CITIC Capital leads $21m Series D funding for Organica Water

Water droplet and ripples

Global water treatment and recycling solutions provider Organica Water has completed its $21 million Series D financing, led by CITIC Capital’s Silk Road Fund and participation from existing investors.

The latest financing represents the largest private equity round raised by the company to date, it said in an announcement on Thursday.

CITIC Capital Silk Road Fund, a pan-Eurasian themed fund managed by CITIC Capital, focuses on enterprises in the energy & resource efficiency, water safety, agriculture & food technology, and transport & logistics services areas. The fund is now targeting broader markets in Southeast Asia, Central & Eastern Europe, as well as CIS region.

The round saw significant participation from return backer Paris-based Idinvest Partners through its Electranova Capital I Fund. Idinvest had participated earlier in Organica’s $9.1-million Series C funding round that was led by XPV Capital Corporation (XPV), a Toronto-based growth equity fund focused on the water sector.

“This investment provides the capital necessary to strengthen our balance sheet, better positioning us to deliver our unique wastewater solutions in larger and more complex projects in Asia. It also provides for further investment in our online design platform and digital toolset, which add value for water engineers and operators, and also integrate other wastewater technologies and equipment,” said Organica Water CEO Ari Raivetz.

Over the past few years, the wastewater market is moving to a more decentralized approach, similar to what has been seen in the power sector. Organica has large-scale references in major urban centres such as Shanghai, Shenzhen, Manila, Jakarta, Kolkata, and Budapest, Raivetz added.

“Organica’s rapid adoption in China, India and South-East Asia is a strong signal that its small-footprint, attractive and odor-free wastewater treatment systems are ideally suited to the needs of emerging and emerged economies where new stations often need to be built within cities,” said Julien Mialaret, Operating Partner of Idinvest.

Organica had earlier closed an undisclosed Series B financing in 2013 led by the International Finance Corporation (IFC), with participation by WLR China Energy Infrastructure Fund. Other backers include Gamma Capital Partners and RNK Capital LLC.

Also Read:

Beijing Enterprises Water Group plans $468m share sale

IFC commits to invest $15.3m in Vietnam’s DNP Water

Singapore: Cleantech startup EcoWorth Tech raises $740k seed round