Kubik upcycling operations will experience altered growth as the start-up company reports additional business capital sourced from equity investors to consent to innovate waste in the Horn of Africa. The Ethiopian recycling start-up announced its rival motive in its existing marketplace and gain a predominant stance in leading plastic waste reuse and sustainability inclined with the nature of upcycling.
Kubik currently operates in its host country and Kenya with hopes cross more borders in the continental digital sphere leading waste management in one with the start-up’s upcycling commitment. The Ethiopian upcycling start-up company is ideal to impact the continental recycling landscape starting from East Africa to the rest of the world.
The African recycling ecosystem is almost nascent covering less than 10% of the continental waste deposited in the ocean, while Kubik promises to accomplish salvaging more waste produced by 4% of its workforce in East Africa. The Ethiopian upcycling start-up has an impressive record of completing tasks focused on the innovation of certain recycled items suitable for conversion having completed more than 45,000 kg of plastic waste per day.
The upcycling start-up company CEO, Kidus Asfaw bragged about Kubik‘s workforce impact of 4% revenue growth from waste products and has been recognized with accolades for impacting the positive climate ecosystem in Africa. The Global Start-up Awards 2023 was hosted by VivaTech, an annual conference that ended the event by spotting the Ethiopian upcycling start-up and noticeable in the continental digital landscape.
Asfaw said that his start-up company produces serves cohort purposes and “can build anywhere up to 10,000 affordable homes per year, for example. Speaking of affordable housing, there is a 300M+ deficit of housing units globally that are considered affordable to the poor. This is a $2T+ market we have an opportunity to address, and we are just getting started.”
Kubik’s start-up is keen on driving impact by focusing on converting hard plastic-like materials that comprise polyethylene, polypropylene, and polystyrene. At the end of the day, the upcycling start-up company produces tons of building materials converted from landfill wastes to further commerce based on economic price tags.
It’s a no-brainer that the upcycling approach to ease off the continental recycling sector poses as an optimal innovation approach that brands waste items into new products of higher quality and greater functionality. This aspect of Kubik’s innovation has geared the start-up company to acquire additional business capital sourced from the venture capitalist equity pools to round up the $3.34 million Seed fundraiser.
The new funding will allow Kubik—founded in 2021 by Kidus Asfaw and Penda Marre—to scale its upcycling operations in both Ethiopia and Kenya, where its facilities convert hard-to-recycle plastics (polyethylene, polypropylene, polystyrene) into low-carbon, interlocking building materials such as bricks, beams, and columns. Today, Kubik repurposes 45,000 kg of plastic waste every day, with the capacity to produce enough material for 10,000 affordable homes per year using its proprietary process.
“This can build anywhere up to 10,000 affordable homes per year … speaking of affordable housing, there is a $2 trillion market opportunity we have an opportunity to address, and we are just getting started,” said Kidus Asfaw, Kubik’s CEO and co-founder.
The likes of Plug and Play, Bestseller Foundation, GIIG Africa Fund, Satgana, Unruly Capital, Savannah Fund, African Renaissance Partners, Kazana Fund, Princeton Alumni Angels, and Andav Capital are Kubik’s investors that completed the seed ROUND of millions of dollars to benefit from the recycling sector worthy of trillion dollars market capitalization in the nearest decades to come.