Tampa Bay based AquaVenture Holdings announced $30 million in venture funding. The company was formed with a mission to become the world’s largest provider of clean water by utilizing “state of the art” water purification techniques and desalination technologies. This most recent investment came from Element Partners, a Radnor, PA based firm committed to high growth companies in the energy and clean technology markets.
AquaVenture Holdings merged with Quench in 2014. In connection with that merger, the company brought in an additional $50 million investment led by Element Partners and mutual funds managed by T. Rowe Price.
Quench is the largest independent provider of filtered water coolers and ice dispensers in North America and joined Seven Seas Water on AquaVenture’s roster. Seven Seas Water also provides water purification solutions around the world. Seven Seas Water, based in Tampa, Florida, is present in eleven countries across the Caribbean, the America’s and the Middle East.
AquaVenture’s focus is on “Water-as-a-Service™”, aka WAAS™, which refers to providing affordable clean water for business, agricultural and industrial use without an upfront capital investment. According to the company, WAAS™ generates recurring revenue from the deployment of advanced water purification and desalination technologies.
The global water market is estimated to be $600 billion, with annual growth of 7%, according to a 2014 report by Bank of America Merrill Lynch referred to on the company’s website. The lion’s share of the world’s supply of freshwater (60%) is found in just 10 countries. Population growth, urbanization and industrialization, depletion of groundwater sources, pollution of waterways, and inefficient management of water infrastructure are all expected to contribute to a global water stress situation that already affects 3 billion people.
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A 40% global short fall in clean water resources is expected by 2030. With the global population expected to increase by 1 billion people by then, the time seems ripe for water solutions.
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Photo Courtesy of AquaVenture Holdings.