Consortium backs Organica Water

The venture capital firms that took part in the funding round were existing investor Gamma Capital Partners and new backer Huaneng Invesco, via its WLR China Energy Infrastructure Fund (CEIF) – Huaneng Invesco is a joint venture between Huaneng Capital, Invesco and WL Ross & Co. The International Finance Corporation (IFC) and RNK Capital also contributed capital, with the former leading the round.

According to reports dating from last September, Organica was seeking to raise approximately $10m for its series-B round. IFC was reportedly expected to contribute $4m to the round.

The capital raised from the series-B funding round will allow Organica to continue its expansion into new international markets. The company recently entered the French market.

The fresh funding will also be used towards the 2014 launch of Organica's hosted wastewater treatment plant design platform, as well as to finance further research and development.

Previous funding
Organica held a series-A funding round in 2008, which saw US and European venture capital firms back the company, according to its website. The company reportedly raised $4m from WL Ross & Co and Gamma Capital Partners in the first of a two-part series-A round, which saw a further $4m provided in 2010.

Company
Founded in 1998, Organica is based in Budapest with additional offices in New Delhi, Shanghai and Princeton. The company provides sustainable wastewater treatment solutions to cities, such as its Organica Food Chain Reactor (FCR).

The FCR works as an enclosed, odourless greenhouse, which uses a type of biofilm that grows on natural and artificial root structures. The FCR is placed adjacent to a wastewater source to enable reuse of the wastewater. The solution is designed to reduce operational and infrastructure costs.

People
Ari Raivetz is the CEO of Organica. Oliver Grabherr is a partner and founder of Gamma Capital Partners. Patrick Mullen of IFC and Robert Liu, CEO of Huaneng Invesco WLR Investment Fund Management, will both join Organica's board of directors.

Advisers
Company – Quintal Partners (Corporate finance).

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