Organica Water, a Budapest (Hungary)-based global provider of innovative solutions for the treatment and recycling of wastewater, completed its Series B financing.
The amount was not disclosed.
The round was led by International Finance Corporation, with participation from WLR China Energy Infrastructure Fund L.P., a private equity fund managed by Invesco WLR Private Equity Investment Management Company Ltd., which is a joint venture between Huaneng Capital, Invesco, and WL Ross & Co., and existing investors RNK Capital LLC and Gamma Capital Partners. In conjunction with the funding, Patrick Mullen, Water and Sanitation Specialist for the IFC’s Global Water Unit, and Robert Liu, CEO of Huaneng Invesco’s investment advisor, Huaneng Invesco WLR (Beijing) Investment Fund Management Company Ltd., will join Organica’s Board of Directors.
The company intends to use the funds for global expansion into new markets, launch its hosted WWTP design platform in 2014, continued R&D activity around its solution set, and general working capital.
Founded in 1998 and led by Ari Raivetz, CEO, Organica offers a wastewater treatment solution – the Organica Food Chain Reactor (FCR), a type of Integrated Fixed-Film Activated Sludge (IFAS) system which utilizes a fixed-bed biofilm that grows on both natural (plant) and artificial (patented biofiber media) root structures.
Each Organica FCR is housed in a fully-enclosed, odorless greenhouse facility with the appearance of a botanical garden, preserving the surrounding land value and allowing the wastewater treatment plant (WWTP) to be placed directly adjacent to the wastewater source.
The company has contracts worldwide and offices in New Delhi (India), Shanghai (China), and Princeton, NJ (USA).