Plastic upcycling startup Kubik closes $3.34M
Plastic upcycling startup Kubik closes $3.34M seed to scale production in Ethiopia. The amount of plastic waste produced globally is on track to triple to over 1,000 million tons by 2060. The Organisation for Economic Co-operation and Development (OECD) report predicts that developed countries will continue to produce the most plastic waste per person, although emerging regions like Africa and Asia are expected to experience the fastest growth owing to rapid population growth and urbanization. Plastic pollution is already a menace said to be altering environments and endangering lives, but there is a glimmer of hope as the share of recycled plastic is expected to nearly double over the same period to 17% as plastic going through waste management systems increases. In Africa, Kubik, an upcycling startup with operations in Kenya and Ethiopia, is among the companies that are leading plastic waste reuse and sustainability efforts in the continent’s nascent recycling sector, which currently salvages only 4% of the waste produced.
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