Kubik of Ethiopia has secured US$3.34 million through an oversubscribed seed round of funding to help it scale.
Kubik specializes in turning difficult-to-recycle plastic waste into inexpensive, low-carbon building materials.
Plug & Play, BESTSELLER Foundation, GIIG Africa Fund, Satgana, Unruly Capital, Savannah Fund, African Renaissance Partners, KAZANA Fund, Princeton Alumni Angels, and Andav Capital were among the investors who took part in the funding round.
Strategic angel investors like Joel Holsinger, Will Abbey, and Maex Ament also contributed significantly.
Kidus Asfaw and Penda Marre founded Kubik in 2021 to address the housing and waste challenges in Africa by turning plastic waste into low-carbon, cost-effective building materials.
The CEO of Kubik, Asfaw, expressed excitement at reaching this important fundraising milestone. ““We are delighted to have achieved this significant milestone in our fundraising efforts, 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.”
The funds that was raised is going to be put toward expanding Kubik’s business operations over the whole country of Ethiopia for the time being.