Kubik, a technology-driven startup focused on reducing carbon emissions, has secured $3.34 million in a seed funding round.
Prominent investors such as Plug & Play, Bestseller Foundation, GIIG Africa Fund, Satgana, Unruly Capital, Savannah Fund, African Renaissance Partners, Kazana Fund, Princeton Alumni Angels, and Andav Capital participated in the funding round.
Co-founded by Kidus Asfaw and Penda Marre in 2021, Kubik has plans to expand its production capabilities at its plant in Ethiopia later this year. The company aims to construct over a quarter million square meters of wall surface area annually, which can potentially facilitate the construction of up to 10,000 affordable homes each year.
Asfaw, the CEO of Kubik, emphasized the significant global deficit of affordable housing units, surpassing 300 million, and highlighted the company’s opportunity to address this $2 trillion market.
Kubik specializes in the development of interlocking building materials, including bricks, columns, beams, and jambs. These innovative materials enable developers to construct walls without the need for traditional cement, aggregates, and steel. Asfaw assures that Kubik’s products maintain the structural integrity of buildings and provide wall strength comparable to cement-based alternatives.
Moreover, Kubik’s products offer substantial cost savings, with prices at least 40% lower per square meter. The materials possess chemical properties that ensure safety, non-flammability, and non-degradability. Additionally, they have a significantly lower carbon footprint, emitting greenhouse gases at least five times less than cement-based products.
Asfaw believes that Kubik’s affordable materials can help address the current housing deficit, exacerbated by rapid urbanization and soaring construction costs. The startup aims to contribute to resolving this issue while also promoting the circular use of plastics and mitigating plastic waste. While governments worldwide are being urged to implement policies that reduce plastic waste, Kubik’s solution provides a lower-carbon, cost-effective alternative.
Asfaw expressed enthusiasm about Kubik’s potential impact, stating that the company plays a crucial role in tackling the challenges of plastic waste, unaffordable housing, and climate change. The CEO envisions Kubik as a catalyst for sustainable and affordable construction, driving technological advancements in the built environment materials sector.
By revolutionizing construction practices with their transformative and eco-friendly materials, Kubik is paving the way for a more sustainable future, addressing pressing global challenges in the process.
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