News & Views
News & Views
INDIANAPOLIS, IN – March 26, 2021 – HG Ventures has announced a partnership with Innovate UK to leverage HG Ventures investments in environmentally sustainable innovation in the United Kingdom. Innovate UK is part of United Kingdom Research and Innovation, which directs research and innovation funding for the UK government. HG Ventures was chosen as the only investor outside Europe to participate in the program following a competitive selection process.
Innovate UK is allocating grant funds to startups that can reduce energy and resource use or otherwise drive sustainable innovation. Startups that receive these grants must be funded by one of five investor partners and carry out a development project ranging from £50,000 to £2 million that runs between 12 and 24 months. HG Ventures has already made several European-based investments in its focus areas of environmental services, green chemistry, and sustainable infrastructure.
The UK Government has recognized the critical role that construction, materials, and chemicals industries – or “Foundation Industries” – play in powering its infrastructure and commerce. These industries contribute more than £50 billion to the UK economy, are responsible for 10% of UK carbon emissions, and consume substantial raw materials and energy. Innovate UK views innovation in these important market sectors as key to a greener, more sustainable future.
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.