ETHIOPIA: plastic recycling start-up Kubik raises $5.2 million for its expansion

ETHIOPIA: plastic recycling start-up Kubik raises $5.2 million for its expansion
ETHIOPIA: plastic recycling start-up Kubik raises $5.2 million for its expansion

While pollution by plastic waste is increasing in Ethiopia, the Ethiopian start-up Kubik is banking on recycling to reduce the excess waste in the environment, in particular by recovering this waste into construction materials. low carbon emissions. To accelerate its activities in Ethiopia and Kenya where it is also present, and continue its expansion in Africa, the young company recently raised $5.2 million in seed funding from African Renaissance Partners, Net-zero focused , Endgame Capital, and King Philanthropies.

“We are extremely excited to support Kubik in the next phase of its growth. Led by a remarkable team, the technology developed by the company enables millions of people to benefit from more affordable and better housing conditions. From a climate perspective, cement is responsible for 8% of global greenhouse gas (GHG) emissions. Finding an alternative that is not only more sustainable, but also significantly cheaper, is an exceptional achievement”said Jinna Li and John Mairlot, partners at Endgame Capital during the fundraising.

In fact, Kubik’s products cost at least 40% less per square meter and have chemical properties that make them safe, non-flammable and non-degradable. Additionally, these products are low carbon, with GHGs at least five times lower than cement-based products. In addition to increasing its production, Kubik will leverage this new financing to expand its team and presence in the Ethiopian market, strengthen its improved plastic waste tracing and environmental impact monitoring technology, and expand its scope of action to empower women who collect waste.

Read also – Can the circular economy better contribute to climate action in Africa?

“Through our ‘Net Zero Plastic’ programs, companies in the hospitality and service sector have committed to working with Kubik and transforming their waste into Kubik products,” says Kidus Asfaw, the co-founder and CEO of Kubik. The company also launched a new plastic recycling plant in the state-of-the-art Adama Industrial Park, Ethiopia and began sourcing plastic on a large scale in collaboration with the Ethiopian capital Addis Ababa and various social enterprises in the waste management sector, etc. Because, to achieve its objective, the nugget will also have to increase the quantity of plastic waste recovered by Kubik, today estimated at 45,000 kg per day, or 4% of plastic waste produced on the African continent.

The start-up Kubik emphasizes that this is its last seed fundraising. As of June 2023, it has raised $3.34 million, funding which has also improved the supply potential of its eco-friendly materials for construction, currently estimated at over a quarter of a million square meters of wall surface each year in Africa and around the world.

Inès Magoum

-

-

PREV Twitter Founder Sees Bitcoin Surpassing $1 Million in 2030
NEXT ‘A crazy experience’: a French entrepreneur went to space | TV5MONDE