In a major development for the climate-tech industry, Kirill Veselov, an angel investor and former investment director of venture capital company Mint Capital, has contributed a sizeable $200,000 to Midori Network, which was raised in the TECOM Group PJSC business incubator in 5.
The announcement of the development coincided with the COP28 climate conference being held in Dubai. Midori Network was one of the startups that in5 showcased to highlight the business incubator’s mission of promoting environmentally conscious and sustainable entrepreneurship with a global reach.
The $200,000 infusion is a sign of the support that Midori Network is receiving from influential investors as it constructively disrupts the plastic recycling sector. It serves as pre-seed funding. The funds will be utilized to introduce the first iteration of a mobile recycling module that is based on containers and can be readily installed in rural areas where setting up large recycling facilities might not be financially feasible.
“Innovative thinking can significantly contribute to strengthening local circular economy supply chains, and encouraging entrepreneurship in waste management is essential in this endeavour,” said Majed Al Suwaidi, Senior Vice President of Dubai Media City, on behalf of in5.
“in5 is proud to support businesses like Midori Network to contribute to the goals of initiatives like Dubai Economic Agenda ‘D33’ and Dubai Integrated Waste Management Strategy 2041, as well as the UAE Net Zero 2050 vision, to deliver transformative long-term sustainability in all spheres of life.”
Fedor Smirnov, Founder of Midori Network, said: “Dubai is the ideal host city for COP28, providing an environment for international cross-pollination of ideas, talents, technologies, and capitals. This round of funding will allow us to make a step on the ground, prove our basic strategic assumptions, and strengthen pathways to a more effective and valuable plastic recycling industry around the world.”
Since its founding as a sustainable eyewear company, Midori Network has changed its focus to become a distributed recycling expert. Within the next seven years, the company intends to create 1,000 mobile recycling modules, turning over one million tonnes of plastic waste produced annually into reasonably priced solutions for local communities in important international markets like China, Brazil, India, Pakistan, Indonesia, and India.
Midori Network is a part of in5, which, since its founding in 2013, has played a pivotal role in forming Dubai’s and the UAE’s entrepreneurial landscape. In5, it hosted four of the most creative sustainability startups from its ecosystem at COP28. Since its founding ten years ago, in5 has helped over 850 start-ups from over 50 different countries, bridging the gap between international investors and forward-thinking business owners.
In5 reported earlier this year that total funding raised by start-ups since its founding has increased by 20% to over AED 2.9 billion. In the first nine months of 2023 alone, the platform welcomed 120 new ventures, meaning that a new start-up was incubated every other day during that time.
Launching in5 Science in June 2023 to encourage entrepreneurship and investment for science-based start-ups in industries including the life sciences, the incubator marked its tenth anniversary. Additionally, at its sister districts, Dubai Production City, Dubai Internet City, and Dubai Design District (d3), respectively, the incubator runs the in5 Media, in5 Tech, and in5 Design innovation centers.
