Maven Capital Partners, a private equity firm, has led a £1m Series B investment in water treatment technology business, G2O Water Technologies Limited (G2O).
A total of £600k has been provided by Maven funds to the Sedgefield firm, which includes a £200k investment from the Finance Durham Fund, established by Durham County Council, overseen by Business Durham, the economic development organisation for County Durham, and managed by Maven.
In addition to the £400k investment from NPIF Maven Equity Finance, supported by the European Regional Development, the additional £435k is from a number of private individual investors.
Craig Clement, COO of G2O Technologies, said: “We are thrilled to have completed our series B funding round with the support of Maven and to have located our R&D facility in the North East.
“We have been particularly impressed with the support provided to G2O by locating at NETPark. The demand for clean water is enormous and we are now well placed to develop products to meet the market’s needs.”
The funding will enable the business to increase its Research & Development facilities at its North East Technology Park (NETPark)-based laboratory.
This is said to include the recruitment of additional scientists to expand its work with industrial development partners, including the Centre for Process Innovation (CPI), to commercialise and roll out its innovative technology.
With an increasing need for high quality drinking water using affordable solutions in both industrialised nations and the developing world together with increasing regulatory and cost pressures, G2O has identified a major opportunity to provide high separation efficiency solutions to real world problems for a range of contaminants.
Michael Dickens, investment manager at Maven, said, “We are delighted to support G2O’s innovative development of water technologies.
“The company is creating products that offer affordable solutions to a variety of different markets, both domestic and global, and most importantly, global water filtration.
“Backed by a dedicated and highly experienced management team with excellent contacts in the markets they are targeting, we look forward to working with the company at their NETPark laboratory to drive the business forward.”
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