To expand its sustainable building technology, Ethiopia’s Kubik raised $3.34 M Seed funding

Kubik, an Ethiopian company that specializes in turning difficult-to-recycle plastic waste into inexpensive, low-carbon building materials, has raised US $3.34 million through an oversubscribed seed round of funding to support its growth.

Kidus Asfaw and Penda Marre established Kubik in 2021 to address the housing and waste crises in Africa by creating low-carbon, cost-effective building materials from plastic waste.

It currently operates in Ethiopia and has plans to spread throughout Africa and the rest of the world. Thanks to its oversubscribed seed round, it has now received funding totaling US $3.34 million to help it achieve this goal. African Renaissance Partners, Plug & Play, BESTSELLER Foundation, GIIG Africa Fund, Satgana, Unruly Capital, Savannah Fund, Princeton Alumni Angels, and Andav Capital were some of the investors who took part.

Strategic angel investors like Joel Holsinger, Will Abbey, and Maex Ament also contributed significantly. For the time being, the money raised will be used to propel the expansion of Kubik’s operations across Ethiopia.

“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.”