UAE-based climate tech, Midori Network has secured $200,000 in a pre-Seed funding from Kirill Veselov, an angel investor and former investment director of venture capital firm Mint Capital.
Founded in 2023 by Fedor Smirnov, Midori Network is a distribution network of container-based mobile recycling modules solving the plastic waste problem in rural areas.
“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.
The infusion of $200,000 represents pre-seed funding for Midori Network and is a testament to the support it is attracting from strategic investors as it positively disrupts the plastic recycling industry.
The capital infusion will be used to launch the first prototype of a container-based mobile recycling module that can be easily deployed in rural areas where installing large recycling facilities may not be economically viable.
Fedor Smirnov, Founder of Midori Network, said: “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.”
Midori Network has pivoted since its inception as sustainable eyewear brand to emerge as a distributed recycling specialist and plans to develop 1,000 mobile recycling modules within seven years, converting over 1 million tonnes of plastic waste per year into affordable solutions for local communities in key global markets including Brazil, India, Pakistan, Indonesia, and China.
Midori Network is part of in5, which hosted four of the most innovative sustainability startups from its ecosystem at COP28 and has been crucial to shaping Dubai’s and the UAE’s entrepreneurial landscape since its inception in 2013. In the decade since its formation, in5 has supported more than 850 start-ups representing over 50 nationalities, facilitating connections between global investors and visionary entrepreneurs.
Earlier this year, in5 noted a 20% increase in total funding raised by start-ups since its inception to more than AED 2.9 billion, and in the first nine months of 2023 alone, it welcomed 120 new ventures, translating to the incubation of a new start-up every second day during the period.
The incubator’s 10th anniversary milestone was marked in June 2023 with the launch of in5 Science to support entrepreneurship and investment for science-based start-ups in sectors including the life sciences. The incubator also operates the in5 Media, in5 Tech, and in5 Design innovation centres at its sister districts, Dubai Production City, Dubai Internet City, and Dubai Design District (d3) respectively.