I-Phyc Completes Round of Fundraising with Growthdeck
by Growthdeck Team
3 February 2023News portfolio
Note: The contents of this article are the author's opinion and have not been approved as a financial promotion.
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We are delighted to announce that we have completed a fundraise of just under £600k for I-Phyc, an innovative business which has developed a unique nature-based solution to remove contaminants from wastewater streams on a global scale.
I-Phyc’s patent-protected solution harnesses the natural power of algae, providing a viable green alternative to the chemicals currently used by water treatment companies. Widespread supply chain issues have made it very difficult to source these chemicals in recent years, raising costs considerably.
The business is attracting a great deal of interest within the water industry and is now working with several major suppliers as they seek to meet ever-increasing water quality standards and challenging carbon emission goals.
A number of I-Phyc’s installations have been generating revenue for some time. A new project is nearing completion and is close to the construction stage. A new £1m contract for a major UK water company has also just been agreed, doubling revenues with one installation.
The company’s revenue is expected to continue growing quickly, with contracts already signed with three of the twelve major UK water suppliers and interest expressed from the other nine.
This fundraise follows the recent completion of a funding round led by the investment arm (FMG Circular Invest AB) of Feralco, the multinational water treatment business that supplies clean water to more than 100 million people in Europe.
Our CEO, Ian Zant-Boer, says:
“Our investor base saw I-Phyc as a great opportunity to back a company that is seeking to improve the quality of the UK’s waterways and rivers using a natural and cost-effective solution. I-Phyc has a well developed business model and it is extremely encouraging to see the substantial commercial progress it has made over the last few months in terms of securing contracts from major companies.”
Ian Zant-Boer adds:
“The widespread difficulties around sourcing water treatment chemicals have generated a lot of attention in the media. I-Phyc’s product is an environmentally friendly and commercially sound alternative which is addressing a pressing commercial need for major UK water suppliers.”
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