INDIANAPOLIS, IN – March 19, 2021 – Zionsville-based water management software firm 120Water has seen a recent tidal wave of growth—and more is on the way.
This week, 120Water announced it has closed on a $4.5 million round of capital, which will fuel more growth for the firm.
The round was led by New Ventures/The Heritage Group, with support of Allos Ventures, both based in Indianapolis. The capital will fuel hiring in all areas of the organization, in addition to research and development to support further enhancements to 120Water’s Digital Water Platform, company officials said.
In the past year, 120Water nearly doubled its workforce—to 43 full-time employees, with the vast majority of them based in central Indiana. The fast-growing firm plans to hire 157 additional workers by the end of 2022, company officials told IBJ this week.
“We continue to be impressed by the team at 120Water and see considerable opportunity with the platform they’re building and in the digital water space more generally,” said Kip Frey, New Ventures executive vice president. “Our investment reflects our enthusiasm for the team and our optimism about the future of the company.”
In 2020, 120Water achieved 250% year-over-year revenue growth and expanded its customer base to 19 states. Major new customers included Denver Water, the city of Newark, the city of Asheville and the New Hampshire Department of Environmental Services Drinking Water and Groundwater Bureau.
Last week, 120Water was named one of FastCompany’s most innovative companies for pursuing social good in 2020.