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NEWS > Gaocheng portfolio company GWT completed series B financing, including follow-on investment from Gaocheng Capital

Gaocheng portfolio company GWT completed series B financing, including follow-on investment from Gaocheng Capital

2022.03.21

In March 2022, Gaocheng Capital’s portfolio company GWT announced the successful closing of its series B financing. Gaocheng exercised super pro-rata rights to participate in the round. The proceeds of this round of financing will be used for R&D, improvement of supply chain and operation efficiency, and international go-to-market initiatives. The global R&D and manufacturing base previously built by GWT in Ningbo Qianwan New Area is expected to be completed and put into operation in the first half of this year.


Commercial water purifiers are an ideal solution to replace bottled water and barreled water. Not only do they avoid the drinking water risk for employees caused by secondary pollution of barreled water, reduce the tedious replacement of barreled water by employees and release water bucket storage space, but also help enterprises reduce plastic utilization and carbon emission, improve employees' drinking water satisfaction and achieve ESG targets under the background of pursuing the "double targets of carbon neutral and peak carbon dioxide emissions".


Each bottle of 500ml bottled water will produce 110g carbon emissions from raw material production to transportation to consumers. Taking office drinking water as an example, taking 100 liters of drinking water per day, if a GWT water filtration system is used, the carbon emissions can be reduced by 22kg per day and up to 5.5 tons per year. By 2021, the commercial equipment installed by GWT had helped partner customers save more than 500 million disposable plastic bottles and reduced more than 55,000 tons of carbon emissions. GWT uses innovative technology to fulfill ESG responsibilities to help reduce plastic utilization and promote sustainable development to protect the planet.


In 2021, GWT business grew rapidly, tripling its 2020 overall business. The number of commercial machines increased by 10 times year over year. GWT has covered 30 provinces in China, with nearly 500 stores. GWT has the most sophisticated commercial water purifier product lines in the industry. Currently, GWT has signed deals with thousands of high-end enterprise clients, such as McDonald's, Schneider, Sephora, SAIC Motor, Xiaopeng Auto and so on, covering major industries such as commercial office, education, catering, real estate, hospitals, financial systems, factory logistics and so on. With high-quality service as the core, GWT strives to create G+ service beyond expectations and makes the service card of GWT being high efficiency, all-weather, fast and high quality. At present, GWT service network has covered 25 provincial administrative regions and nearly 200 cities.


Mr. Tim Wang, co-founder and CEO of GWT, said that the mission of GWT is to use innovative technology to change the traditional way of drinking and reduce plastic utilization. GWT hopes to become a global leader in WaaS (Water as a Service) with advanced technology, superior services, and comprehensive data, serving customers from both domestic and international markets.


As the lead investor of GWT's Series A round of financing and the company's largest institutional investor, Gaocheng exercised super pro-rata rights in the Series B financing. Ms. Jing Hong, Founding Partner of Gaocheng Capital, said, "After working closely with the GWT team over the past year, we have high conviction in the commercial water purifier sector, GWT's innovative 'WaaS' model, as well as the team's strategic vision and excellent execution capability. We are pleased to participate in the Series B and continue to support GWT’s development and acceleration of its mission to changing the traditional way of drinking and reduce plastic.”

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