Tech

Ethiopian low-carbon startup Kubik gets $5.2m for its pan-African expansion project

Published

7 months ago

May 10, 2024

Ethiopia’s low-carbon building startup, Kubik, has announced raising the sum of $5.2 million in seed funding which will enable it carry out its pan-African expansion drive.

Co-founder and CEO of the startup, Kidus Asfaw, who made the announcement, said the expansion plans will allow the company which specialises in the transformation of hard-to-recycle plastic waste into affordable, low-carbon building materials, take its offering to a larger market.

“We turn hard-to-recycle plastic waste into low-carbon, low-cost building materials. Our initial product set includes an interlocking set of bricks, columns and beams that make walls. Our aim is to build clean and affordable living for all,” Asfaw said.

“Our product costs close to 40 per cent less per square metre than traditional cement-based development, is two or three times faster to build with, and requires low-skill labour to build with,” said Asfaw.

“We are seeing growth in sales and continue to find opportunities to use our products in different contexts.

“The uptake so far has been very good, with a clear demand for our solution. We are now focused on increasing production capacity to keep up with demand.”

Asfaw said the plan was to expand into strategic markets in Africa next year and so far, things have already been going well for the startup.

The funding round, he said, follows an exciting growth period for Kubik, during which, among other things, it has launched a new plastic upcycling factory in Ethiopia’s state-of-the-art Adama Industrial Park, and secured several stellar clients including Pharo Ventures and Cornerstone Development Group.

Founded in 2021 by Asfaw and Penda Marre, Kubik produces low-carbon, affordable building materials from plastic waste to tackle Africa’s housing and waste crises.

Kubik recently raised a US$5.2 million seed funding round to help scale operations, making it the first Ethiopian company to raise a multi-million-dollar investment in climate and sustainability solutions. Investors in the round include African Renaissance Partners, Endgame Capital, and King Philanthropies, and the startup will use the funding to help it pursue its pan-African growth strategy

Kubik, whose clients are real estate developers and contractors that have active projects in affordable housing, public infrastructure, and commercial buildings, is addressing the costliness, variable quality, and lack of speed builders currently face using regular cement.

Related Topics:Expansion Featured Funding Kubik Startup

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Tech

Fintech startup DigMo launched in Zambia to gamify financial planning

Published

16 hours ago

November 24, 2024

Isaac Dachen

DigMo, a gamified fintech startup which helps users to build wealth tools from low to middle-income earners, has been launched in Zambia.

CEO of the DigMo Group, Sylvia Brune, who made the announcement, says the platform which is licensed by the Bank of Zambia to operate a wallet, offers a secure, free digital money account with a special account for users to play a financial planning game which incentivises customers to get started putting money away for the future.

“By giving customers the chance to win big rewards, DigMo is encouraging sustainable habits,” said Brune.

She stated that with an initial rollout in Zambia, DigMo wallet’s first offering, Save to Win, will make putting money away regularly, easy and rewarding with no fixed costs or fees.

“DigMo Save to Win allows users to start with small amounts – from just ZMW10 (US$0.37) – for the chance to win prizes of up to ZMW500,000 (US$19,000).

“We are committed to financial planning innovation for low and middle-income earners across Africa. To achieve this meaningful impact, we approach this like a game studio – where we constantly create and test many new products until we find those with an outsized impact,” Brune said.

“If we just take existing products and make them more affordable or accessible, it is unlikely that we can dramatically change behaviours.

“To succeed, we have engaged directly with users, observing and learning from them to develop DigMo, a solution that will dramatically improve their financial well-being and meet their unique needs,” she added.

Tech

Kenya’s startup BuuPass partners with GiftPesa to launch digital travel vouchers

Published

2 days ago

November 23, 2024

Isaac Dachen

Kenyan digital ticketing and transportation management solutions startup, BuuPass, has entered into a partnership with fintech company, GiftPesa, to introduce digital travel vouchers ahead of the holiday season.

In a statement by BuuPass cofounder and CEO, Sonia Kabra, the move will offer a more flexible and convenient way for Kenyans to manage and gift travel arrangements during the bustling holiday period.

“We’ve noticed a growing demand for digital solutions in the travel industry, especially during peak periods like the holiday season,” said Kabra.

“This partnership with GiftPesa enhances the travel experience for our customers, offering them a convenient way to send travel tickets as gifts and have a safety net for unconfirmed travel dates.

“Unlike traditional paper vouchers that can expire or get lost, GiftPesa vouchers are valid for 12 months and can be redeemed in parts at over 3,000 outlets across the country.

“This flexibility allows recipients to use the vouchers for multiple trips or select their preferred destination, making travel more accessible,” she added.

Founded in 2016 by Kabra and Wyclife Omondi, BuuPass is a leading B2B2C mobility marketplace that enables users to search, compare, and book travel tickets via web, app, or USSD, while its SaaS platform helps bus operators manage their operations, inventory, and sales.

GiftPesa, on the other hand, is a fintech startup that provides businesses and individuals with a platform for creating digital vouchers.

The partnership between the two companies will introduce digital travel vouchers, helping users manage and gift travel arrangements during the bustling holiday period.