US-based venture capital firm Burnt Island Ventures has raised $30m for its debut fund targeting water-related businesses from 99 limited partners including corporations, such as Ferguson Enterprises.
The fund was raised in nine different tranches so it has already invested $12.3m, according to Forbes.
In December, Burnt Island Ventures was part of a syndicate backing StormSensor, a US-based provider of water infrastructure management technology.
“With the explosion of money going into climate tech, $40bn [in 2021 alone], only $400m is going into water, or 1%,” Tom Ferguson, founder of Burnt Island but no relation to Ferguson Enterprises, said.
