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Startup of the Year Kubik Raises $3.34M Seed to Scale Sustainable Building Tech in First Market

Circular economy and climate tech startup, Kubik, brings multinational investors on its journey to build a livable world for all.

Addis Ababa, Ethiopia – June 23, 2023 – Kubik, a pioneering startup specializing in the transformation of hard-to-recycle plastic waste into affordable, low-carbon building materials, announced today the successful completion of the initial milestone in its seed investment round. Attracting significant investor interest, an oversubscribed $3.34M was raised. 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 crucial support. The funds raised will be utilized 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 livable world for all.”

Kubik's innovative building materials have garnered substantial traction in the market, attracting both investors and customers. The company was recently recognized as the Startup of the Year 2023 by the prestigious Global Startup Awards. Furthermore, it received acclaim from the International Finance Corporation (IFC), which hailed Kubik as the leading ClimateTech startup in Africa during the VivaTech Conference in Paris last week.

Kidus Asfaw with French President Emmanuel Macron at VivaTech 2023.

"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 honored to be part of this extraordinary adventure.”

Being one of the first early-stage companies to raise a multi-million dollar investment focused on operations in Ethiopia, Kubik’s technology is widely being recognized as a game changer to the real estate sector with its ability to significantly drive down both material costs and carbon emissions in construction. Its ability to remove hard-to-recycle plastic waste is also creating excitement among sustainability investors.

Matthew Claxton, Partner & Global Director of Sustainability at Plug and Play said, “We are thrilled to partner with Kidus and the Kubik team to amplify their solution for reducing plastic waste and enhancing city infrastructure. Witnessing their impressive growth in recent months has been truly rewarding, and we eagerly anticipate their promising future.”

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 saharahan Africa.”

Co-Founders of Kubik, Kidus Asfaw and Penda Marre.

Kubik was founded in 2021 by Co-Founders Kidus Asfaw and Penda Marre with a mission to build dignity through clean and affordable living for all. The company's low-carbon, affordable building materials are created by transforming hard-to-recycle plastic waste to tackle Africa’s housing and waste crises and has offices in Ethiopia and Kenya.

Penda Marre, Co-Founder & Chief of Country Operations of Kubik explained, “we aim to improve the working and living conditions of women waste collectors who work in poor conditions around waste fields. Our plan is to formalize the sector, providing them with safe and clean working conditions, as well as a dignified and long-lasting place to live.” She added, “We want to help them become financially independent by empowering them through Kubik’s women-first agenda in the waste management and construction sectors.”

Kubik is seeking to close its next fundraising milestone through mission-aligned investors that can support its next phase of growth.

Co-Founders of Kubik, Kidus Asfaw and Penda Marre.

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