Plastic upcycling startup, Kubik, has secured a $1.9 million seed extension from various investors, including African Renaissance Partners, Endgame Capital, and King Philanthropies. This funding follows the initial equity investment that the startup received. With this fresh capital, Kubik plans to expand its operations in Ethiopia, where it recently launched its factory in Addis Ababa.
The startup’s primary focus is on upcycling plastic waste into building materials such as bricks, columns, beams, and jambs. By utilizing their proprietary technology, Kubik is able to create “low-carbon, durable, and affordable” materials that can be used in construction. CEO Kidus Asfaw explains that the company’s long-term goal is to license this technology for pan-African and global growth.
According to Asfaw, Kubik aims to solve urban challenges by adopting a truly circular business model. The startup intends to prove the effectiveness of their model in Ethiopia before expanding to other markets and demonstrating its versatility. Asfaw believes that the key to scaling lies in licensing the technology rather than establishing multiple factories worldwide.
One of the main advantages of Kubik’s building materials is their cost-effectiveness. Developers can build walls without the need for cement, aggregates, or steel, resulting in a 40% reduction in cost per square meter. This affordability is particularly beneficial for developers working on affordable housing projects, as cost is often a significant barrier in construction.
To ensure the safety and quality of their products, Kubik has undergone safety testing by the European standards agency, Intertek. These tests assess strength, toxicity, and flammability. Asfaw emphasizes that they only began selling their materials after receiving the reports from Intertek, as they prioritize the well-being of their customers.
Currently, Kubik recycles 5,000 kilograms of plastic waste per day, with the capacity to process up to 45,000 kilograms. The startup has established partnerships with corporations and the Addis Ababa municipality to ensure a consistent supply of plastic waste. Additionally, Kubik is exploring product diversification, with plans to include pavers and flooring materials in their range.
The global plastic production stands at a staggering 430 million tonnes annually, with two-thirds being used for short-term purposes. This excessive plastic consumption has created a severe waste problem worldwide, particularly in rapidly urbanizing regions like African cities. Startups like Kubik have a crucial role to play in providing sustainable solutions to combat this issue.
As the demand for eco-friendly alternatives continues to grow, Kubik’s approach to upcycling plastic waste into building materials presents a promising solution. By reducing the reliance on traditional construction materials and addressing cost barriers, Kubik is paving the way for a more sustainable and affordable construction industry. With their focus on licensing their technology, Kubik aims to drive global adoption of their innovative approach, ultimately contributing to a cleaner and greener future.