⬇️ The 266 investment funds that cut 2+ water investment checks over the past decade, sorted by water investors’ profile, ticket size, investment stage, track record, dry powder, and much more!
The Key Water Investors Numbers
💦 266 serial water investors. Every name in the database has written at least two water cheques—I have 1200+ more on the watch that are stuck at 1.
💸 $2.1 billion already deployed. That’s over $575 000 investor money flowing into water tech every single day since 2015.
🏦 4 out of 5 still have dry powder. 79 % of the funds explicitly say “Yes” to more capital to deploy—meaning tomorrow’s term sheets are already funded.
🌱 Early-stage hunger. 65 % of investors play at Pre-Seed or Seed, so the money tree is rooting for the youngest shoots.
🏁 Deal-making machine. The quickest fund averaged 7.2 water deals a year—one investment every seven weeks!
🌍 32 countries represented—but a Stars-and-Stripes accent. 44 % of headquarters sit in the United States.
🧪 Buzzword barometer. “Digital twins” (7.1 %) and “PFAS” (6.8 %) top the sub-theme tags—showing where thesis heat is rising fastest.
👑 Lead-round lovers. 51 % regularly take the driver’s seat rather than following someone else’s term sheet – repeat water investors lead, first-time investors follow.
Why this Water Investment data matters
In 2024, water tech investment did break records. But even more than that, it shattered them! (something I review in my State of Water Tech Funding 2025)
Water investment soared past the symbolic billion-dollar milestone for the first time ever, hitting $1.12 billion. But behind these (impressive) numbers lies a critical reality check: despite attracting 303 new investors this past year alone, a surprising 84% of investors historically never return after their first bet.
The surge in funding, marked by significant shifts such as America’s declining dominance—from 55% to 47% of global investment—and the explosive growth in niche sectors like Metals and Minerals Extraction (averaging $14.2 million per round), signals both opportunity and volatility in the water tech arena.
Yet, this investment boom masks deeper challenges. While Digital Solutions remains popular with investors, it’s actually Resource Recovery technologies drawing the largest checks—nearly triple the size on average.
High-profile backers, including Silicon Valley moguls like Reed Hastings and Eric Schmidt, underscore rising mainstream interest, but the modest exit activity in 2024 raises critical questions about sustainability and market maturity.
As new regions like Kenya emerge on investors’ radars and specialized players like Burnt Island Ventures and PureTerra Ventures double down, 2025 will be pivotal in determining whether this rising tide in water tech investment signals long-term prosperity or a fleeting bubble – you can be sure I’ll be on the watch!
Where Water Investment Money Lives
A truly global current: 266 repeat water-tech investors spread across 32 countries. Yet the money flows in streams from a handful of hotspots. 44 % sit in the United States, while London is Europe’s capital of cash, and emerging hubs from Bengaluru to Tel Aviv are suddenly making serious ripples.
Let’s look into it:
What Stages are Water Investors Hunting?
Eager for runway or ready for scale? Our data reveals water-focused capital skews boldly toward the front end of the pipeline: nearly two-thirds of active funds write their cheques before Series B, while a lean but potent third specialise in growth plays. Dive into the graphic below for a clear snapshot.
Water Tech Cheque Size Benchmarks
The average water tech investment deal is approximately $6 million, though this varies significantly by category. Resource Recovery commands the highest average round at $9.5 million, while Digital Solutions raises less at about $4 million per round.
Looking deeper, certain sub-categories stand out as investor favorites. Metals and Minerals Extraction leads with $14.2 million average rounds, followed by Atmospheric Water Generation at $11.4 million, and Chemical & Biological Treatment at $11 million.
By funding stage, the progression shows clear benchmarks: pre-seed rounds average $1 million, seed rounds $3.5 million, Series A about $9.2 million, Series B $22.6 million, Series C $44.6 million, and Series D $105 million.
The largest water tech raise ever recorded was Gradiant’s $225 million Series D, which valued the company at over $1 billion, making it the sector’s first unicorn. Other notable large raises include Lilac Solutions’ Series B ($150M) and Series C ($145M).
Who Are these Water Investment Funds?
Several specialized funds have emerged as the most active players in water technology investment. In the top by deal count, we find Burnt Island Ventures, Echo River Capital, PureTerra Ventures, and Emerald Technology Ventures.
Burnt Island Ventures, led by Tom Ferguson, has evolved from a water accelerator background into the most specialized lead investor in the water tech ecosystem. The firm leverages its “we only do water” expertise to identify promising technologies across the full water innovation spectrum.
Former WaterSmart Software founder Peter Yolles transformed his entrepreneurial exit into Echo River Capital, a boutique micro-VC fund championing the “3 D’s of Water Tech” – Digitization, Decarbonization, and Decentralization – through strategic seed investments in global innovators.
Emerald Technology Ventures‘ $100 million Water Impact Fund targets breakthrough solutions across leak detection, digital water, PFAS removal, and wastewater treatment. Its water-focused team actively shapes portfolio companies through board positions and strategic guidance.
PureTerra Ventures deploys €1-5M tickets into disruptive water technologies spanning industrial treatment, agricultural efficiency, and digital infrastructure. Their portfolio includes companies like Membrion, Transcend, and VAPAR.
Other notable players include HG Ventures (the corporate venture arm of Heritage Group), XPV Water Partners (with over $1 billion AUM), and Mazarine Ventures (which provides more supportive co-investor roles rather than leading rounds).
Many corporate venture capital arms have also entered the water space, including MANN+HUMMEL Corporate Ventures, Bentley Systems, Ferguson Ventures, and more recently Halliburton Labs, which was the largest investor in water tech in 2024 through investments in mineral recovery and lithium extraction technologies.
Hot Themes in Water Investors’ 2024-25 Deals
Several themes have emerged as particularly attractive to investors in recent water technology deals.
Resource Recovery stands out as the hottest category, commanding an average deal size of $9.5 million in recent years, reaching $11.3 million in 2024 – nearly double other categories. Within this space, Metals and Minerals Extraction leads with an impressive $14.2 million average round size, reflecting investor enthusiasm for technologies that extract valuable resources from water streams.
Lithium extraction has become particularly appealing, as evidenced by Lilac Solutions raising a $145 million Series C, making it one of the largest water tech deals in history. This aligns with the growing demand for battery materials to support the energy transition.
Atmospheric Water Generation continues to attract significant investment with average rounds of $11.4 million – making even more of a splash as the first half of 2025 brought new large deals in that category, and maintaining its position as a perennial investor favorite in the Decentralized Systems category.
Chemical & Biological Treatment technologies are gaining momentum, attracting $11 million average rounds, while Smart Agriculture’s Crop Management segment has emerged strongly with $10.5 million average investments, reaching $16.2 million in 2024.
PFAS remediation and water body cleanup have driven increased interest in Environmental Services, with deal activity climbing significantly in 2023-2024 despite historically being the least funded category.
Digital Solutions remains the most active category by number of deals (261 since 2018), though with smaller average deal sizes around $4 million, indicating continued investor interest in software-based approaches to water challenges.
How to Use This Map
- Zoom in and out on the map by scrolling with your mouse to cluster or reveal the water investment funds in the database
- You can sort the map using either the filters directly on the map’s right side, or by using the drop-down menus on the bottom of the map. You can also directly search for a water investor in the search bar!
- The list of investment funds involved in water is updated upon your scroll and search, so that you’ll have any time the most actual list of investment funds (in random order – I don’t want to show my favorites 😉) that fit your search below the map
- By clicking an icon, you’ll get a short summary of what the investment fund is all about, while clicking the “Detailed Info” link on the map or the “More Info” link in the list below the map will take you to my deep dive page on each of the funds in the database.
Methodology & Data Sources
This is the information I gathered using different data sources (Global Water Intelligence, Crunchbase, LinkedIn, my own conversations on and off-record, and my own sweat in researching the web 😅).
It is made of informed updates, press releases and sometimes my best guestimates. So that information is as accurate as I could make it be: it might still have some inconsistencies.
If you spot anything here that should be amended or corrected, you’re very welcome to help me keep it up to date by contacting me via mail!