Ethiopian building materials venture secures seed funding

Kubik, a startup specialising in the transformation of hard-to-recycle plastic waste into affordable, low-carbon building materials, has raised a $3.34 million seed funding round.

Participating investors included Plug & Play, BESTSELLER Foundation, GIIG Africa Fund, Satgana, Unruly Capital, Savannah Fund, African Renaissance Partners, KAZANA Fund, Princeton Alumni Angels, and Andav Capital. In addition, strategic angel investors such as Joel Holsinger, Will Abbey, and Maex Ament provided support. The funds raised will be utilised to drive the expansion of Kubik’s operations throughout Ethiopia.

“We are delighted to have achieved this significant milestone in our fundraising efforts,” said Kidus Asfaw, co-founder and CEO of Kubik. “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 liveable world for all.”

“We are thrilled to invest and partner with Kubik on their transformative journey,” said Romain Diaz, co-founder of climate tech VC Satgana. “Their purpose-driven vision, exceptional team, and unique business model – combining positive social impact, circular economy, and low-carbon construction – positions Kubik as a scalable and sustainable solution to Africa’s most pressing challenges. We are honoured to be part of this extraordinary adventure.”

Mbwana Alliy, managing partner at Savannah Fund added “Kubik is solving two of the most pressing challenges in Africa in an innovative value proposition that cuts across construction and climate tech starting with Ethiopia. At Savannah Fund we are excited to help Kubik to expand across sub-saharan Africa.”