An Australian company that participated in The Water Council's startup accelerator program is planning an initial public offering on the Sydney Stock Exchange, marking the first time an alumnus of the Milwaukee-based program has filed to go public.
STAR (Stormwater Treatment and Reuse) Water Group, which makes biofiltration technology and bioretention systems and is based near Sydney, is aiming to raise $700,000 to $1 million in its public offering, valuing its equity at $4.9 million, according to a Thursday announcement. The Water Council invested $50,000 in the company in 2017 as part of its BREW (Business, Research & Entrepreneurship in Water) accelerator program.
“We identified STAR Water early on as a strong startup that can address issues of stormwater management and access to clean, safe freshwater around the world,” The Water Council president and CEO Dean Amhaus said in a statement. “Its success is a prime example of how The Water Council fosters innovation and economic development in the water sector.”
STAR Water also participated in The Water Council’s Pilot Program, testing its technology at Green Tech Station on Milwaukee’s northwest side. The Water Council's headquarters is located in the Global Water Center in Milwaukee.
“The Water Council’s BREW accelerator program provided STAR Water with the perfect springboard to expand from, particularly around the Great Lakes region and the Midwest,” STAR Water Group CEO Chris Rochfort said in a statement. “It has also raised our profile and reputation around the world as we navigate lucrative markets."
The Water Council ran the six-month BREW accelerator across multiple cohorts from 2013 to 2019. A total of 39 water startups participated and have collectively generated $15 million in sales revenue and raised $36 million in capital, according to The Water Council. In 2020, the organization revamped the program as BREW 2.0, aimed at helping late-stage water startups build connections and grow capacity.
