RE: Computation Contest #9 [2 SBI]
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I'll share with you a solution that I found in an old exam:
https://github.com/gravlaks/multiplication-recursive/blob/master/multiplication.py
It's a neat recursive solution, but sadly doesn't solve your problem as big numbers lead to "maximum recursion depth error" and computation is slow.
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What you did is just implementing "the intuitive algorithm of simple repeated addition" which I mentioned in the problem which is as you correctly discovered very slow because you need b calls to func1(you could have written there just a+b instead of func1(a,b). Addition is allowed).
You might also want to think about what happens when you use negative numbers.