Emerald Technology Ventures, a venture capital firm focused on industrial innovation, has announced that its Global Water Fund II has reached $115m following new investments from Temasek and the Grundfos Foundation.

The milestone follows the fund’s first close of $69m in late 2025. Temasek, which was also an investor in Emerald’s first Global Water Fund, and the Grundfos Foundation, owner of Denmark-based pump manufacturer Grundfos, are the latest organisations to join the fund. Other investors include Veralto Corporation, Ecolab, SKion Water and Oxy Technology Ventures. According to Emerald, the mix of institutional and corporate investors reflects growing interest in technologies that support water resilience across industries and regions.

Global Water Fund II is targeting a total size of $173–207m. The fund plans to invest in early- to growth-stage companies developing technologies across the water value chain, including infrastructure resilience, advanced treatment and reuse, digital monitoring and automation, as well as solutions addressing emerging contaminants.

Dr Helge Daebel, partner at Emerald and head of its water practice, said the participation of Temasek and the Grundfos Foundation brings together organisations with complementary perspectives on water resilience and investment. 

The Grundfos Foundation said its investment reflects a belief that supporting water technology companies can help address global water and climate challenges.

Emerald’s first water fund has previously supported several water technology companies and facilitated collaborations between corporations and start-ups, including initiatives involving Microsoft with Kilimo and FIDO. The firm said this experience provides a foundation for identifying new investment opportunities through the second fund.