The start-up for plastic recycling in 5 Midori raises $200,000 at the COP28 summit
In a significant achievement for climate tech, Midori Network, incubated within the TECOM Group PJSC business incubator in5, has secured substantial funding of $200,000 from Kirill Veselov, an angel investor and former investment director of venture capital firm Mint Capital, during the COP28 climate conference hosted in Dubai.
Midori Network was among the start-ups presented by in5 at COP28, highlighting the business incubator's commitment to enabling sustainable and eco-conscious entrepreneurship globally. The $200,000 pre-seed funding for Midori Network reflects strategic investor support as it disrupts the plastic recycling industry. The funds will be utilized to launch the 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 encouraging entrepreneurship in waste management to strengthen local circular economy supply chains. He expressed pride in supporting businesses like Midori Network that align with Dubai's economic goals, waste management strategies, and the UAE's Net Zero 2050 vision.
Fedor Smirnov, Founder of Midori Network, noted that Dubai, as the host city for COP28, provides an ideal environment for international collaboration. The funding round will allow Midori Network to validate strategic assumptions, strengthen pathways, and contribute to a more effective and valuable global plastic recycling industry.
Midori Network, originally conceived as a sustainable eyewear brand, has transformed into a distributed recycling specialist. It plans 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, including Brazil, India, Pakistan, Indonesia, and China.
Midori Network is part of in5, which played a crucial role in shaping Dubai's and the UAE's entrepreneurial landscape since its inception in 2013. The in5 incubator, marking its 10th anniversary, has supported over 850 start-ups from more than 50 nationalities, with a 20% increase in total funding raised by start-ups since its inception, surpassing AED 2.9 billion. In the first nine months of 2023, in5 welcomed 120 new ventures, averaging the incubation of a new start-up every second day during the period. The incubator operates in5 Media, in5 Tech, and in5 Design innovation centers at its sister districts Dubai Production City, Dubai Internet City, and Dubai Design District (d3), respectively.
