The UN-Habitat predicts that 96,000 new dwellings must be constructed to address the global housing shortage
The UN-Habitat predicts that 96,000 new dwellings must be constructed to address the global housing shortage. With rising population and urbanization rates, African nations like Nigeria, Kenya, and South Africa are under pressure to provide viable alternatives due to their massive housing shortfalls.
On the other hand, Africa faces a significant burden from plastic waste despite producing and using less than 10% of the world’s plastic. There are many people and businesses developing answers to this problem, but money is frequently difficult to come by.
Kubik, an Ethiopian startup, today announced a $3.34 million investment that, according to the company, will be used to boost manufacturing.
The firm was created in 2021 by CEO Kidus Asfaw and Penda Marre, a former UNICEF employee. Kubik turns plastic trash into inexpensive building supplies. As a result, it addresses two issues: Plastic Pollution and cheap housing.
Ethiopian startup Kubik has the potential to construct up to 10,000 homes annually with its processed waste materials, according to Asfaw, a company representative. Climate tech VC Satgana joined Kubik’s latest funding round, alongside other investors such as Unruly Capital, GIIG Africa Fund, and Bestseller Foundation. Kubik’s sustainable building materials are non-degradable, non-flammable, and generate significantly fewer greenhouse gas emissions compared to cement-based products.
The weight of uncontrolled plastic garbage, unaffordable living conditions, and the effects of climate change are being felt by cities as the world becomes urbanized at an alarmingly rapid rate. Through a lower-carbon, lower-cost building solution that eliminates plastic waste from the environment, our company contributes to tackling all three of these issues.
