Charlottesville, VA -- MadiDrop PBC, a public benefit company that manufactures and distributes safe drinking water technologies to communities throughout the world, has closed a second round of bridge funding.
The investment from Axel Johnson Inc., a private operating company that invests in industry-leading businesses, will be used to increase manufacturing capabilities at the Virginia-based facility and to help build market share.This level of activity supports new and on-going relationships with international non-governmental agencies (NGOs) and other organizations that provide humanitarian relief, particularly in the field of water, sanitation and hygiene. Funds will also be used to increase manufacturing at the company’s Virginia-based facility. This level of activity supports new and on-going relationships with international non-governmental agencies (NGOs) and other organizations that provide humanitarian relief, particularly in the field of water, sanitation and hygiene.
MadiDrop PBC currently has household drinking water and safe water storage projects underway in Afghanistan, the Amazon, Cambodia, Haiti, India, Kenya, South Africa, Tanzania, Uganda and Zambia.
“We are very excited to have Axel Johnson Inc. as a partner, supporting our efforts to bring this life-saving safe drinking water technology to people throughout the developing world,” said David Dusseau, CEO of MadiDrop PBC. “Axel Johnson shares our values as a responsible corporate citizen and brings experience and expertise in the water sector.”
“We believe that businesses focused on improving access to safe drinking water represent both an attractive long-term investment and the opportunity to make a meaningful difference in the world,” says Michael D. Milligan, president and chief executive officer of Axel Johnson Inc. “We are particularly excited about MadiDrop’s potential to make safe water available to consumers in developing economies in a practical, sustainable manner.”
MadiDrop PBC’s first round of bridge funding closed in late-summer 2015. Financed by several private investors, those funds supported product development and initial commercialization.
About Axel Johnson
Axel Johnson Inc. (AJI) is a private operating company that owns and operates a diverse collection of industry-leading businesses. AJI acquires and invests in companies to own and operate them, with the aim of building long-term value. In 2015, AJI’s companies recorded combined revenues of $3.9 billion and employed over 2,500 people.
AJI is a legally and financially independent member of the group of companies owned by the Johnson family of Stockholm, Sweden. Established in 1873, the Axel Johnson Group is now in its fourth and fifth generations of family ownership.
About MadiDrop PBC
MadiDrop PBC is a public benefit company providing safe drinking water technologies to communities throughout the world. Working with humanitarian, relief and mission-based organizations, the Charlottesville-based company provides a simple approach to address the critical number of waterborne diseases that result from drinking contaminated water. Its primary product, the MadiDrop, is a small ceramic tablet that release silver ions when placed in a household water storage container, neutralizing waterborne pathogens and providing safe drinking water for a family of five for six months. The MadiDrop is also the best solution on the market to address the fundamental need for safe water storage, providing residual disinfection to prevent recontamination of household stored water.
Tha MadiDrop is easy to use, highly effective, low cost and easily adaptable to community water conditions - truly a simple solution to a global health crisis.
Visit MadiDrop for more on the story.