Kubik, an Ethiopian clean technology firm that specializes in the manufacturing of affordable, low-carbon construction materials from recycled plastic trash, has recently announced that it was successful in raising $3.34 million in an oversubscribed seed fundraising round.
A number of well-known organizations, including Plug & Play, the BESTSELLER Foundation, the GIIG Africa Fund, mSatgana, Unruly Capital, the Savannah Fund, African Renaissance Partners, and KAZANA Fund, participated in the round by making investments.
The Princeton Alumni Angels and Andav Capital are two significant investors that took part in this round, along with a number of additional angel investors.
The revolutionary solution provided by the clean technology startup offers building materials that are not only noticeably more affordable than conventional options but also much faster to construct and almost five times less polluting than cement. Kubik intends to broaden its presence throughout Ethiopia with the assistance of the newly acquired funding.
Kidus Asfaw, who is also the CEO of Kubik and a co-founder of the company, voiced his contentment with this accomplishment by saying, “We are delighted to have reached this significant milestone in our fundraising endeavors.
This investment will fuel our growth and enable us to strengthen our team as we continue to advance the development of affordable housing solutions throughout Africa. We are immensely grateful for the support and strategic partnership of our passionate investors and partners who share our vision of creating a livable world for all.”
Read also: Rwanda, UNEP, Others Secure Funding For Eco-Friendly Fridges, Air Conditioners
The obstacle that Kubik is attempting to overcome
Kidus Asfaw and Penda Marre established Kubik in 2021 with the intention of addressing the housing and trash problems that plague Africa while simultaneously promoting a lifestyle that is both clean and inexpensive for all people. Kubik’s goal is to alleviate the housing problem and contribute to efforts to manage trash across the continent by transforming waste plastic that is difficult to recycle into low-carbon, affordable building materials.
It is important to note that each year, people in Africa produce roughly 42 million tonnes of waste made of plastic, with Ethiopia alone accounting for approximately 386,000 tonnes of this total. However, due to reasons such as a lack of knowledge and education, insufficient recycling legislation and regulations, and inadequate recycling infrastructure across the continent, only 4% of this plastic garbage is currently recycled.
In recent years, Ethiopia has seen a consistent increase in the number of people living in urban areas. As a consequence, the country’s garbage generation has increased from 9,700 tonnes per day in 2015 to 12,200 tonnes per day in 2020. According to projections, by the year 2030, Ethiopia’s daily garbage production will have increased by a factor of two compared to the estimates for the year 2015.
The boom in urbanization and population expansion has resulted in a similar increase in the use of single-use plastics, which has the effect of aggravating both environmental degradation and threats to human health. The low-carbon and cost-effective building materials offered by Kubik are an essential component of the solution to these difficulties.
Tech-enabled low-carbon entrepreneurs in Africa get $48.1 million from E3LCEF
An impressive tidal wave of clean technology
An impressive tidal wave of clean technology firms is about to sweep over Africa as a result of the rising tide of awareness and enthusiasm for sustainable practices. With the help of Mr Green Africa, leftover plastic is being given a second chance at life by being transformed into high-quality post-consumer resin in countries ranging from Kenya to the Ivorian Coliba.
These fearless innovators are prepared to mould a future where harmony between humans and the environment is deemed to be of the utmost importance. From the ethereal realms of renewable energy to the mystical landscapes of waste management, water conservation, and sustainable agriculture, these pioneers are poised to make a difference.