Axel Johnson Inc. Provides Bridge Funding for Safe Water Technology
MadiDrop PBC closed a second round of bridge funding with an investment from Axel Johnson Inc., a private operating company that invests in industry-leading businesses. The funds will help to build market share for safe drinking water technologies and 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.