- Funding Triumph at COP28: Midori Network, nurtured by in5, secures a significant $200,000 in pre-seed funding from angel investor Kirill Veselov, emphasizing its pivotal role in climate-tech during the COP28 climate conference hosted by Dubai.
- Strategic Investment for Plastic Recycling Disruption: The funding underscores Midori Network’s positive disruption in the plastic recycling industry, enabling the development of a container-based mobile recycling module designed for deployment in economically challenging rural areas.
- Global Impact of Sustainable Entrepreneurship: Majed Al Suwaidi, Senior Vice President of Dubai Media City, highlights in5’s commitment to fostering sustainable entrepreneurship with global resonance. The funding empowers Midori Network to contribute to Dubai’s economic and waste management strategies and the UAE’s Net Zero 2050 vision, addressing crucial challenges in the plastic recycling industry.
Midori Network, incubated within the TECOM Group PJSC business incubator in5, has secured a substantial $200,000 in funding from Kirill Veselov, an angel investor and former investment director of venture capital firm Mint Capital, during COP28.
This achievement coincides with Dubai hosting the COP28 climate conference, where Midori Network was featured among the startups presented by in5, highlighting the incubator’s commitment to fostering sustainable and eco-conscious entrepreneurship with global impact.
The $200,000 infusion represents pre-seed funding for Midori Network and underscores the support it’s garnering from strategic investors as it disrupts the plastic recycling industry positively.
The capital injection will be utilized to launch the first prototype of a container-based mobile recycling module, designed for easy deployment in rural areas where establishing large recycling facilities may not be economically viable.
Majed Al Suwaidi, Senior Vice President of Dubai Media City, representing in5, emphasized the importance of innovative thinking in strengthening local circular economy supply chains.
He stated, “Encouraging entrepreneurship in waste management is essential in this endeavor,” expressing pride in in5’s support for businesses like Midori Network aligning with Dubai’s economic and waste management strategies as well as the UAE’s Net Zero 2050 vision.
Fedor Smirnov, Founder of Midori Network, highlighted Dubai as an ideal host for COP28, providing an environment for the cross-pollination of ideas and technologies. The funding round will enable Midori Network to take crucial steps on the ground, validate strategic assumptions, and contribute to a more effective and valuable plastic recycling industry globally.
Midori Network, originally a sustainable eyewear brand, has evolved into a distributed recycling specialist.
The company aims to develop 1,000 mobile recycling modules within seven years, converting over 1 million tonnes of plastic waste annually into affordable solutions for communities in key global markets such as Brazil, India, Pakistan, Indonesia, and China.
Midori Network, a part of in5, showcased its innovations alongside three other sustainability startups from the incubator’s ecosystem at COP28. in5, instrumental in shaping Dubai’s entrepreneurial landscape since 2013, celebrated its 10th anniversary in June 2023.
The incubator has supported over 850 startups from more than 50 nationalities, connecting global investors with visionary entrepreneurs.
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