Whether it is safeguarding the natural beauty of our freshwater ecosystems, solving water scarcity, providing affordable sanitation to all, delivering safe, contaminant-free drinking water or powering the industries that help reduce poverty and catalyse economic growth, the global challenges of water are many. If you believe, as I do, that our pathway to solving the grand challenges of water is innovation, then this in an exciting time as water innovation is vibrant. Innovators around the world are reimagining how we source, treat, monitor, manage, protect and distribute water. They are building smarter infrastructure, developing breakthrough technologies and business models, and finding new ways to ensure that water is abundant, safe, affordable and used more efficiently. These are not just solutions to urgent problems, they are investable ideas. For anyone looking for venture- scale returns, seeking to improve the health and well-being of the most needy, wishing to safeguard the natural environment for future generations or aiming to develop adaptable and resilient infrastructure, the water industry offers a pathway for unique investment objectives. As an Operating Partner at Palo Alto, CA-based DCVC – which, with $4 billion under management, is the world’s largest purely deep tech venture capital firm – I am fortunate to work with high- integrity, principled, experienced investors who are committed to water. It is an honour to represent DCVC as part of UpLink – the World Economic Forum’s Investing in Water Working Group, a community of investors who share a belief in the power of water innovation. Together, we have explored where the opportunities lie, what barriers still exist and how capital can play a catalytic role in scaling promising solutions. We hope this report sparks your curiosity, deepens your understanding and inspires you to be a part of the water innovation movement, as an investor, innovator or ecosystem partner. Whether you are driven by financial returns, a commitment to resilience or a desire to create lasting impact, investing in water is one of the most compelling opportunities of our time.Earl Jones Operating Partner, DCVC Investing in Water: Aligning Investment Strategies with Water Innovation 4

Investing in Water Aligning Investment Strategies with Water Innovation 2025