Ethiopian plastic upcycling startup Kubik gets fresh funding, plans to license out its tech
Summary
Kubik, a plastic upcycling startup, has raised a $1.9 million seed extension, months after announcing initial equity investment. Kubik co-founder and CEO Kidus Asfaw, told TechCrunch that the startup intends to double down on its operations in Addis Ababa, as it lays ground for Pan-African growth from 2025.Kubiks approach involves upcycling plastic waste into low-carbon, durable, and affordable building materials using proprietary technology, which Asfaw says they will out-license for faster Pan-African growth, and eventually global growth.What we want to do is solve problems for cities and so were thinking about our business model being truly circular. Cost is a key barrier in construction and the availability of affordable or cheaper building materials presents a better option for developers of affordable-housing projects.Asfaw said Kubiks materials have passed safety tests by the European standards agency, Intertek, which checked, among other things, strength, toxicity and flammability.We dont want to be selling something thats harmful for human beings. We did not start sales until these reports were available, he said.The startup currently recycles 5,000 kilograms (and can do 45,000 kg at capacity) of plastic waste a day. In the near-term, it is looking at product diversification to cover pavers and flooring material.It is estimated that the world produces 430 million tons of plastic a year, two-thirds are for short-term use.