Ethiopia: Affordable building materials company raises $5.2m
Ethiopia: Affordable building materials company raises $5.2m
Kubik transforms recycled plastic waste into interlocking building materials.
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Kubik – an Ethiopian company using plastic waste to make affordable buildings – has raised a $5.2 million seed funding round.
Investors in the round include African Renaissance Partners, Endgame Capital and King Philanthropies.
Kubik’s products cost at least 40% less per square metre than traditional cement-based development, and its low-carbon qualities yield 5x less greenhouse gas emissions.
Kidus Asfaw, co-founder and CEO of Kubik said, “We are thrilled to close our $5.2 million seed funding round and welcome our stellar new investors. 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.”
Magdi Amin, managing partner at African Renaissance Partners commented, “Urbanisation creates enough plastic waste to cover a football field every minute. Kubik helps solve this problem, while delivering a product that lowers costs for home builders. African Renaissance Partners is proud to back Kubik expand its operations and demonstrate that solving major challenges is good business.”
Jinna Li and John Mairlot, partners at Endgame Capital said, “We are extremely excited to be supporting Kubik in the next phase of its growth. Led by an outstanding team, the technology the company is developing is enabling more affordable and better housing conditions for millions of people. From a climate perspective, cement is responsible for 8% of global greenhouse gas emissions. Finding an alternative that is not only more sustainable but also significantly cheaper is an outstanding achievement.”
Kartick Kumar, managing director at King Philanthropies commented, “Kubik’s vision to build safe and affordable living for all speaks directly to King Philanthropies' mission to catalyse 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.”
Read more: Ethiopian company converts plastic waste into affordable homes
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