Industrial sustainability-focused venture capital firm Emerald Technology Ventures announced that it has raised €100 million (USD$116 million) in commitments for its Global Water Fund II, aimed at investing in startups advancing solutions to address the world’s most pressing water challenges.

Global Water Fund II invests in early- to growth-stage companies worldwide, focusing on innovations across the full water value chain, including solutions in areas such as infrastructure and business resilience, advanced treatment and reuse, digital monitoring and automation, and technologies addressing emerging contaminants.

Emerald said that the new close included investments from two new investors including Temasek, who was a cornerstone investor in the first Global water fund, and the Grundfos Foundation, with other investors including Veralto, Ecolab, SKion Water and Oxy Technology Ventures.

Dr. Helge Daebel, Partner at Emerald and Head of Water said:

“With Temasek and Grundfos Foundation joining Global Water Fund II, we are bringing together two globally influential organizations with highly complementary perspectives on water resilience. The fund is designed as a platform where this kind of collaboration can take shape – connecting long-term capital, industrial leadership, and breakthrough technologies to accelerate solutions across the global water system.”

The new announcement follows the first close of the fund in late 2025 at €60 million. Emerald is targeting a total fund size of between €150 million and €180 million for the fund. Its predecessor, the inaugural Global Water Fund, closed in 2020 with $100 million from investors including Temasek, Microsoft and Ecolab.

Grundfos Foundation Executive Director Kim Nøhr Skibsted said:

“Within the water sector, we are convinced that doing business goes hand in hand with doing good. Our investment is a bid to help more water startups grow strong and address global water and climate challenges.”