€1.7m round for Turin-based Midori

28 October 2021
The round was underwritten by Fair Connect, Club degli Investitori and Club Acceleratori.

Midori s an energy-saving startup founded in Turin at the end of 2011, whose team is made of experts and professionals in energy efficiency, information technology and social psychology. After a period at the Turin Polytechnic's I3P incubator, it is now hosted at the Energy Center, a Turin hub dedicated to energy and environmental innovation. Midori's main product is NED: a single sensor with connectivity that uses machine learning algorithms to track the consumption of household appliances. By learning consumption habits, the device is able to send personalised recommendations and suggestions to reduce energy waste and increase the longevity of household appliances.

The €1.7 million round was underwritten by FairConnect, Club degli Investitori through Simon Fiduciaria and Gruppo Ersel, and Club Acceleratori, which was already present in the startup's capital. KPMG Advisory and McDermott Will & Emery, as financial advisor and legal advisor respectively, also contributed to the success of the transaction. The raised capital will be used to strengthen and expand the skills of Midori's team, to consolidate its market share, to extend its presence in the insurance market, thanks to the contribution of FairConnect, and to implement new technological solutions to contain consumption, costs and risks in both the private and commercial sectors.

Carmine Carella, CEO of FairConnect, commented on his participation in the round: "The combination of Midori's and FairConnect's real estate teams enables the creation of scoring for the preventive management of energy costs and property risks, as well as the development of coaching services for both private and professional users".

Christian Camarda, CEO & Founder of Midori, added: "The entry of FairConnect and Club degli Investitori in Midori's capital is the beginning of an exciting phase . We will have to demonstrate how innovation, typical of high-tech startups like Midori, can and must meet the business needs of a specific market, such as the cost control and risk management in the real estate sector, which is changing rapidly and always looking for new opportunities".

In conclusion, Marco Morchio and Biagio Franco, who took part in the operation for Club degli Investitori, added: "In the initial stages Midori, as a facilitator of services that can be combined with the connected home system, had developed an offer for the utility market. Meeting, and subsequently creating a partnership with FairConnect, generated the awareness that they could extend their proposition to real estate monitoring. The value of this paradigm shift, supported by a complementary and convergent business vision, is enabling them to extend both the content and the scope of their offering. For both Midori and FairConnect, the potential competitive advantages in the connected property arena are very compelling".

Author

Luca Coppolella
Head of Content

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