Matt Damon-backed WaterEquity pulls $100M+ from Microsoft, Starbucks, others for new climate fund

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Dive Brief:

• Water and sanitation solutions-focused asset manager WaterEquity has received over $100 million in investments for its new impact fund, the company announced Sept. 10. The fund aims to make investments in projects and companies dedicated to sustainable development — especially water stewardship — and climate resilience.
• Financing for the Water & Climate Resilience Fund was spearheaded by Microsoft through its $1 billion Climate Innovation Fund and was also backed by water tech companies Ecolab and Xylem, Starbucks, Gap Inc. and others, according to the press release. WaterEquity is now over halfway to the fund’s goal of raising $200 million. 
• The U.S.-based asset manager — backed by humanitarian and veteran actor Matt Damon — said the fund aims to make safe water or sanitation accessible to 15 million people based across Africa, Asia and Latin America by providing the financial support needed to install “climate-resilient infrastructure” in households that connects them to essential water and sanitation services.

Dive Insight:

WaterEquity is a spinoff of global nonprofit Water.org, both co-founded and run by Damon and climate solutions-focused entrepreneur Gary White. White also serves as the asset management firm’s CEO.

WaterEquity, like its affiliate nonprofit, aims to provide vulnerable populations in developing nations with access to clean, safe water and sanitation, per its website. Since launching in 2017, the asset manager has secured over $460 million in capital for solving the water and sanitation crisis, which the United Nations lists as one of its 17 Sustainable Development Goals.

The new fund has a target of investing equity and debt capital in projects and growth companies that are dedicated to driving action across the water supply chain. These projects include water distribution and bulk water supply, treatment of wastewater and water reuse, according to the release.

The water-focused asset manager said one of its fund’s initial investments will be in an India-based company specializing in freshwater management made possible through a patented rainwater harvesting system. The mechanism aims to provide a sustainable solution to water stressed-communities in India — which hosts 18% of the global population, but is only able to provide 4% of the world’s water resources, according to research from the World Bank. The investment will help mitigate water scarcity by making rainwater available for non-potable use, such as irrigation and recharging groundwater, WaterEquity said.

“Water is at the core of every major global challenge we face today,” Damon said in the release. “Addressing the global water and sanitation crisis is not just about providing access to safe water; it’s about building resilience to climate change, advancing global gender equality, and transforming health and education outcomes for millions of people.”

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