The water utilities industry in Benelux focuses on providing essential services related to water supply and wastewater treatment. This sector includes municipal utilities, private companies, and innovative startups that specialize in water management technologies, infrastructure, and sustainability solutions. As climate change intensifies and populations grow, there is a clear shift toward sustainable practices and technologies aimed at enhancing water efficiency and quality. Additionally, regulatory changes are compelling firms to invest in smarter, eco-friendly infrastructure, making the industry ripe for innovation and investment. Overall, the Benelux region stands at the cusp of a transformative era in water management.


The current list features 18 investors, spanning venture capital, private equity, and corporate investment types in the water utilities sector. These firms are headquartered across Belgium and the Netherlands, each bringing unique expertise and focus areas. Originally founded from 1958 to 2021, these investors include large players like the European Investment Bank and niche firms such as PureTerra Ventures. In 2024, they collectively engaged in a remarkable 290 transactions, demonstrating robust activity in addressing water sustainability challenges through targeted investments.


Top 18 Water Utilities Investors in Benelux


1. European Investment Bank (EIB)


The European Investment Bank (EIB) is a public entity based in Luxembourg, established in 1958, that provides a range of financial services including loans, equity investments, guarantees, and advisory services aimed at supporting sustainable projects across various sectors. In 2024, EIB was involved in several notable transactions within the water utilities sector, such as providing debt financing to The Water Group, which raised approximately $369.8 million, and supporting Azienda Comprensoriale Acquedottistica with $30.9 million in debt financing. These transactions highlight EIB's role in facilitating growth and investment in water infrastructure, aligning with its mission to promote sustainable development and job creation.


2. European Innovation Council (EIC)


The European Innovation Council (EIC) is a public entity based in Brussels, Belgium, established to support innovation and entrepreneurship throughout Europe. Founded in 1958, the EIC offers various funding programs, including the EIC Accelerator and EIC Pathfinder, aimed at helping startups and SMEs develop and scale their technologies. The EIC provides business acceleration services, networking opportunities, and prizes to foster innovation across different sectors. Notably, the EIC has been involved in funding transactions relevant to the water utilities sector, such as Pydro, which raised over $17 million in a venture round and received additional grant funding, and SolarDew, which also secured funding through grants. These transactions highlight the EIC's commitment to supporting innovative solutions in water management and technology.


3. InnoEnergy

  • Website: innoenergy.com
  • Type: Venture Capital
  • Headquarters: Eindhoven, North Brabant, Netherlands
  • Founded year: 2010
  • Headcount: 201-500
  • Number of deals in 2024: 52
  • LinkedIn: innoenergy

EIT InnoEnergy is a not-for-profit organization founded in 2010, based in Eindhoven, North Brabant, Netherlands, dedicated to accelerating sustainable energy innovations. It serves as a marketplace for energy solutions, offering training programs and support for innovators and corporates in the energy sector. InnoEnergy collaborates with various stakeholders to tackle the challenges of energy transition and sustainability. Notably, InnoEnergy has participated in several transactions relevant to the water utilities sector, including a Series A funding round for RVE.SOL, a Portuguese minigrid firm that aims to provide renewable power and clean water to communities in Kenya. This initiative is set to benefit 15,000 people initially, with plans to expand to 50,000 more in East Africa. Additionally, InnoEnergy has invested in Stockholm Water Technology, which focuses on innovative water solutions, further demonstrating their engagement in the water utilities industry.


4. Gimv

  • Website: gimv.com
  • Type: Venture Capital
  • Headquarters: Antwerp, Flanders, Belgium
  • Founded year: 1980
  • Headcount: 51-200
  • Number of deals in 2024: 8
  • LinkedIn: gimv

Gimv is a venture capital investment firm based in Antwerp, Flanders, Belgium, founded in 1980. The firm partners with innovative companies across various sectors, including Consumer, Healthcare, Life Sciences, Smart Industries, and Sustainable Cities. Gimv provides investment management and strategic support to help businesses grow sustainably. Among their notable transactions, Gimv has acquired Groupe Claire, a key player in water distribution network equipment, and Verkley, a Netherlands-based specialist in underground energy and water cable and pipeline. These acquisitions highlight Gimv's active role in the water utilities sector, alongside their broader investment strategy that includes various entrepreneurial companies seeking capital and expertise to navigate market challenges.


5. Cvc

  • Website: cvc.com
  • Type: Private Equity
  • Headquarters: Luxembourg
  • Founded year: 2005
  • Headcount: 1001-5000
  • Number of deals in 2024: 16
  • LinkedIn: cvc-capital-partners

CVC Capital Partners is a prominent investment firm founded in 2005, based in Luxembourg, specializing in private equity, credit, secondaries, and infrastructure. With approximately €193 billion in assets under management for over 1000 clients, including pension funds and institutional investors, CVC focuses on delivering sustainable value and growth through strategic investments. Notably, CVC has made significant acquisitions in the water utilities context, including Naturgy, which operates in the utilities sector, and Aqualisa Products, a company that manufactures water-related products. These transactions highlight CVC's engagement in the water utilities industry, alongside its broader investment strategy.


6. Triton Partners


Triton Partners is a private equity investment firm based in Luxembourg, founded in 1997. The firm specializes in private equity and credit investments in European mid-market businesses, focusing on sectors such as Business Services, Industrial Tech, and Healthcare. Triton provides operational expertise and capital to help companies unlock their full potential, partnering with management teams to address challenges and drive growth. Notably, Triton has made significant strides in the water utilities sector through its acquisition of OCU Group, which encompasses O’Connor Utilities and Instalcom, for nearly £400 million. This acquisition aims to facilitate further investment in both regulated and non-regulated opportunities, particularly in the context of the UK's energy transition towards renewable power. Additionally, Triton has been involved in other infrastructure-related acquisitions, such as Mark & Energibyggarna, which enhances their portfolio in infrastructure services, potentially overlapping with water utilities.


7. Aliaxis

  • Website: aliaxis.com
  • Type: Corporate
  • Headquarters: Belgium
  • Founded year: 2003
  • Headcount: 10001+
  • Number of deals in 2024: 3
  • LinkedIn: aliaxis

Aliaxis is a Belgium-based corporate investor founded in 2003, specializing in construction solutions with a strong emphasis on innovative water and energy management systems. They provide a diverse range of products, including pipes, fittings, and irrigation systems, catering to the building, infrastructure, industry, and agriculture sectors. Aliaxis has been actively involved in several significant transactions relevant to the water utilities context. Notably, they acquired Ashirvad Pipes Pvt Ltd, enhancing their market position in India and expanding their product offerings in the water management sector. Additionally, their acquisition of IPEX, which focuses on residential and light commercial sprinkler systems, further solidifies their commitment to water management solutions. Other acquisitions, such as Lareter and Zypho, also contribute to their strategic goal of strengthening their presence in the water utilities market.


8. ABO-Group Environment

  • Website: abo-group.eu
  • Type: Corporate
  • Headquarters: Ghent, Flanders, Belgium
  • Founded year: 1995
  • Headcount: 501-1000
  • Number of deals in 2024: 2
  • LinkedIn: abo-group

ABO-Group Environment is a corporate investor based in Ghent, Flanders, Belgium, founded in 1995. The company specializes in environmental consulting and geotechnical engineering, providing services such as soil studies, contamination remediation, and stability assessments. They operate primarily in Belgium, the Netherlands, and France. In recent years, ABO-Group has made strategic acquisitions to bolster their capabilities in environmental services. Notably, they acquired SEGED, a French environmental specialist, which enhances their expertise in water management and ecological restoration. This acquisition reflects their commitment to expanding their services in the water utilities sector. Additionally, their acquisition of Infrabureau Demey and Délo Boringen further strengthens their core activities in soil research and environmental studies, which are critical components of effective water management.


9. DOB Equity

  • Website: dobequity.nl
  • Type: Private Equity
  • Headquarters: Veessen, Gelderland, Netherlands
  • Founded year: 1997
  • Headcount: 1-10
  • Number of deals in 2024: 1
  • LinkedIn: dob-foundation

DOB Equity is an impact investment fund based in Veessen, Gelderland, Netherlands, founded in 1997. The fund focuses on supporting innovative and scalable companies in Eastern Africa, aiming to create social impact while ensuring long-term profitability for its portfolio companies. Notable transactions include investments in Jibu, which raised $1.5 million to enhance access to clean water, and Spouts of Water, which is also involved in providing water solutions. Additionally, DOB Equity has invested in Powergen Renewable Energy, which, while primarily focused on renewable energy, plays a crucial role in supporting infrastructure that can benefit water utilities. Their investment in Waterbus further emphasizes their engagement in the water sector, showcasing their commitment to improving water access and sustainability in the regions they operate.


10. PureTerra Ventures

  • Website: pureterra.com
  • Type: Venture Capital
  • Headquarters: Amsterdam, North Holland, Netherlands
  • Founded year: 2017
  • Headcount: 1-10
  • Number of deals in 2024: 2
  • LinkedIn: pureterra-ventures

PureTerra Ventures is a venture capital firm based in Amsterdam, North Holland, Netherlands, founded in 2017. The firm specializes in investments in disruptive water technologies, providing growth capital and consulting services to innovative entrepreneurs in the water sector. PureTerra Ventures aims to address global water challenges by supporting companies that focus on water quality, efficiency, and treatment. In 2024, they participated in a Series A funding round for VAPAR, a startup focused on sewerage system maintenance, raising $5 million to support its expansion in the US. Additionally, they were involved in a Series B funding round for Membrion, which raised $7 million, and have also supported SWAN Systems in multiple funding rounds, including a convertible note and an undefined funding round. These transactions highlight PureTerra's active engagement in the water utilities industry and their commitment to fostering innovation in this critical sector.


11. Invest-NL

  • Website: invest-nl.nl
  • Type: Venture Capital
  • Headquarters: Amsterdam, North Holland, Netherlands
  • Founded year: 2020
  • Headcount: 51-200
  • Number of deals in 2024: 17
  • LinkedIn: invest-nl

Invest-NL is an impact investment firm based in Amsterdam, North Holland, founded in 2020. The firm focuses on financing sustainable and innovative projects in the Netherlands, supporting entrepreneurs with promising plans for societal transitions, particularly in the energy and technology sectors. In 2024, Invest-NL participated in several notable transactions, including a €6 million seed investment in AquaBattery, a startup developing a low-cost, sustainable energy storage solution based on salt water, which has direct implications for water utilities. Additionally, they invested in Paques Biomaterials, which aims to produce biopolymers as alternatives to plastics, potentially impacting water quality and sustainability. These investments reflect Invest-NL's commitment to fostering innovations that contribute to a more sustainable economy, including in the water utilities sector.


12. Natural Ventures

  • Website: natural.ventures
  • Type: Corporate
  • Headquarters: The Hague, South Holland, Netherlands
  • Founded year: 2021
  • Headcount: 11-50
  • Number of deals in 2024: 2
  • LinkedIn: naturalventures

Natural Ventures is an investment firm founded in 2021, based in The Hague, South Holland, Netherlands. The firm specializes in technology companies that tackle global water and food security challenges, providing capital, strategic support, and access to a network of industry experts to help portfolio companies develop scalable solutions. Their focus on sustainable practices in agriculture and water management is evident in their recent transactions. For instance, they participated in a Seed Round for Active Membranes, raising $2,326,825 on July 9, 2024, which likely involves innovative water filtration or treatment technologies. Additionally, they invested in N-Drip, which raised $44,000,000 in a Series C round on June 21, 2023, focusing on efficient irrigation systems that conserve water. They also backed Irrigreen, which raised $19,000,000 in a Series A round on April 22, 2025, known for its smart irrigation solutions. These investments highlight Natural Ventures' commitment to advancing technologies that improve water management and sustainability.


13. Incofin Investment Management


Incofin Investment Management is an impact investment firm based in Antwerp, Belgium, founded in 2009. The firm specializes in financing and supporting organizations in emerging markets, with a strong emphasis on promoting financial inclusion and sustainable development. Incofin offers a variety of services, including equity investments, debt financing, and technical assistance, aimed at fostering positive social impact. Recently, they launched the Water Access Acceleration Fund (W2AF), which has already made significant investments in the water sector. Notably, Incofin invested EUR 7.5 million in Rite Water Solutions, an Indian company focused on water purification systems, marking the first investment from W2AF. Additionally, they participated in a venture round for Spouts of Water, further demonstrating their commitment to the water utilities industry. Their clients include development funds and financial institutions that seek to make a meaningful impact through their investments.


14. Rabo Private Equity


Rabo Private Equity, founded in 2002 and based in Amsterdam, is a private equity firm that specializes in providing equity capital and investment management services to established and transformative companies, particularly in the Food & Agri and Sustainability sectors. The firm has a strong focus on supporting growth and transition efforts through partnerships with top-tier funds and leveraging a global network. Notably, Rabo Private Equity has been involved in several transactions relevant to the water utilities sector, including the acquisition of a 60% stake in Koop Bronbemaling, which specializes in dewatering solutions, and multiple funding rounds for Voltea, a company dedicated to innovative water treatment technologies. These investments highlight Rabo's commitment to enhancing sustainability and efficiency in water management.


15. InnovationQuarter

  • Website: innovationquarter.nl
  • Type: Venture Capital
  • Headquarters: The Hague, South Holland, Netherlands
  • Founded year: 2013
  • Headcount: 51-200
  • Number of deals in 2024: 9
  • LinkedIn: innovationquarter

InnovationQuarter is a public entity based in The Hague, South Holland, founded in 2013, that focuses on regional development by providing innovation support, investment funding, and internationalization assistance to businesses, particularly startups and SMEs. The organization collaborates across various sectors to enhance economic growth and facilitate innovative projects. Notably, InnovationQuarter has invested in AquaBattery, a startup developing a low-cost, sustainable energy storage solution based on salt water, which is directly relevant to water utilities. Additionally, their investment in IRM Systems, which is developing smart software for managing pipeline integrity, further emphasizes their engagement in projects that can significantly impact the water utilities sector. These transactions highlight InnovationQuarter's commitment to fostering innovation that can enhance water management and utility services.


16. Convent Capital

  • Website: conventcapital.nl
  • Type: Venture Capital
  • Headquarters: Amsterdam, North Holland, Netherlands
  • Founded year: 2011
  • Headcount: 1-10
  • Number of deals in 2024: 2
  • LinkedIn: convent-capital

Convent Capital is a venture capital firm based in Amsterdam, Netherlands, founded in 2011. The firm specializes in sustainable investments and growth capital provision, focusing on small to medium-sized enterprises in the Benelux region. Convent Capital aims to enhance sustainability efforts and achieve growth for innovative companies. Notably, they have been involved in significant transactions, including a Series C funding round for BE WTR, which raised over $45 million, indicating their engagement in the water utilities sector. Additionally, they participated in a Series B funding round for Tidal Vision, which, while not directly a water utility, is involved in sustainable practices that could intersect with water management. Their acquisition of Dijkstra Groep further demonstrates their strategy of building a portfolio that may include companies relevant to engineering services, potentially applicable to water utilities.


17. Rockstart

  • Website: rockstart.com
  • Type: Venture Capital
  • Headquarters: Amsterdam, North Holland, Netherlands
  • Founded year: 2011
  • Headcount: 11-50
  • Number of deals in 2024: 16
  • LinkedIn: rockstart

Rockstart is a startup accelerator and investment firm based in Amsterdam, Netherlands, founded in 2011. They empower early-stage founders across various sectors, including AgriFood, Energy, and Emerging Technology, by providing investment, mentorship, and networking opportunities to help startups scale and succeed. In the context of water utilities, Rockstart has been involved in several relevant transactions, such as HydroNeo, which raised funds in a Seed Round in 2022, and Hydrologiq, which raised nearly $891,000 in a Pre-Seed Round in early 2022. These investments highlight Rockstart's engagement with startups that are innovating in the water management and technology space, aligning with their mission to support purpose-driven entrepreneurs driving positive change.


18. Qbic Fund | Venture Capital

  • Website: qbic.be
  • Type: Venture Capital
  • Headquarters: Ghent, Flanders, Belgium
  • Founded year: 2012
  • Headcount: 1-10
  • Number of deals in 2024: 5
  • LinkedIn: qbic

Qbic Fund | Venture Capital is a venture capital fund based in Ghent, Flanders, Belgium, founded in 2012. The fund specializes in seed and early-stage investments in innovative companies across various sectors, with a strong emphasis on creating impact through technological breakthroughs. Qbic supports its portfolio companies throughout their growth, focusing on sectors such as biotechnology and technology. Notably, Qbic Fund has invested in Blue Foot Membranes, which raised $2,836,664 in a seed round in 2017, and iFLUX, a company that received 1.36 million euros in funding in 2019. iFLUX is particularly relevant as it provides solutions for water quality monitoring, making Qbic's investment in this company significant in the context of water utilities.



Water Utilities Insights: Key Investors in Benelux


InvestorHeadquarterSizeFoundedDeals 2024
European Investment Bank (EIB)Luxembourg1001-5000195899
European Innovation Council (EIC)Brussels, Brussels, Belgium201-500195857
InnoEnergyEindhoven, North Brabant, Netherlands201-500201052
GimvAntwerp, Flanders, Belgium51-20019808
CvcLuxembourg1001-5000200516
Triton PartnersLuxembourg201-50019976
AliaxisBelgium10001+20033
ABO-Group EnvironmentGhent, Flanders, Belgium501-100019952
DOB EquityVeessen, Gelderland, Netherlands1-1019971
PureTerra VenturesAmsterdam, North Holland, Netherlands1-1020172
Invest-NLAmsterdam, North Holland, Netherlands51-200202017
Natural VenturesThe Hague, South Holland, Netherlands11-5020212
Incofin Investment ManagementAntwerp, Flanders, Belgium51-20020099
Rabo Private EquityAmsterdam, North Holland, Netherlands11-5020023
InnovationQuarterThe Hague, South Holland, Netherlands51-20020139
Convent CapitalAmsterdam, North Holland, Netherlands1-1020112
RockstartAmsterdam, North Holland, Netherlands11-50201116
Qbic Fund | Venture CapitalGhent, Flanders, Belgium1-1020125


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