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Tuesday, July 23, 2024

Swedish greentech startup Wayout takes in €5.3M in a new investment round

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Stockholm-born Wayout International has collected €5.3 million (SEK 60 million) in a Series A round led by Climentum Capital with the participation of Gullspång Re:foodRAIVEN CAPITAL and its existing investors. The startup develops and produces infrastructure systems for local production and supply of safe drinking water. The funding will be beneficial for Wayout’s expansion plans.

Today, more than two billion people lack access to clean drinking water. According to the United Nations, global demand for drinking water risks exceeding supply by as much as 40 percent by 2030. Wayout’s proprietary technology combines state-of-the-art process technology with software applications that make it possible to produce and distribute perfect drinking water anywhere in the world, with a minimal ecological footprint. Producing water locally means dealing with climate challenges such as bottling, logistics and distribution, and you also eliminate the use of plastic bottles, which reduces carbon dioxide emissions.

The new capital injection is to be used, among other things, to scale up and expand in the Middle East, where the company is establishing a subsidiary, and to establish systems in Asia and the Indian Ocean, where the company has been selected by the UN to accelerate the shift towards more sustainable development.

“We are very proud of the trust from our investors. In the past year, organizations and authorities involved in larger infrastructural projects in water supply have also come to us for possible solutions, where our technology is unique in opening up opportunities in widely different contexts around the world,” says Ulf Stenerhag, CEO of Wayout.

Previous investors are now joined by Clementum Capital, Gullspång Re:food and Raiven Capital as new partners.

“Clementum Capital is an Article 9 fund that invests in companies that have documented potential to reduce CO2 emissions in the order of millions of tonnes annually. With Wayout’s system, fossil-fuelled transport of water in fossil-based plastic bottles is avoided on a global scale,” says Malin Carlström, General Partner at Clementum Capital.

Since 2020, Wayout has had industrial partnerships with, among others, Alfa Laval, Siemens and Telenor. During 2022, Wayout has made a number of key recruitments and has also been awarded several awards such as Growth Company of the Year by Techarenan during the Almedal Week and Innovation Company of the Year by 100% Circular and White Guide.

Click to read more funding news.

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Nurcin Metingil
Nurcin Metingil
A permanent student, a passionate first reader and nowadays doing master’s degree in Publishing Management. Beside these, I am up for games! I have been playing games since I was 6. Now, I am whispering "Business. Business. Numbers. Is this working?"

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