Ethiopian sustainable tech startup Kubik has scored a first for the country.
According to a press release sent to AFROTECH™, it has raised $5.2 million in a seed round. Investors include East African venture capital firm African Renaissance Partners, Endgame Capital, and King Philanthropies.
It will now further its work in using plastic waste to make affordable buildings and removing waste from the environment.
“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,” Kartick Kumar, managing director at King Philanthropies, said in a press release. “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.”
The funding round makes Kubik the first Ethiopian country to earn a multi-million-dollar investment in the area of climate and sustainability solutions, the press release notes.
“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, commented in the news release. “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.”
Looking ahead, Kubik plans to use the funds to scale its team and presence in the country. Additionally, it seeks to improve its technology that will help to track waste and gather metrics on environmental impact. It also plans to widen its reach to include female waste collectors.
“Today’s fund raise 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.”
