Sourcewater nets $7.2 million, plus more top funding news for Houston-based companies

Photo: Evolve Energy/Facebook
Photo: Evolve Energy/Facebook

Houston-based e-commerce and water company Sourcewater has secured $7.2 million in Series A funding, according to company database Crunchbase, topping the city's recent funding headlines. The cash infusion was announced Sept. 3.

According to its Crunchbase profile, "Sourcewater, from MIT Energy Ventures, is the online exchange for sourcing, recycling, transporting and disposing of water for energy production, a $20 billion U.S. market. We create a marketplace that matches providers of water, wastewater, trucking, treatment, storage and disposal with energy producers, thereby minimizing the capital and operating costs of oil and gas production, ensuring the reliability of the water supply chain, and reducing the environmental and community impact of hydraulic fracturing. For water sellers and service providers, Sourcewater creates a marketing platform that reduces the cost of sales and maximizes utilization and profitability."

The six-year-old company also raised a grant in 2015.

The round brings total funding raised by Houston companies in natural resources over the past month to $7.3 million. The local natural resources industry has produced 16 funding rounds over the past year, yielding a total of $226 million in venture funding.

In other local funding news, renewable energy and solar company Evolve Energy announced a $150,000 funding round on Sept. 26, financed by URBAN-X.

According to Crunchbase, "Evolve Energy is an energy company that helps consumers save their energy costs through AI and IOT. It also helps reduce carbon emissions by combining real-time pricing, connected home devices, and renewable energy. It was founded by Michael Lee and Samit Shah in 2018 and is based in Houston, Texas."

The company also raised a seed round earlier this year.

This story was created automatically using local investment data, then reviewed by an editor. Click here for more about what we're doing. Got thoughts? Go here to share your feedback.