- Midori Network raised $200k to build portable recycling units for remote areas without recycling infrastructure.
- The funding allows testing strategic assumptions on the ground to enable more effective global plastic recycling.
- Midori’s accessible recycling modules could inspire decentralized, grassroots solutions to tackle plastic waste.
Midori Network, an innovative startup aiming to disrupt the plastic recycling industry, has raised $200,000 in pre-seed funding from angel investor Kirill Veselov. The funding was announced at the COP28 climate conference hosted in Dubai.
The investment will allow Midori Network to build and launch its prototype of a portable plastic waste recycling unit that can be easily set up in remote locations lacking recycling infrastructure. Dubai-based business incubator in5, which has been nurturing Midori Network, revealed the funding news to showcase how it’s enabling sustainable entrepreneurship with global potential.
“Innovative solutions are key to boosting local circular economies everywhere,” said Majed Al Suwaidi of in5. “We fully support purpose-driven businesses like Midori Network that align with Dubai’s sustainability strategies and the UAE’s net zero emissions target.”
Midori Network aims to convert over 1 million tonnes of plastic waste annually into affordable community solutions by deploying 1,000 mobile recycling modules in key markets within seven years. The portable units can be set up in rural areas where large-scale recycling plants are not viable options.
“This funding allows us to test our strategic assumptions on the ground and pave the way for more effective plastic recycling worldwide,” said Founder Fedor Smirnov.
The startup has pivoted from producing sustainable eyewear to specializing in distributed recycling after identifying major gaps in the waste management sector. By making recycling accessible everywhere, Midori Network wants to enable local industries to reclaim plastics and create a closed-loop production system.
As the host city for COP28, Dubai provided fertile ground for sustainability-focused startups like Midori Network to gain global exposure and fuel growth. Midori Network was one of four climate-conscious ventures from in5’s portfolio to be featured at the climate summit.
For a decade, the in5 incubator has been a catalyst for UAE’s innovation economy, having supported over 850 startups. The funding raised by in5 entrepreneurs now totals AED 2.9 billion, including an additional AED 583 million in the first nine months of 2023.
The incubator recently expanded into new sectors like life sciences to keep enabling pioneering startups across industries. Its growing track record shows that sustainability, innovation and entrepreneurship are increasingly interlinked in Dubai.
With its latest funding success, Midori Network exemplifies how supporting bold business ideas can drive positive environmental impact at scale. Its accessible recycling modules could also inspire more decentralized and grassroots-level solutions to tackle plastic pollution globally.
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Last Updated on December 13, 2023 by Safiya K
