SWAN scoops a $3M raise
- The capital will be used to build export markets such as the US, Chile, Mexico and Zimbabwe
- Funding will also be used to consolidate their Aus and NZ operations
- Perth-based AC Ventures and Netherlands-based PureTerra Ventures were behind the investment
Perth-based precision water and fertiliser tech company SWAN Systems has announced the completion of a A$3million capital raise.
Established by former ag producers in 2016, the local startup said the money will be used to build momentum on recent work in various export markets including the US, Mexico, Chile and Zimbabwe.
SWAN, which stands for ‘scheduling water and nutrients‘, as well the river near their head office in East Perth, has been involved in a number of large irrigation projects.
The company said that funding will also help consolidate its operations in Australia and New Zealand where customers include those in horticulture, viticulture, local government (parks), water utilities, golf courses and schools.
Investment has been sourced from strategic providers including AC Ventures out of Perth and PureTerra Ventures based in The Netherlands.
PureTerra has a global mandate with a focus on supporting innovative water solutions across a broad range of sectors. AC Ventures’ mandate is across Australia with a particular focus of companies that have been through the Federal Government’s Accelerated Commercialisation program and have transitioned to “scale up” mode.
AC Ventures is lead by well-known local venture capitalist Larry Lopez, who worked as National Director on the AC grant 2016-2020. SWAN was awarded a $590K AC grant back in 2018, the same year the company won the Incite Awards Startup of the Year.
Understandably, co-founder and CEO of SWAN Tim Hyde, was delighted with the deal, especially being backed by the new AC Ventures Fund, as well as the Dutch fund PureTerra.
“We are very excited to expand our shareholder base with such strategic partners that bring business acumen and global networks along with strong balance sheets,” said Tim.
“The transition from a Perth-based startup to a global player is much more achievable with the support from groups with experience and financial capacity.”