This fresh capital injection follows their initial equity investment announced earlier this year.

The funding round included participation from African Renaissance Partners, a prominent East African venture capital firm, alongside Endgame Capital, a strong supporter of climate-focused technologies, and King Philanthropies, an investor dedicated to tackling climate change and extreme poverty.

This funding empowers Kubik to accelerate its operations in Ethiopia following the successful launch of its factory in Addis Ababa.

The factory transforms plastic waste into eco-friendly building materials such as interlocking bricks, columns, beams, and jambs.

Kubik’s vision extends beyond national borders. Co-founder and CEO, Kidus Asfaw, highlights their plan to leverage this investment to solidify their presence in Addis Ababa while laying the groundwork for Pan-African expansion starting in 2025.

Kubik’s core technology involves upcycling plastic waste into “low-carbon, durable, and affordable” building materials.

Asfaw reveals their strategic intent to license this proprietary technology in the future, aiming for both Pan-African and global impact.

“Our ultimate goal is to empower cities with a truly circular solution,” says Asfaw. “We’re currently focused on establishing a successful model here in Ethiopia.

Once proven, we’ll expand to a few additional markets, demonstrating the adaptability of this model. However, our long-term vision is to transition into a technology licensing company.”

Asfaw, who co-founded Kubik with Penda Marre in 2021, emphasizes: “This licensing approach is our key to true scalability. We envision a global industry adopting a new standard for sustainable building materials, not replicating factories worldwide.”

Currently, Kubik recycles 5,000 kilograms of plastic waste daily, with a maximum capacity of 45,000 kilograms.

Established partnerships with corporations and the Addis Ababa municipality ensure a steady supply of plastic waste. The company is also exploring product diversification, with pavers and flooring materials in the pipeline.