Singapore-based wastewater treatment startup Hydroleap has raised SG$2.6 million ($1.9 million) in a funding round led by Wavemaker Partners, according to a statement.
Founded by Dr. Mohammad Sherafatmand, the startup provides an environmentally-friendly solution for wastewater treatment by replacing chemicals with electricity. It currently provides end-to-end solutions at construction sites and is expanding to new verticals in the mining, palm oil and semiconductor industries.
The company said the fresh capital will be used to apply its proprietary technology in industrial parks, mining, palm oil and semiconductor industries. Hydroleap had earlier raised unspecified funding from SGInnovate, Sparklabs Cultiv8, Sparklabs Global Ventures and Entrepreneur First.
“We are proud to journey with Hydroleap to deploy three thousand systems in Singapore alone. We firmly believe Hydroleap is an example of a defensible and sizeable company from Southeast Asia,” said Paul Santos, Managing Partner at Wavemaker Partners.
Wavemaker Partners in June secured a $60-million first close for its $100-million third Southeast Asia fund from investors including Pavilion Capital, the International Finance Corporation (IFC), and Temasek Holdings.
Limited Partners (LPs) who invested in this fund include the family offices of the co-founders of US-headquartered companies such as Microsoft (Vulcan) and Facebook (EE Capital), besides Singapore’s Keppel Corporation, multi-family office Aglaia Family Office, and Lance Gokongwei, chief executive of Philippine conglomerate JG Summit Holdings.