The Water VC You Can't Name (How HG Ventures Deployed $48,523,663 in Water Tech)

How did HG Ventures quietly become one of the most active water tech investors on the planet, without even calling itself a water VC?

HG Ventures is the corporate venture capital arm of The Heritage Group, a 100-year-old, family-owned Indianapolis conglomerate active in asphalt, quarries, environmental services and specialty chemicals. With $350M in assets, the fund deploys around $50M a year across 41 portfolio companies and 7 sectors, and ranks 5th globally in water tech by deal count despite water being only 18% of its thesis.

Ginger Rothrock holds a PhD in chemistry from UNC Chapel Hill, co-founded the NASDAQ-listed pharmaceutical company Liquidia, was promoted to Managing Director of HG Ventures in December 2025, and is a Global Corporate Venturing Rising Star and Kauffman Fellow with deep expertise in industrial water, industrial wastewater treatment, and corporate venture capital in cleantech.

🌶️ KEY SPICES 🌶️

🏗️ How a 100-year-old asphalt-and-quarries empire ended up running one of the most active water tech portfolios on the planet

🧪 Why a PhD chemist with 75 R&D scientists down the hallway puts technology last, and storytelling first, when she evaluates water tech founders

💧 How HG Ventures built its industrial wastewater treatment, industrial water reuse and zero liquid discharge thesis from the inside out

⚡ Why a 4-person investment team and a 2-month decision cycle out-deal-flow every other corporate venture capital fund in the water industry

🎯 Why Ginger Rothrock calls the water industry "inevitable", and how HG Ventures is positioning for the next decade of water tech exits

🥜 IN A NUTSHELL 🥜

Who are the biggest water tech investors and venture capital firms in 2026?

The most active water tech investors by deal count are Burnt Island Ventures, Echo River Capital, PureTerra Ventures, Emerald Technology Ventures, and HG Ventures, the corporate venture capital arm of The Heritage Group, ranked 5th globally despite water being only 18% of its thesis.

What is corporate venture capital (CVC) and how does it differ from traditional venture capital?

Corporate venture capital is venture investing from inside a corporation rather than from an independent fund, which means a CVC like HG Ventures can hold portfolio companies for a decade or more without the LP pressure that kills the average CVC at year four.

How do you pitch a venture capital firm to fund a water tech startup?

Most water tech VCs filter pitches on whether the fund can actually help you commercially, whether you understand the market problem (especially who your real competition is), and whether you can tell a clear story under five minutes, and most water tech founders lose by leading with the technology.

Is the water industry a good long-term investment in 2026?

Yes, water tech venture capital deal counts have quadrupled since 2018, but capital flows mostly through specialist venture capital, corporate venture capital and private equity rather than the public market, because most water stocks underperformed in the 2020s.

What is industrial water reuse, and what is zero liquid discharge?

Industrial water reuse is treating a facility's wastewater on-site and recycling it back into the process, while zero liquid discharge is the extreme version where 100% of the water is recovered, and both are accelerating because of rising freshwater costs, tightening discharge regulations and corporate ESG targets.

#️⃣ Mentioned Links #️⃣

HG Ventures — hgventures.com

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