Danone
Danone is a French food-and-beverage multinational and one of the world's largest bottled-water companies, behind brands like evian, Volvic, AQUA and Bonafont, that also backs water startups as a strategic corporate investor. As of 2026 it has made 2 water deals, both in 2018: Mitte, via Danone Manifesto Ventures, and Jibu, via danone.communities.
Compiled by Antoine Walter, (don't) Waste Water, from official filings and direct intelligence in Leviathan.
The take
Danone is one of the planet's biggest sellers of bottled water, from evian and Volvic to AQUA and Bonafont, yet as a water investor it has been unusually quiet, with just two water bets on the books, both dating to 2018.
Danone wrote those two cheques through two separate vehicles. Danone Manifesto Ventures, the group's corporate venture arm founded in 2016, backed Mitte, a Berlin startup whose countertop device remineralizes ordinary tap water. Jibu came instead through danone.communities, Danone's social-business fund, which supports a franchise network selling affordable safe drinking water across East Africa.
Danone's water pattern is narrow but coherent: it backs companies close to what it already sells, drinking-water access and hydration, rather than the pipes, sensors and treatment plants that fill most water portfolios. Both bets pair a commercial product with a social-impact story, the through-line of almost everything Danone touches.
Danone's water energy today runs through operations far more than venture. As of 2025 it reported a 4R (reduce, reuse, recycle, reclaim) water plan across all its production sites and open-sourced its SPRING water-stewardship method to the wider industry. Its venture cheque-book for water has stayed shut since 2018, which is why (don't) Waste Water scores its water commitment only Occasional.
Water Commitment Score
Compiled from official filings, third-party records, and direct intelligence from investors and founders, in Leviathan · recomputed monthly · as of Jun 2026.
How they invest
Portfolio · 2 water companies
Invests alongside
Highlighted = profiled on (don't) Waste Water.
Frequently asked
- What does Danone invest in?
- Danone invests mainly in food, beverage and nutrition startups through Danone Manifesto Ventures, its corporate venture arm. In water specifically it has been highly selective, backing companies focused on drinking-water access and hydration rather than infrastructure, sensors or treatment technology.
- Is Danone a water company?
- Danone is one of the world's largest bottled-water companies, behind brands including evian, Volvic, AQUA and Bonafont. It is also an occasional strategic investor in water startups, but its core water business is selling and stewarding drinking water, not venture capital.
- How many water deals has Danone done?
- Danone has made two water deals, both in 2018: Mitte, through Danone Manifesto Ventures, and Jibu, through its danone.communities social-business fund. (don't) Waste Water rates its water commitment Occasional, reflecting a giant water operator that rarely writes venture cheques.
- How does Danone invest in water?
- Danone backs water startups through two separate vehicles: Danone Manifesto Ventures, its corporate venture arm founded in 2016, and danone.communities, a social-business fund. The first targets commercial innovation in food and drink; the second focuses on social-impact water access in emerging markets.
- Where is Danone based?
- Danone is headquartered in Paris, France, and traces its roots to 1919. Its water brands and the startups it has backed span Europe, the Americas, Asia and Africa, with bottled-water operations that rank among the largest in the world.