QuebecA plastics upcycling startup has raised a $1.9 million seed extension, months after announcing an initial equity investment. The startup’s latest investment comes from East African venture capital firm African Renaissance Partners. Endgame Capital, an investor with a bias for technologies around climate change; and King Philanthropies, a climate and extreme poverty investor.
The fresh capital came as the startup scaled its operations in Ethiopia after opening its factory in Addis Ababa, where it turns plastic waste into interlocking building materials such as bricks, columns, beams and jambs. Is. Co-founder and CEO of Kubik Kudus Isfatold TechCrunch that the startup plans to double its operations in Addis Ababa, as it lays the groundwork for pan-African growth from 2025.
Kubek’s approach involves using proprietary technology to turn plastic waste into “low-carbon, sustainable, and affordable” building materials, which Asfaw says will lead to faster pan-African, and ultimately global, growth. will terminate the license for
“What we want to do is solve the problems of cities and that’s why we’re thinking about our business model as really circular. The way we’ve structured our business strategy, it’s We are now in the focus phase of proving the model here in Ethiopia to prove the diversity of the context in which this business model can work, but over time With, we actually want to be a company that’s licensing this technology,” said Asfau, who co-founded with Kubik. Penda Mare In 2021
“That’s how we feel we can really scale. It’s not by putting factories all over the world, but by taking the industry to a new way of making materials globally,” he said.
He said his product allows developers to erect walls without the need for cement, aggregates or steel, speeding up construction and reducing costs by “at least 40% per square metre”. Cost is a major constraint in construction and the availability of cheap or affordable construction materials presents a better option for developers of affordable housing projects.
Asfau said the Cubic material passed safety tests by the European standards agency, Intertek, which tested strength, toxicity and flammability, among other things.
“We don’t want to sell something that is harmful to humans. We didn’t start selling until these reports were available,” he said.
The startup currently recycles 5,000 kg (and can do 45,000 at capacity) of plastic waste a day. It has signed partnerships with corporates and Addis Ababa Municipality for regular supply of plastic waste. In the near term, it is looking at product diversification to cover pavers and flooring materials.
Guess the world creates Of the 430 million tons of plastic produced annually, two-thirds are for short-term use. Clearly, the world is choking on plastic waste, and while the situation is getting worse in developed countries due to consumerism trends, in regions experiencing rapid urbanization and economic growth. African citiesPlastic waste is also getting out of control, requiring urgent response. In the coming days, startups like Quebec will play a major role in providing sustainable solutions to this threat.
Credit : techcrunch.com
