Ethiopian Startup Kubik Raises USD 3.34 M Seed Funding To Scale

Kubik, a pioneering startup specializing in the transformation of hard-to-recycle plastic waste into affordable, low-carbon building materials, announced today the successful completion of its seed investment round. The oversubscribed USD 3.34 M seed round included investors like, 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.

Kubik was founded in 2021 by Co-Founders Kidus Asfaw and Penda Marre with a mission to build dignity through clean and affordable living for all. The company’s low-carbon, affordable building materials are created by transforming hard-to-recycle plastic waste to tackle Africa’s housing and waste crises. The company was recently recognized as the Startup of the Year 2023 by the prestigious Global Startup Awards. The funds raised will be utilized to drive the expansion of Kubik’s operations throughout Ethiopia.