- Landmark pre-seed funding unlocked on the sidelines of in5’s presence at COP28
- Capital infusion from angel investor Kirill Veselov to support Midori’s endeavour to revolutionise plastic waste recycling in rural areas across key global markets
Dubai, UAE: In a landmark achievement for climate-tech, Midori Network, nurtured within the ecosystem of TECOM Group PJSC business incubator in5, has secured a substantial $200,000 in funding from Kirill Veselov, angel investor and former investment director of venture capital firm Mint Capital at COP28.
The development was announced as Dubai hosts the COP28 climate conference, where Midori Network was among the start-ups presented by in5 to showcase the business incubator’s vision for enabling sustainable and eco-conscious entrepreneurship that has global resonance.
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.
“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 crosspollination 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.”
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 start-ups 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 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.
About in5:
in5 is an enabling platform for entrepreneurs and start-ups, offering five key benefits through its robust start-up framework, creative spaces and specialised industry centres, training and mentorship programmes, community-wide networking events and access to investors. in5 nurtures ideas and businesses to their next phase of growth.
Launched in 2013 by TECOM Group to support Dubai’s start-up ecosystem and help enterprises grow into commercially viable ventures, in5’s three specialised centres for innovators in the tech, media, and design industries, provide aspiring students, entrepreneurs, and start-ups with access to a diverse community of creative minds, facilitating the constant exchange of knowledge and passionate debate conducive to ideation.
About TECOM Group PJSC:
TECOM Group has been developing strategic, sector-focused business districts across the emirate of Dubai since 1999. TECOM Group is well-positioned to continue playing an integral role in cementing Dubai’s status as a global business and talent hub.
The TECOM Group portfolio consists of 10 business districts catering to 6 vital knowledge-based economic sectors, including design, education, manufacturing, media, science, and technology. The Group provides a varied and tailor-made leasing portfolio – which includes offices, co-working spaces, warehouses, and land – to over 10,800 customers and more than 105,000 professionals.
TECOM Group offers additional value-added services to deliver a competitive and attractive environment for businesses and entrepreneurs to thrive in and to facilitate engagement between the districts’ community members. Government and corporate services are made available through an integrated smart services platform, “axs”, which enhances ease of doing business and provides community members with a seamless experience.
TECOM Group also provides industry specialised facilities, including media production studios, laboratories, and higher education campuses. in5, its enabling platform for entrepreneurs and start-ups, offers innovation centres supporting tech, media, and design start-ups and SMEs. Its future-focused co-working spaces D/Quarters deliver stimulating work environments for tenants, and the “Go Freelance” package serves freelance talents.
