I-Phyc, the leading natural wastewater treatment company, has completed its round of fundraising through private equity firm Growthdeck.

I-Phyc’s product uses algae to remove pollutants from wastewater. The product provides a viable green alternative to the chemicals currently used by water treatment companies to eliminate pollutants. Supply chain issues have made it very difficult to source these chemicals in recent years, raising costs considerably.

Ian Zant-Boer, CEO of Growthdeck, comments: “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.”

Growthdeck investors raised a total of just under £600k in the I-Phyc funding round.

A number of I-Phyc’s installations for major water companies 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 companies and interest expressed from the other nine. These companies potentially require a combined 265 water cleaning projects to meet the strict regulations of the Water Services Regulation Authority.

Growthdeck’s 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.

I-Phyc is led by an experienced team, including:

  • Chief Executive Officer, Simon Gretton-Watson, who has over 20 years of experience within the R&D and Energy sector. His previous roles include Business Director at British Gas and General Manager at Centrica Energy. He holds a degree in Chemistry and is a chartered accountant with the FCA.
  • Chief Scientific Officer, Dr Thea Ekins-Coward, an experienced phycologist (scientist specialising in algae) with expertise in utilising microalgae BioTech. She holds a PhD from Newcastle University, where she spent almost a decade studying the industrial applications of algae
  • Executive chair, Karl Wills, who has previously grown and sold multiple businesses including selling Pelipod to BT, MetaPack to Stamps.com and Abacus to MindCTI.

Ian Zant-Boer, CEO of Growthdeck, comments: “I-Phyc is a very innovative company with a highly sought-after product, which makes for a very attractive investment opportunity.”

“Several of the UK’s major water companies have hurried to sign contracts with I-Phyc, having identified its product as a solution to persistent supply chain problems.”

“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 need for major UK water suppliers.”

Growthdeck’s investment in I-Phyc qualifies for tax reliefs under the Enterprise Investment Scheme (EIS). EIS is an investment scheme which allows private investors to make tax savings by investing in growth businesses.