Connexin lands £35M debt deal to scale UK smart water meters
What's the deal? Connexin, a Hull-based connectivity and smart infrastructure firm, has secured a £35 million debt package to accelerate its rollout of smart water meters across the UK. The company says it is the first financing arrangement in the UK dedicated specifically to smart water metering.
Who's backing it? The package comprises £10 million from Santander UKDealroom has a profile for this one. Try Dealroom → plus a £5 million borrowing arrangement, alongside £10 million in financing from investor PatriziaDealroom has a profile for this one. Try Dealroom → and a further £10 million borrowing facility.
What's the endgame? Connexin says smart meters give customers and water companies better data on consumption, helping detect leaks, cut waste and manage resources. The funding will let it speed up its meter installation programme for water companies nationwide.
The 100-person firm, headquartered at K3 Business Park, reports a turnover of £16.3 million. It runs its ConnexinOS platform to turn metering data into what founder and chief executive officer Furqan Alamgir calls "actionable intelligence" for water companies.
Why now? The UK water sector faces mounting pressure from scarcity, leakage and ageing networks. "The water sector is facing enormous pressure, from scarcity and leakage to ageing infrastructure," Alamgir said, framing better data as "fundamental to solving these challenges."
For Patrizia, the deal pairs steady demand for essential services with a chance to upgrade how they run. "Digitalisation can improve the infrastructure we already rely on," said Phoebe Smith, its head of infrastructure fund management for Europe.
The signal: The round ranks in the 92nd percentile of all-time UK debt financings for IoT companies, a sample of 208 deals. That scale, plus its claim as a sector first, signals growing investor appetite for digital infrastructure aimed at modernising essential utilities.
Read more: aol.co.uk
Image credit: Generated with Gemini
