Hungary-based wastewater treatment company Organica Water has raised $9.1m for a first close of its series C round from investors including corporate-backed venture capital fund Electranova Capital.
Electranova was formed by utility EDF, insurance firm Allianz, VC firm IdInvest Partners and French state-backed fund Bpifrance. It was joined in the round by growth equity fund XPV Capital, VC firm Gamma Capital Partners and International Finance Corporation (IFC), the World Bank’s private sector investment arm.
Founded in 1998, Organica has developed a biological approach to wastewater treatment which uses odourless, fully-enclosed greenhouses. The facilities look like a botanical garden to the outside.
Organica will use the money to develop larger and more complex greenhouses, and to further develop its online distribution platform of preliminary engineering designs. It has not revealed a fundraising target for the series C round.
IFC led a series B round raised over three tranches that closed at $12.6m in 2013, according to a regulatory filing. The round also included Invesco WLR Private Equity Investment Management, RNK Capital and Gamma.
Organica had previously secured an undisclosed sum in a RNK and Gamma-backed series A round in 2008.
Julien Mialaret, investment director of IdInvest, and Khalil Malouf, managing director of XPV, are set to join Organica’s board of directors.