Cambodia Investment Review
Japanese conglomerate backs award-winning Cambodian utility to scale clean water access
Khmer Water Supply Holding (KWSH), a key player in Cambodia’s rural water infrastructure, has completed a new equity round with the entry of Japan’s Marubeni Corporation as a strategic shareholder. The round also saw renewed backing from long-term partner Insitor Partners, further solidifying investor confidence in Cambodia’s growing utility sector.
KWSH currently supplies clean, piped water to over 150,000 residents across Cambodia, many in underserved rural areas that previously relied on untreated surface water or distant wells. The company’s scalable model of acquiring and modernizing small-scale water stations has positioned it as a critical contributor to Cambodia’s national water access targets.
Strategic Vote of Confidence in Cambodia’s Water Sector
The investment by Marubeni, a globally recognized integrated trading and investment conglomerate, marks a rare entry into Cambodia’s utility landscape by a major Japanese corporation. The move signals growing interest in the Kingdom’s infrastructure opportunities, particularly within sectors that support inclusive and sustainable development.
In a statement, Christophe Forsinetti, Founder and Chairman of KWSH, and representative of OBOR Capital—the third shareholder—described the milestone as “the culmination of more than a decade of platform building.” He emphasized that the investment reflects increasing recognition of Cambodia’s private equity potential, particularly in essential services.
Read More: E105: Christophe Forsinetti on Navigating Cambodia’s Emerging VC Space
“This marks a milestone in Cambodia’s private equity market,” Forsinetti noted. “It proves that there are viable early-stage companies for venture capital investment. The legal framework for piped water has long attracted interest, but what was missing was a credible entry platform—KWSH is precisely that.”
Global Expertise to Strengthen Local Infrastructure
Kazuaki Shibuya, General Manager of Marubeni’s Power & Infrastructure Department-I, stated that the company is proud to support KWSH’s mission.
“We believe that our global experience in water infrastructure, combined with KWSH’s local expertise and proven track record, will help accelerate the development of sustainable water services in the region. We look forward to contributing to the well-being of Cambodian communities,” he said.
Marubeni brings with it decades of experience in managing and financing infrastructure projects globally, including in Southeast Asia, and its investment in KWSH is expected to catalyze further institutional confidence in Cambodia’s water and utilities sector.
Expansion Strategy Backed by Track Record
KWSH plans to deploy the fresh capital to expand its existing station footprint, increase household connections, and pursue new operating licenses in underserved provinces. The company also aims to strengthen its operational systems and customer service capabilities across its six managed stations, which together oversee more than 1,150 kilometers of pipeline.
The company’s previous funding round, which included a $2.3 million investment from InfraCo Asia, enabled the development of over 600 kilometers of pipeline—laying the foundation for this most recent equity injection.
KWSH’s operational success was recently acknowledged at the 5th Cambodian Water Conference, where its stations received national recognition for top performance across both large and medium-scale categories.
Market Impact and Future Outlook
KWSH’s continued expansion comes amid growing international interest in Cambodia’s rural infrastructure sector, which benefits from strong legal provisions for private sector participation. While many rural utilities remain fragmented and under-resourced, KWSH’s consolidation and professionalization approach has emerged as a replicable model.
The company’s achievements are especially significant in the context of Cambodia’s push to improve basic service access in rural areas, where piped water coverage still lags behind urban centers. With the support of strategic investors like Marubeni, KWSH is positioning itself to bridge that gap.
About KWSH
Founded with the support of Insitor Partners and OBOR Capital, Khmer Water Supply Holding operates as a Cambodian-owned social enterprise focused on expanding safe, affordable water access in rural communities. The company’s mission is built around consolidating and modernizing small-scale stations to improve water quality, service delivery, and long-term sustainability.
As Cambodia continues to attract foreign investment into essential infrastructure, KWSH’s latest equity round underscores both the potential and importance of innovative, local-led platforms in driving inclusive growth.
