Industrial sustainability-focused venture firm Emerald Technology Ventures has secured €100 million in commitments for its second dedicated water investment vehicle, Global Water Fund II. The fund is designed to back startups developing technologies to strengthen water security, resilience and treatment systems worldwide.

The new capital brings the fund closer to its target size of €150 million to €180 million. An earlier first close in late 2025 had reached €60 million.

 

Focus Across the Water Value Chain

 

Global Water Fund II invests in early- to growth-stage companies operating across the full water value chain. Investment themes include advanced treatment and reuse technologies, digital monitoring and automation platforms, infrastructure resilience tools, and solutions addressing emerging contaminants.

By targeting both physical infrastructure innovation and digital optimization, the fund aims to support scalable technologies capable of improving efficiency, reducing water loss and strengthening climate resilience across industrial and municipal systems.

 

Read more: Net Zero Asset Owner Alliance Expands Framework with New Transition Targets

 

Investor Backing

 

The latest close includes commitments from new investors such as Temasek and the Grundfos Foundation. Temasek previously served as a cornerstone investor in Emerald’s first water-focused fund. Other participating investors include Veralto, Ecolab, SKion Water and Oxy Technology Ventures.

According to Emerald, the fund is structured as a collaborative platform that brings together long-term capital providers, industrial partners and emerging technology companies. The goal is to accelerate commercial deployment of solutions that can address structural water stress and climate-related risks.

 

Explore OneStop ESG Marketplace: Water and Wastewater

 

Building on Prior Success

 

Emerald’s inaugural Global Water Fund closed in 2020 with $100 million in commitments from investors including Temasek, Microsoft and Ecolab. The firm now seeks to expand its footprint in water innovation, a sector experiencing growing pressure from climate change, population growth and industrial demand.

The new fund reflects increasing investor recognition that water infrastructure modernization, reuse technologies and contamination mitigation are becoming central components of sustainability and climate adaptation strategies globally.