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Kubik, Inc., a pioneering African startup specializing in plastic waste upcycling, has secured $3.34 million in funding.
The investment aims to position Kubik as a leader in combating plastic pollution and promoting sustainable practices across Africa. The funding round was led by prominent venture capital firms, including Plug and Play Tech Center, BESTSELLER FOUNDATION, GIIG Africa Fund, Satgana, Unruly Capital, Savannah Fund, African Renaissance Partners, LLC, Kazana Fund, Princeton Alumni Angels, and Andav Capital.
Kubik’s unique upcycling process involves transforming post-consumer plastic waste into valuable and sustainable products. Founded in 2021, the startup repurposes plastic waste into building materials, furniture, and consumer goods. The latest funding round will enable Kubik to expand its operations, invest in research and development, and scale up its production capabilities.
The investment will also support establishing collection networks to ensure a steady supply of plastic waste and foster partnerships with local communities, waste management organizations, and government entities.
Twiga Foods, a Kenyan agritech startup that connects farmers to food vendors, has secured an undisclosed amount of funding from a group of investors, including Creadev and Juven.
Swiss development finance institution, SIFEM, has committed $15 million to the first close of Ninety One’s Africa Credit Opportunities Fund 3, which targets a total fundraising of $500 million.
The investment is set to fuel Rensource’s expansion plans and strengthen its position as a key player in the country’s solar energy market.