StormHarvester Expands with £8.4m in Series A Funding
Deal News | Jan 23, 2025 | Business Cloud
Automated water management software company StormHarvester has successfully raised £8.4 million in a Series A funding round led by YFM Equity Partners. Based in Belfast, StormHarvester aims to utilize these funds to enhance its product offerings, boost sales and marketing efforts, and increase its market presence in new territories like Australasia and North America. The firm's technology leverages machine learning and rainfall prediction to detect issues like blockages and anomalies in sewer networks, aiding water companies in mitigating pollution and flooding. Since 2019, StormHarvester has rapidly onboarded 75% of UK water utilities onto its platform. With support from YFM, the firm is set to embark on a scale-up journey towards international expansion, playing a crucial role in promoting global water resource management and environmental health.
Sectors
- SaaS
- Environmental Technology
- Utilities
Geography
- United Kingdom – StormHarvester is based in Belfast, UK, and has onboarded 75% of UK water utility companies.
- Australasia – StormHarvester plans to expand its market reach into Australasia as part of its growth strategy.
- North America – The company also targets North America for future market expansion.
Industry
- SaaS – The article discusses StormHarvester's software-as-a-service platform for automated water management, which is central to its business model.
- Environmental Technology – StormHarvester's technology aids water companies in reducing flooding and pollution, aligning it with the environmental technology industry.
- Utilities – StormHarvester provides solutions to water utility companies, contributing significantly to the utilities industry sector.
Financials
- £8.4 million – The amount raised by StormHarvester in a Series A funding round led by YFM Equity Partners.
Participants
| Name | Role | Type | Description |
|---|---|---|---|
| StormHarvester | Target Company | Company | A Belfast-based company specializing in automated water management software using machine learning. |
| YFM Equity Partners | Bidding Company | Company | A private equity firm leading the Series A funding round for StormHarvester. |
| Brian Moloney | CEO of StormHarvester | Person | CEO of StormHarvester, providing leadership and strategic direction. |
| Mike Clarke | Partner at YFM Equity Partners | Person | Partner at YFM Equity Partners, supporting StormHarvester's expansion and funding. |