Midori raises $200,000 in pre-seed funding at COP28

Published in Wamda

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, an 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 startups 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.  

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.” 

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. 

Learn more about Midori: https://midorieyewear.com/