AFRICA: start-up Kubik raises $3.34m to recycle plastic waste
Start-up Kubik, which operates in Ethiopia and Kenya, has just completed a financing round worth $3.34 million aimed at increasing its production of construction materials from plastic waste. The fund was contributed by ten investors made up of foundations, seed capital funds, consultancies and others.
A successful operation for Kubik. The start-up specialising in the recycling of plastic waste (polyethylene, polypropylene and polystyrene) into affordable construction materials has just completed the raising of capital to expand its activities in Africa. The $3.34 million funding was raised from a number of investors, including Plug and Play, Bestseller Foundation, GIIG Africa Fund, Satgana, Unruly Capital, Savannah Fund, African Renaissance Partners, Kazana Fund, Princeton Alumni Angels and Andav Capital.
The young company, which has operations in Ethiopia and Kenya, is delighted with this round of financing, which will enable it to increase its production of sustainable and affordable bricks, columns, beams and jambs from used plastics. “Materials that will enable developers to erect walls without the need for cement, aggregates and steel,” says Kidus Asfaw, CEO and co-founder of start-up Kubik with Penda Marre in 2021.
More than 250,000 m2 of wall surface per year
He adds that Kubik products cost at least 40% less per square metre and have chemical properties that make them safe, non-flammable and non-degradable. What’s more, these products are low-carbon, with greenhouse gas (GHG) emissions at least five times lower than those of cement-based products.
Initially, the young start-up will double its production of construction materials in Ethiopia, by the end of 2023, before extending its approach to other African countries, including Kenya. Achieving this objective will also require an increase in the amount of plastic waste recovered by Kubik, currently estimated at 45,000 kg per day, or 4% of the plastic waste produced on the continent, according to the start-up.
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Kubik has the potential to supply its eco-friendly materials for the construction of more than a quarter of a million square metres of wall surface every year in Africa and around the world. “We’re just getting started,” says Kidus Asfaw, CEO of the start-up, which has already won the FIC 2023 Start-up Award.
