The water utilities industry in Latin America is vital for public health and economic development. Companies in this sector focus on delivering clean drinking water and efficient wastewater management. They range from large, established utilities to innovative startups working on smart water solutions. Sustainability is increasingly gaining attention, with a push for technologies that enhance water efficiency amid climate challenges. The sector is set for growth, driven by a rising demand for infrastructure improvements and an emphasis on environmental stewardship. Considerable investments are directed towards modernizing water management systems, reflecting a promising trend in shaping the industry’s future.


The investors featured here represent a blend of private equity, corporate, and venture capital firms, primarily from Brazil, Mexico, and Argentina. Founded between 1989 and 2022, they range in size from small boutiques with fewer than ten employees to larger firms with thousands. In 2024, these investors collectively made over 40 transactions, showcasing their active role in the water utilities space. Notable firms like IG4 Capital and Grupo Rotoplas indicate a strong focus on both innovative solutions and robust infrastructure development in the sector.


Top 12 Water Utilities Investors in Latin America


1. IG4 Capital

  • Website: ig4capital.com
  • Type: Private Equity
  • Headquarters: Sao Paulo, Sao Paulo, Brazil
  • Founded year: 2016
  • Headcount: 11-50
  • LinkedIn: ig4-capital

IG4 Capital is an investment management firm based in Sao Paulo, Brazil, specializing in private equity and special situations. Founded in 2016, the firm focuses on generating performance through value creation and business transformation in emerging markets. IG4 Capital's clients include institutional investors looking to revitalize underperforming investments and achieve long-term financial returns. Notably, IG4 Capital has made a significant investment in Iguá Saneamento, raising $107 million in a private equity round in July 2018. This investment highlights their engagement in the water utilities sector, as Iguá Saneamento is dedicated to providing water and sanitation services. Additionally, IG4 Capital has also been involved in the acquisition of a stake in Aenza, a Peruvian infrastructure company, further showcasing their interest in infrastructure investments, although this is not directly related to water utilities.


2. Advent-Morro Equity Partners


Advent Morro Equity Partners is a private equity firm based in San Juan, Puerto Rico, founded in 1989. The firm specializes in investment management and advisory services, focusing on partnering with businesses across various industries, including healthcare and technology. Advent Morro has a portfolio generating over $3.5 billion in annual sales, contributing significantly to economic activity in Puerto Rico. One of their notable transactions includes an investment in Seven Seas Water Group, which raised $20 million in a venture round in February 2008. This investment highlights their engagement in the water utilities sector, showcasing their capability to support growth in this industry alongside their broader investment strategy.


3. LIP Ventures Boutique

  • Website: lip.lat
  • Type: Corporate
  • Headquarters: Cuajimalpa, Mexico City, Mexico
  • Founded year: 2019
  • Headcount: 1-10
  • Number of deals in 2024: 7
  • LinkedIn: lip-ventures-boutique

LIP Ventures Boutique is a venture capital firm based in Cuajimalpa, Mexico City, founded in 2019. The firm specializes in providing funding and business development services to technology startups in Latin America. They support entrepreneurs by offering market access and professional consulting, while also connecting investors with high-potential investment opportunities in the tech sector. Notably, LIP Ventures Boutique participated in the Series C funding round for WINT Water Intelligence, which raised $35 million to enhance AI- and IoT-driven water management solutions. This involvement highlights their engagement in the water utilities space, alongside their other investments such as Locusview, a digital construction management startup, which, while not directly in water utilities, indicates their broader interest in technology solutions that may intersect with various industries.


4. Kamay Ventures

  • Website: kamayventures.com
  • Type: Venture Capital
  • Headquarters: Belgrano, Buenos Aires, Argentina
  • Founded year: 2019
  • Headcount: 11-50
  • Number of deals in 2024: 5
  • LinkedIn: kamay-ventures

Kamay Ventures is a corporate venture capital fund based in Belgrano, Buenos Aires, Argentina, founded in 2019. The firm focuses on investing in and accelerating startups across various industries, including Digital Commerce and Agtech. They provide not only capital but also strategic support and access to a network of mentors and partners, helping entrepreneurs navigate their growth journey. In 2024, Kamay Ventures participated in a Series A funding round for Kilimo, which raised $7.5 million. Kilimo specializes in water management solutions, making this investment particularly relevant to the water utilities sector. Additionally, they have previously invested in Kilimo in a venture round in December 2022, further demonstrating their ongoing commitment to supporting innovations in water management. Kamay Ventures collaborates with large corporations to foster innovation and create a robust entrepreneurial ecosystem in Latin America, which may include initiatives related to water utilities.


5. Airborne Ventures

  • Website: airborne.ventures
  • Type: Venture Capital
  • Headquarters: Sao Paulo, Sao Paulo, Brazil
  • Founded year: 2021
  • Headcount: 1-10
  • Number of deals in 2024: 10
  • LinkedIn: airborne-ventures

Airborne Ventures is a venture capital firm based in Sao Paulo, Brazil, founded in 2021. The firm specializes in investing in early-stage startups, providing strategic guidance and networking opportunities to entrepreneurs. With a focus on value investing, Airborne Ventures aims to deliver strong returns by identifying promising startups across various sectors. In 2024, they participated in a seed round for NeoWater, a startup that raised an undisclosed amount, indicating their interest in the water utilities sector. This transaction highlights their commitment to supporting innovative solutions in water management and utilities, aligning with their broader investment strategy.


6. Order VC

  • Website: ordervc.com
  • Type: Corporate
  • Headquarters: Sao Paulo, Sao Paulo, Brazil
  • Headcount: 1-10
  • Number of deals in 2024: 1
  • LinkedIn: ordervc

Order Venture Capital is a corporate venture capital firm based in Sao Paulo, Brazil, that specializes in early-stage investments primarily in consumer goods companies. They provide not only capital but also management consulting and branding support to help these companies grow and establish strong market positions. In 2023, Order VC made a significant investment in ÁGUA NA CAIXA, a company focused on water utilities, raising $3,013,441 in a Series A funding round. This investment highlights their interest in the water sector, alongside their broader focus on consumer goods, indicating a potential for future involvement in water utilities.


7. Imagine Ventures


Imagine Ventures is a venture capital firm and startup accelerator based in Santiago, Chile, founded in 2022. The firm supports entrepreneurs and disruptive startups across Latin America by providing venture capital investment, startup acceleration programs, and advisory services. They focus on helping startups grow and succeed in various industries, including technology and finance. Notably, in 2024, Imagine Ventures participated in a Pre-Seed round for Ainwater, which raised $537,000. This investment highlights their engagement in the water utilities sector, showcasing their interest in supporting innovative solutions within this industry.


8. Newtopia VC

  • Website: newtopia.vc
  • Type: Venture Capital
  • Headquarters: Buenos Aires, Buenos Aires, Argentina
  • Founded year: 2021
  • Headcount: 11-50
  • Number of deals in 2024: 11
  • LinkedIn: newtopiavc

Newtopia Venture Capital is a venture capital firm based in Buenos Aires, Argentina, founded in 2021. The firm specializes in early-stage investments in technology startups throughout Latin America, providing not only financial support but also mentorship to help these startups achieve product-market fit and scale their operations. Among their notable transactions, Newtopia VC invested $2.6 million in Waterplan during a seed round in November 2021. Waterplan is focused on developing innovative solutions for water management, which positions Newtopia as an investor with interests that intersect with the water utilities sector, despite their broader focus on technology.


9. Grupo Rotoplas

  • Website: rotoplas.com
  • Type: Corporate
  • Headquarters: Mexico City, Mexico City, Mexico
  • Founded year: 1978
  • Headcount: 1001-5000
  • Number of deals in 2024: 2
  • LinkedIn: grupo-rotoplas

Grupo Rotoplas, S.A.B. de C.V., founded in 1978 and based in Mexico City, is a prominent corporate investor in the water utilities sector. The company specializes in manufacturing water storage and filtration systems, catering to the critical need for clean and safe water across residential, commercial, and industrial markets. With a strong emphasis on sustainability and innovation, Rotoplas operates in multiple countries throughout Latin America and the United States. Notably, in June 2018, Grupo Rotoplas acquired IPS SAICy F., further enhancing its portfolio and capabilities in the water solutions market. This acquisition reflects their strategic approach to expanding their influence and operational capacity within the water utilities industry.


10. Impacta VC

  • Website: impacta.vc
  • Type: Venture Capital
  • Headquarters: Santiago, Santiago, Chile
  • Founded year: 2020
  • Headcount: 11-50
  • Number of deals in 2024: 3
  • LinkedIn: impacta-vc

Impacta VC is a venture capital firm based in Santiago, Chile, founded in 2020. The firm focuses on impact investment in Latin America, supporting entrepreneurs and startups by providing funding, mentorship, and networking opportunities to help them achieve their social and environmental goals. One of their notable transactions includes an investment in Kilimo, which raised $1,050,000 in a venture round on July 7, 2021. Kilimo specializes in water management solutions, particularly aimed at optimizing irrigation in agriculture, which is crucial for sustainable water use. This investment highlights Impacta VC's commitment to supporting initiatives that address water-related challenges, further solidifying their role in the water utilities sector.


11. iThink VC

  • Website: ithinkvc.tech
  • Type: Corporate
  • Headquarters: Paraguay
  • Founded year: 2021
  • Headcount: 1-10
  • Number of deals in 2024: 4
  • LinkedIn: ithink-vc

iThink VC is a corporate venture capital firm based in Paraguay, founded in 2021. The firm focuses on investing in startups across Latin America, particularly those leveraging technology to tackle regional challenges. With a small team size of 1-10, iThink VC aims to connect talented entrepreneurs with opportunities for growth. In 2024, they participated in a significant Series A funding round for Kilimo, which raised $7.5 million. Kilimo specializes in water management solutions, highlighting iThink VC's interest in the water utilities sector and their commitment to supporting innovative solutions in this field.


12. Fcp Innovacion Sp


FCP Innovación is an investment firm based in Sabanalarga, Antioquia, Colombia, specializing in private equity and venture capital. Founded in 2013, the firm focuses on high-growth ventures across various sectors, including energy, water, and technology. They provide capital, mentorship, and networking opportunities to help businesses scale and innovate. One notable transaction includes their investment in HYBRICO Energy Technologies, which raised $4 million in a Series A round in November 2018. This investment, while primarily in the energy sector, reflects FCP Innovación's commitment to supporting innovative technologies that may intersect with water utilities, especially given their strategic partnerships with Empresas Públicas de Medellín (EPM), a key player in the water sector.



Water Utilities Insights: Key Investors in Latin America


InvestorHeadquarterSizeFoundedDeals 2024
IG4 CapitalSao Paulo, Sao Paulo, Brazil11-5020160
Advent-Morro Equity PartnersSan Juan, San Juan, Puerto Rico1-1019890
LIP Ventures BoutiqueCuajimalpa, Mexico City, Mexico1-1020197
Kamay VenturesBelgrano, Buenos Aires, Argentina11-5020195
Airborne VenturesSao Paulo, Sao Paulo, Brazil1-10202110
Order VCSao Paulo, Sao Paulo, Brazil1-101
Imagine VenturesSantiago, Santiago, Chile1-1020224
Newtopia VCBuenos Aires, Buenos Aires, Argentina11-50202111
Grupo RotoplasMexico City, Mexico City, Mexico1001-500019782
Impacta VCSantiago, Santiago, Chile11-5020203
iThink VCParaguay1-1020214
Fcp Innovacion SpSabanalarga, Antioquia, Colombia1-1020130


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