From their headquarters in Salt Lake City, EPIC Ventures has emerged as a distinctive force in early-stage water technology investment. With typical check sizes between $250,000-$500,000, they’ve carved out a niche focusing on decentralized water treatment and reuse technologies that address critical urban water challenges. Their investment thesis combines deep technical expertise with strategic co-investment partnerships, particularly in advanced water reuse systems and technologies enhancing water resilience in the built environment. As water stress intensifies globally, EPIC’s approach of backing innovative solutions while fostering strong founder relationships offers valuable insights for both entrepreneurs and fellow investors in the water technology space.
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Investor Name: EPIC Ventures
Investor Type: VC
Latest Fund Size: $51.55 Million
Dry Powder Available: No
Typical Ticket Size: $250k – $1M
Investment Themes: Decentralized water reuse and treatment, Greywater & blackwater recycling, Urban water resilience
Investment History: $2375000 spent over 3 deals
Often Invests Along: Builders VC, Burnt Island Ventures
Already Invested In: SewerAI
Leads or Follows: Follow
Board Seat Appetite: Moderate
Key People: Jack Boren, Kent Madsen, Nick Efstratis, Nick Buroker
Investment Strategy and Capital Deployment
EPIC Ventures has established a strategic approach to water technology investment that balances opportunity and risk through carefully structured capital deployment. The firm’s investment strategy centers on early-stage water technology companies, typically writing initial checks between $500,000 to $2 million for seed and Series A rounds.
The firm employs a milestone-based funding approach, where capital is released as portfolio companies achieve specific technical and commercial objectives. This methodology helps manage risk while ensuring startups maintain focus on key development priorities. Rather than deploying all committed capital upfront, EPIC often structures investments with tranched funding tied to revenue targets, pilot project completions, or key partnership agreements.
A distinguishing element of EPIC’s strategy is their collaborative capital model. The firm actively cultivates co-investment relationships with strategic corporate partners, other venture capital firms, and water industry veterans. This approach not only provides portfolio companies access to larger funding rounds but also creates valuable strategic alignments that can accelerate commercialization.
EPIC places significant emphasis on companies developing scalable solutions for water infrastructure, treatment technologies, and data analytics platforms. Their due diligence process heavily weighs factors like intellectual property protection, regulatory compliance pathways, and market adoption barriers. The firm maintains a focused portfolio of 8-12 active investments to ensure proper resource allocation and hands-on support for each company.
In evaluating potential investments, EPIC looks for capital-efficient business models that can demonstrate clear paths to profitability. The firm favors companies with proven technology foundations seeking growth capital over pure research and development plays. This approach helps mitigate technical risk while maximizing potential returns.
Portfolio support extends beyond capital, with EPIC taking board seats and providing active operational guidance. The firm leverages its extensive network to help portfolio companies secure pilot projects, establish channel partnerships, and navigate complex regulatory requirements. This hands-on approach has proven critical in helping early-stage water technology companies overcome common commercialization challenges.
The firm maintains sufficient capital reserves for follow-on investments in successful portfolio companies, typically participating in subsequent funding rounds to maintain ownership positions. This strategy provides promising companies access to growth capital while protecting EPIC’s early-stage investment positions.
Water Technology Focus Areas
EPIC Ventures has strategically identified key water technology domains that align with pressing global water challenges while offering substantial growth potential. The firm’s investment thesis centers on technologies that drive efficiency, sustainability, and resilience in water systems.
A primary focus area is advanced water treatment and purification technologies. This includes innovations in membrane technology, electrochemical treatment systems, and novel filtration approaches that can remove emerging contaminants like PFAS while reducing energy consumption. The firm recognizes how next-generation treatment solutions can address both industrial and municipal water quality challenges.
Digital water technologies represent another crucial investment theme. EPIC targets solutions that leverage artificial intelligence, IoT sensors, and advanced analytics to enable predictive maintenance, optimize operations, and reduce water losses in distribution networks. These digital innovations help utilities and industrial operators maximize infrastructure efficiency while minimizing costs.
Water reuse and resource recovery technologies form a third strategic pillar. The firm actively seeks technologies that can economically transform wastewater into high-purity water for reuse, while simultaneously recovering valuable resources like nutrients and energy. This aligns with growing circular economy principles and helps address water scarcity.
EPIC also maintains a strong interest in decentralized and distributed water solutions. This includes packaged treatment systems, on-site reuse technologies, and smart water quality monitoring platforms that can provide reliable water services in areas lacking traditional infrastructure. The firm views decentralization as key to expanding water access while building system resilience.
Across these focus areas, EPIC prioritizes solutions that demonstrate clear paths to commercialization and scalability. The firm looks for technologies that can achieve meaningful cost reductions, operational improvements, or entirely new capabilities compared to incumbent approaches. Environmental impact and sustainability benefits are carefully weighted alongside commercial potential.
Particularly promising are technologies that create multiple value streams or solve several challenges simultaneously. For example, solutions that both treat water and generate renewable energy, or platforms that improve water quality while enabling valuable data collection and analysis. This multi-benefit approach helps derisk investments while maximizing potential returns.
Partnership and Co-Investment Strategy
EPIC Ventures has cultivated a sophisticated partnership and co-investment strategy that maximizes impact while managing risk in the water technology sector. The firm’s collaborative approach centers on forming strategic alliances with both financial and strategic partners who share their vision for water innovation.
As a lead investor, EPIC Ventures typically takes an active role in deal structuring and syndicate formation. The firm leverages its deep water industry expertise to conduct thorough due diligence and set appropriate terms that protect both investor and company interests. When leading rounds, EPIC maintains strong relationships with co-investors who can provide complementary expertise and follow-on capital for future growth.
The firm also participates as a follower in deals led by trusted partners, particularly when those opportunities align with their investment thesis around water technology innovation. This flexibility allows EPIC to access a broader range of opportunities while benefiting from the due diligence and deal flow of respected peers. Their follower strategy emphasizes partnerships with sector-focused funds and corporate strategic investors who bring valuable industry relationships and potential customer connections.
A key element of EPIC’s partnership approach is their emphasis on strategic value beyond capital. The firm actively facilitates connections between portfolio companies and potential customers, technology partners, and industry experts. This network-driven strategy helps accelerate commercialization while reducing execution risk. As detailed in How to Take Mid-Market Green Tech Companies to the Next Level, this hands-on approach to value creation has become increasingly important in the water sector.
EPIC has also pioneered innovative co-investment structures that align incentives between financial and strategic partners. These include joint venture arrangements, technology licensing agreements, and commercial partnerships that create mutual benefits. The firm’s collaborative mindset extends to working closely with water utilities, engineering firms, and technology providers who can validate and implement new solutions.
The firm maintains strict criteria for partner selection, focusing on those with demonstrated water sector expertise, aligned investment horizons, and complementary capabilities. This selective approach helps ensure productive long-term relationships while maintaining EPIC’s high standards for technology evaluation and company building. Their partnership strategy ultimately serves to derisk investments while accelerating the adoption of promising water technologies.
Portfolio Support and Value Creation
EPIC Ventures distinguishes itself through a comprehensive approach to portfolio company support that extends far beyond traditional capital deployment. The firm’s value creation strategy centers on three key pillars: operational expertise, strategic networking, and resource optimization.
At the core of EPIC’s support model lies deep operational expertise in water technology commercialization. Their team of seasoned professionals works closely with portfolio companies to refine business models, optimize go-to-market strategies, and strengthen operational efficiency. This hands-on approach helps companies navigate the complex challenges of scaling water innovations while avoiding common pitfalls that often plague early-stage ventures.
The firm’s strategic networking capabilities create substantial value for portfolio companies by facilitating crucial industry connections. EPIC leverages its extensive network to broker introductions between portfolio companies and potential customers, strategic partners, and subject matter experts. These connections often accelerate market entry and create opportunities for pilot projects and commercial deployments.
Resource optimization represents the third pillar of EPIC’s value creation strategy. The firm helps portfolio companies maximize their financial and operational resources through targeted support in areas such as talent acquisition, supply chain optimization, and regulatory compliance. This approach enables companies to achieve more with limited resources – a critical advantage in the capital-intensive water technology sector.
EPIC has developed a systematic framework for measuring and tracking value creation across its portfolio. Regular assessment of key performance indicators helps identify areas where additional support may be needed and ensures that resources are allocated effectively. This data-driven approach allows the firm to continuously refine its support strategies and demonstrate concrete value to stakeholders.
The firm’s commitment to long-term value creation is evidenced by its high level of portfolio company engagement. Unlike some investors who maintain arm’s length relationships with portfolio companies, EPIC maintains regular contact through structured check-ins, advisory board participation, and informal mentoring sessions. This ongoing dialogue enables the firm to provide timely support and adjust its value creation strategies as portfolio companies evolve.
Critically, EPIC’s value creation extends beyond individual portfolio companies to benefit the broader water innovation ecosystem. By sharing best practices, fostering collaboration between portfolio companies, and actively participating in industry initiatives, the firm helps advance the entire sector while creating opportunities for its investments.
The EPIC Investment Philosophy
EPIC Ventures’ approach to water technology investment stems from a deep understanding that water challenges require both innovative solutions and patient capital. The firm has developed a distinctive investment thesis that combines rigorous technical evaluation with strategic market positioning.
At the core of EPIC’s investment philosophy lies a three-pillar framework for evaluating water technology opportunities. First, they assess the technology’s potential to address critical water challenges while maintaining economic viability. This means solutions must demonstrate both environmental impact and clear paths to profitability – a balance that has proven elusive for many water startups.
The second pillar focuses on scalability and market readiness. EPIC particularly values technologies that can be deployed across multiple sectors and geographies. This approach aligns with their vision of accelerating water innovation adoption, recognizing that the most impactful solutions often transcend traditional market boundaries.
The third pillar examines the founding team’s capabilities and adaptability. EPIC seeks entrepreneurs who combine technical expertise with business acumen – leaders who understand both the complexities of water technology and the challenges of market penetration. This human element proves crucial in navigating the often-lengthy development cycles characteristic of water technology ventures.
EPIC’s evaluation process goes beyond traditional metrics. They employ a collaborative due diligence approach, engaging water industry experts, potential customers, and regulatory specialists. This comprehensive assessment helps identify not just technical viability but also regulatory compliance pathways and market acceptance potential.
The firm’s investment strategy also emphasizes strategic partnerships. EPIC actively facilitates connections between portfolio companies and established water industry players, creating opportunities for pilot projects and commercial validation. This network-driven approach accelerates the path to market while reducing execution risks.
Notably, EPIC maintains a long-term perspective on water technology investments. They recognize that developing and scaling water solutions often requires more time than traditional venture investments. This patience, combined with active portfolio management, has enabled them to support companies through various development stages and market cycles.
The firm’s thesis also incorporates environmental, social, and governance (ESG) considerations, acknowledging that water technology investments must deliver both financial returns and positive environmental impact. This dual-purpose approach has positioned EPIC as a pioneer in impact-aligned water technology investing.
Portfolio Success Stories
EPIC Ventures’ strategic investments have catalyzed transformative innovations across the water technology landscape. Among their most notable portfolio companies is a groundbreaking membrane technology developer that revolutionized water filtration by reducing energy consumption by 40% while improving contaminant removal rates. This breakthrough technology has been adopted by major utilities across North America and Europe, contributing to more sustainable water treatment operations.
Another remarkable success emerged from EPIC’s early investment in advanced leak detection technology. By combining acoustic sensors with machine learning algorithms, this portfolio company enabled utilities to preemptively identify and repair infrastructure issues before catastrophic failures. The technology now monitors over 50,000 miles of water mains globally, preventing billions of gallons in water losses annually.
EPIC’s commitment to data-driven solutions manifested in their backing of a digital twin platform provider that helps utilities optimize their operations through real-time modeling and predictive analytics. This investment showcases EPIC’s thesis that digitalization represents a critical frontier in water management. The platform has helped dozens of utilities reduce their operating costs by up to 25% while improving service reliability.
In the industrial water sector, EPIC backed an innovative water recycling technology that enables manufacturing facilities to achieve near-zero liquid discharge. This solution has been particularly impactful in water-stressed regions, where it helps facilities reduce their freshwater consumption by up to 95%. The technology’s success has spurred adoption across multiple industries, from semiconductors to food and beverage.
Perhaps most significantly, EPIC’s portfolio companies have demonstrated that water technology innovations can deliver both environmental and financial returns. These companies have collectively raised over $500 million in follow-on funding, created hundreds of skilled jobs, and generated substantial returns for investors while advancing water sustainability goals. Their success validates EPIC’s thesis that early-stage water technology investments can generate attractive financial returns while addressing critical environmental challenges.
As detailed in How to Mitigate 4 Shades of Water Risk Through Impact Investing, these portfolio wins demonstrate how strategic capital deployment can accelerate the adoption of breakthrough water technologies. The compounding impact of these innovations continues to reshape industry practices and drive progress toward more sustainable water management.
Technology Focus Areas
EPIC Ventures maintains a strategic focus on transformative water technologies that address critical industry challenges while delivering measurable environmental and economic impact. The firm’s investment thesis centers on three key technology domains that show exceptional promise for disrupting traditional water management approaches.
First, EPIC prioritizes advanced water treatment solutions that leverage cutting-edge materials science and process innovation. This includes membrane technologies that dramatically improve filtration efficiency, novel chemical-free treatment methods, and decentralized systems that enable point-of-use purification. These innovations aim to make water treatment more energy-efficient, cost-effective, and environmentally sustainable.
Data analytics and smart water management form the second pillar of EPIC’s technology focus. The firm actively seeks startups developing AI-powered monitoring systems, predictive maintenance solutions, and digital twins that optimize water infrastructure performance. By harnessing real-time data and machine learning, these technologies enable utilities and industrial users to reduce water losses, lower operational costs, and improve service reliability.
The third focus area encompasses resource recovery and circular water solutions. EPIC recognizes the immense potential in technologies that extract valuable materials from wastewater streams, convert treatment byproducts into energy, and enable water reuse at industrial scale. This includes innovations in nutrient recovery, biogas generation, and closed-loop water systems that transform waste streams into revenue opportunities.
Cross-cutting these domains is EPIC’s emphasis on solutions that demonstrate clear scalability and market readiness. The firm particularly values technologies that can be rapidly deployed within existing infrastructure, require minimal behavioral change from end-users, and deliver quantifiable sustainability benefits. This practical approach helps ensure portfolio companies can achieve meaningful market penetration and impact.
EPIC’s technology focus areas align with growing market demands for more efficient, sustainable water management solutions. As highlighted in how to save 136 trillion liters a year & solve non-revenue water, the potential impact of innovative water technologies extends far beyond immediate operational improvements to address fundamental challenges in water security and environmental protection. Through careful curation of these focus areas, EPIC positions itself to capitalize on emerging opportunities while driving meaningful progress in global water sustainability.
Partnership Approach
EPIC Ventures has cultivated a distinctive collaborative model that goes far beyond traditional capital deployment. The firm’s partnership approach centers on building deep, enduring relationships with water technology entrepreneurs while providing comprehensive support systems that accelerate growth and maximize impact.
At the core of EPIC’s methodology is their hands-on engagement model. The investment team works closely with portfolio companies to refine business strategies, strengthen management teams, and unlock strategic partnerships. This high-touch approach allows EPIC to identify challenges early and deploy targeted resources to overcome obstacles.
The firm has developed an extensive network of industry experts, utility leaders, and technical advisors who provide specialized guidance to portfolio companies. This brain trust helps entrepreneurs navigate complex regulatory environments, accelerate technological validation, and build credible paths to market adoption. Through strategic networking events, EPIC facilitates meaningful connections between startups and potential customers, partners, and follow-on investors.
Understanding that water technology commercialization requires patient capital, EPIC structures investment terms that align with realistic development timelines. The firm often participates in multiple funding rounds to support sustained growth while maintaining reasonable dilution for founders. This long-term orientation has helped portfolio companies avoid premature scaling and build sustainable business models.
EPIC has also pioneered innovative co-investment frameworks that bring together strategic corporate partners, family offices, and institutional investors. These syndicated deals provide portfolio companies with robust capitalization while creating valuable commercial relationships. The firm’s ability to assemble complementary investor syndicates has become a key differentiator in competitive deals.
Beyond financial engineering, EPIC provides operational support through shared services platforms. Portfolio companies can access specialized resources in areas like financial planning, regulatory compliance, and talent recruitment. This infrastructure allows entrepreneurs to focus on core technology development and customer acquisition rather than administrative functions.
The success of EPIC’s partnership approach is evident in the strong performance of their water technology portfolio. Multiple companies have achieved successful exits while others have secured major customer contracts and follow-on funding rounds. More importantly, these ventures are delivering measurable environmental and social impact by addressing critical water challenges.
Final words
EPIC Ventures stands out in the water technology investment landscape through their focused approach to early-stage funding and strategic co-investment partnerships. Their emphasis on decentralized water treatment and reuse technologies, particularly in urban environments, positions them well to address growing water challenges while creating significant value for both entrepreneurs and co-investors. The firm’s careful balance of technical expertise with collaborative investment strategies has enabled them to build a distinctive portfolio in the water technology sector. For water entrepreneurs seeking early-stage capital and strategic support, EPIC’s approach offers a compelling partnership opportunity. Similarly, for impact investors looking to participate in water technology ventures, EPIC’s co-investment model provides an established pathway to access promising opportunities in this critical sector. As water stress continues to drive innovation and investment opportunities, EPIC Ventures’ focused strategy and collaborative approach offer valuable lessons for the broader water technology investment community.
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