia, and plans to expand throughout Africa and the world, with this goal now funded to the tune of US$3.34 million through its oversubscribed seed round. Participating investors included Plug & Play, BESTSELLER Foundation, GIIG Africa Fund, Satgana, Unruly Capital, Savannah Fund, African Renaissance Partners, KAZANA Fund, Princeton Alumni Angels, and Andav Capital.
In addition, strategic angel investors such as Joel Holsinger, Will Abbey, and Maex Ament provided crucial support. The funds raised will be utilized to drive the expansion of Kubik’s operations throughout Ethiopia for now.
“We are delighted to have achieved this significant milestone in our fundraising efforts,” said Asfaw, Kubik’s CEO. “This investment will fuel our growth and enable us to enhance our team as we continue to advance the development of affordable housing solutions across the African continent. We are immensely grateful for the passionate and strategic investors and partners who share our vision of providing a livable world for all.”
