Ethiopian eco-startup Kubik has successfully closed its seed funding round, raising an impressive $5.2 million. Leading the investment effort are African Renaissance Partners, alongside prominent backers such as Endgame Capital, Ethiopian Pharo Ventures, and King Philanthropies.
Founded in 2021 by Kidus Asfaw and Penda Marre, Kubik operates from its recently established factory at the Adama Industrial Park in Addis Ababa. The startup specializes in repurposing plastic waste into eco-friendly building materials, including low-carbon bricks, columns, and beams.
This substantial investment is aimed at accelerating Kubik’s operations within Ethiopia and paving the way for expansion into other African markets by 2025. CEO Kidus Asfaw expressed gratitude for the support, emphasizing the shared vision of building a sustainable and affordable future.
Kubik’s innovative solution addresses the dual challenge of affordable housing and environmental sustainability. Their building materials offer a cost-saving advantage, being 40% more economical per square meter compared to conventional alternatives like cement, while also significantly reducing carbon emissions.
The timing of this investment aligns with positive projections for the global affordable housing market, valued at over $2.2 trillion. With a growing emphasis on sustainability, Kubik’s eco-friendly materials are well-positioned to meet the rising demand for alternative construction solutions.
Having been recognized as the ‘Global Startup of the Year’ at the 2023 VivaTech conference, Kubik is poised for further growth. Scaling up waste collection efforts and leveraging technology to track plastic waste will be crucial steps in the startup’s expansion strategy.
In summary, Kubik’s successful seed funding round underscores investor confidence in its mission to provide sustainable, affordable housing solutions. With this support, Kubik is well-equipped to contribute positively to both the construction industry and environmental conservation efforts in Africa and beyond.
photo source: Google
By: Montel Kamau
Serrari Financial Analyst
30th April, 2024
Article and News Disclaimer
The information provided on www.serrarigroup.com is for general informational purposes only. While we strive to keep the information up to date and accurate, we make no representations or warranties of any kind, express or implied, about the completeness, accuracy, reliability, suitability, or availability with respect to the website or the information, products, services, or related graphics contained on the website for any purpose. Any reliance you place on such information is therefore strictly at your own risk.
www.serrarigroup.com is not responsible for any errors or omissions, or for the results obtained from the use of this information. All information on the website is provided on an "as-is" basis, with no guarantee of completeness, accuracy, timeliness, or of the results obtained from the use of this information, and without warranty of any kind, express or implied, including but not limited to warranties of performance, merchantability, and fitness for a particular purpose.
In no event will www.serrarigroup.com be liable to you or anyone else for any decision made or action taken in reliance on the information provided on the website or for any consequential, special, or similar damages, even if advised of the possibility of such damages.
The articles, news, and information presented on www.serrarigroup.com reflect the opinions of the respective authors and contributors and do not necessarily represent the views of the website or its management. Any views or opinions expressed are solely those of the individual authors and do not represent the website's views or opinions as a whole.
The content on www.serrarigroup.com may include links to external websites, which are provided for convenience and informational purposes only. We have no control over the nature, content, and availability of those sites. The inclusion of any links does not necessarily imply a recommendation or endorsement of the views expressed within them.
Every effort is made to keep the website up and running smoothly. However, www.serrarigroup.com takes no responsibility for, and will not be liable for, the website being temporarily unavailable due to technical issues beyond our control.
Please note that laws, regulations, and information can change rapidly, and we advise you to conduct further research and seek professional advice when necessary.
By using www.serrarigroup.com, you agree to this disclaimer and its terms. If you do not agree with this disclaimer, please do not use the website.
www.serrarigroup.com, reserves the right to update, modify, or remove any part of this disclaimer without prior notice. It is your responsibility to review this disclaimer periodically for changes.
Serrari Group 2023
