Funding to Support Flume’s Market Expansion and Innovation in Water Monitoring Technology
SAN DIEGO, June 7, 2023 /PRNewswire/ — HCAP Partners, a California-based private equity firm and nationally recognized impact investor, today announced its investment in Flume, Inc., a company that brings connectivity and intelligence to residential water use. Terms of the investment were not disclosed.
As the leader in smart home water monitoring, Flume brings unprecedented insights into residential water use to both homeowners and water utilities. Using Flume, homeowners can save water through 24/7 water monitoring for indoor and outdoor water consumption, customizable leak detection, detailed breakdowns and insights into individual water appliances, and suggested water budgets. With a simple installation process requiring no plumbers or pipe cutting, Flume provides the in-depth water use details and control functionality necessary to mitigate issues before they result in high water bills or costly damages.
“Being a California-based private equity and impact investor, we are keenly aware of the rapidly growing issues our society faces with our most precious resource. By providing such granular levels of control of water use, Flume has positioned itself as the ideal tool for homeowners and water utilities to improve water management amid drought conditions,” said Tim Bubnack, HCAP Managing Partner. “We look forward to supporting the Flume team with capital and resources to grow a valuable business while having a positive effect on water conservation.”
“We are delighted to have HCAP partners on board as we continue to revolutionize residential water use,” said Ric Miles, Flume CEO. “This investment represents a significant milestone for Flume and will enable us to scale our business in pursuit of our mission. As we move forward with HCAP partners, we remain committed to our strategy of creating a more sustainable future. We’re excited to continue to innovate and bring new solutions to consumers, utilities, and governmental stakeholders.”
About HCAP Partners
HCAP Partners is a diversely owned private equity firm specializing in providing mezzanine debt and private equity for underserved, lower-middle market companies throughout California and the Western United States. The firm seeks to invest $3 million to $25 million in established businesses generating between $10 million and $100 million in revenues in the healthcare, software, services, and manufacturing industries. HCAP Partners has invested in over 60 companies since its founding and through ongoing, active engagement with portfolio companies provides value-added resources to help optimize performance and increase enterprise value. The firm has been an ImpactAssets 50 fund since 2014 and, through its Gainful Jobs Approach™, works to facilitate a positive impact on underserved businesses, their employees, and their communities through active portfolio engagement. For more information, please visit http://www.hcap.com/.
Inspired by California’s record drought, Flume empowers homeowners to better understand their use and conserve water. By providing real-time water use information, Flume protects the home, puts the power of water consumption and conservation in the customer’s hands, and improves the relationship with our most precious resource. The Flume® Smart Water System consists of an easy-to-install sensor that adapts to most existing home water meters, which communicates water use to the homeowner in real-time. To date, Flume has tens of thousands of devices installed across the United States. Learn more at www.flumewater.com.
SOURCE HCAP Partners