Kubik, an African tech startup, has achieved a significant milestone by raising an impressive $5.2 million in a seed round. 

This achievement marks a major success for the Ethiopian startup and positions it as the pioneer in securing a multi-million dollar investment in climate and sustainability solutions.

The seed funding round, which has propelled Kubik’s mission forward, was made possible by the support of key investors. These include East African venture capital firm African Renaissance Partners, Endgame Capital, and King Philanthropies. 

“We are thrilled to close our $5.2 million seed funding round and welcome our stellar new investors,” Kidus Asfaw, Co-founder and CEO of Kubik, said. “They have seen Kubik’s compelling market opportunity, our delivery against our strategy to date, and share our purpose-driven vision – to build sustainably and affordably to a brighter, greener future.”

Kartick Kumar, the Managing Director at King Philanthropies, said in a press release, “Kubik’s vision to build safe and affordable living for all speaks directly to King Philanthropies’ mission to catalyze solutions at the intersection of climate and livelihoods.”

“Kubik is at the forefront of innovation in Ethiopia and across the African market, and we’re proud to support the tremendous impact they’re making combatting plastic waste and providing safe, durable, and affordable housing, Kumar continued.”

Kubik plans to use the funds to scale its team and presence in the country. It also seeks to improve its technology to track waste and gather metrics on environmental impact. It plans to widen its reach to include female waste collectors.

“The new funding will allow us to keep up with the escalating demand we’re experiencing, scale our operations further with enhanced technology, empower more female waste collectors, and turbo-charge our pan-African growth ambitions,” Asfaw explained. “We look forward to the future with great confidence.”

The new capital injection follows a $3.34 million seed round raised in 2023. 

About Ethiopian Sustainable Tech Startup Kubik

Kubik is an environmental company that uses tech to help countries reduce their carbon and plastic footprint. It was founded in 2021 by Kidus Asfaw and Penda Marre. The upcycling startup has operations in Kenya and Ethiopia. 

Kubik, the winner of the Global Startup of the Year 2023, turns hard-to-recycle plastic waste into low-cost, low-carbon, interlocking building material by removing environmental waste and creating ultra-durable, safe, affordable buildings.

The tech startup aims to build dignity through clean and affordable living for all. Their products cost 40% less per square metre than traditional cement-based development. Additionally, their low-carbon qualities yield five times fewer greenhouse gas emissions.

Image Credits: Kubik