Fundraising Fox
Sandwater
Venture capitalOslo · Seed–Series B · 13 people tracked
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Investment thesis
Sandwater invests in early-stage companies building solutions for the change the world needs. The firm draws on a Nordic ethos of collaboration and transparency, bringing commitment and a bold approach to helping founders grow. Its portfolio spans deep tech, climate and energy, robotics, health and life sciences, agtech, femtech, and defense, reflecting a broad focus on impactful technologies across the Nordics and Europe.
Source: firm website, verified Aug 3, 2026.
Team · 13 people
from the firm's website & curated & public directories
What they invest in
from 18 of 26 portfolio companiesAI & Machine Learning ×6Healthtech ×5Climate Tech ×4Deep Tech ×4Hardware ×4Medical Devices ×4Robotics ×4SaaS ×4
HQs:Norway×3Germany×2Finland×2Canada×1Denmark×1European Union×1
Who they back
founder profiles across 9 portfolio companiesFounding team size:solo founder×62 founders×23 founders×1
Investments · 26 tracked
founders shown can be your intro pathBy year:2025 · 12024 · 12023 · 24 dated
1X is an AI and robotics company developing general-purpose humanoid robots for home and industrial use.
AI & Machine LearningConsumerHardwareRoboticsPalo Alto, US
Bernt Øyvind Børnich(CEO)inBernt Børnich(Founder)in
Co-investorsAccess Ventures (New York)AF WPartnersAlliance VCAlliance VentureEQT VenturesNVIDIA+12 more
Penta is a corporate advisory firm that combines proprietary stakeholder intelligence data with senior counsel expertise to help large organizations navigate political, cultural, economic, and technological risks.
Enterprise SoftwareSector Agnostic
Co-investorsBayes Entrepreneurship FundNucleus Adventure CapitalEmerald Technology Ventures AgNysnø Climate Investments
Alva Industries develops electric motors and drive systems using a patented FiberPrinting production technology for ironless, slotless stator windings, offering compact torque motors such as SlimTorq and GearTorq.
Advanced ManufacturingAI & Machine LearningCleantechDeep TechHardwareRobotics
Co-investorsDRONE FUNDEmerald Technology Ventures AgNabtesco Technology VenturesNysnø Climate Investments
CardioSignal develops digital cardiac biomarkers using motion sensors in smartphones to detect heart disease without additional devices, targeting patients and primary care systems globally.
AI & Machine LearningDigital HealthHealthtechMedical DevicesTurku, FI
Tuomas Valtonen(COO, Co-founder)Juuso Blomster(Founder, CEO)inIlkka Korhonen(Chief Technology Officer)inKristiina Santalahti(Research & Quality Director)in
Co-investorsDigiTx Partners LLCInnovestor VenturesStart CapitalMaki.vc
ClimateView provides a platform for cities to model, cost, and govern their climate transition from strategic planning through implementation.
Climate TechData & InfrastructureGovTechSaaSStockholm, SE
Tomer ShalitinAnna Westerberg(VP Product Design)in
Co-investors2050CommerzVenturesNordicNinjaNorrsken VC115KGaingels+1 more
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CMR Surgical develops Versius, a small, modular, and portable surgical robot that enables hospitals and surgeons to perform minimal access (keyhole) surgery.
HealthtechMedical DevicesRobotics
Massimillano Colella(Chief Executive Officer)
Co-investorsCambridge Innovation CapitalLightrockSoftBank Vision FundWatrium
CurifyLabs develops an automated compounding system for pharmacies that uses robotics, GMP-manufactured excipient bases, and integrated quality control software to enable faster, safer preparation of customized medications.
Digital HealthHealthtechMedical DevicesHelsinki, FI
Charlotta Topelius(CEO & Founder)inNiklas Sandler TopeliusNiklas Sandler(CTO & Founder)in
Co-investorsHealthCapLifeline Ventures
Cytovation develops immunotherapy treatments designed to enhance immune response against various cancer types, with a focus on engineered synthetic peptides and first-in-class therapeutic candidates.
BiotechHealthtechMedical DevicesBergen, NO
Lars Prestegarden(Co-founder & Chief Executive Officer (CEO))in
Co-investorsCanica
Enduro develops synthetic biology technology for large-scale fermentation processes, helping bioproduction companies maintain high cell productivity and strain stability during bio-based manufacturing.
AI & Machine LearningBiotechDeep TechCopenhagen, DK
Peter Rugbjerg(Founder)in
Co-investorsNOON VenturesSupernova Invest
FarmInsect provides farmers with modular insect-rearing systems and a weekly young-larvae subscription to produce insect protein on-farm as part of a regional circular-economy cycle.
AgTechCircular EconomyFoodTech
Filics builds the Streamliner, an autonomous mobile robot with a dual-fork system for transporting pallets and various load carriers in tight spaces.
HardwareLogistics & Supply ChainRobotics
Co-investorsBayern KapitalCapnamic10x Founders
Grunt automates the creation and updating of presentation slides and charts, enabling professionals to reduce manual work and focus on strategic storytelling.
AI & Machine LearningDeveloper ToolsEnterprise SoftwareSaaS
Co-investorsAlliance VCAlliance VentureBoldcapFoundation CapitalGaia Ventures
Mantle8 is a natural hydrogen exploration company developing proprietary geoscience technology—including its GeoLogix prospect-generation algorithm and HOREX multiphysics imaging—to locate and quantify naturally occurring hydrogen resources.
CleantechClimate TechDeep TechEnergy
Emmanuel Masini(Founder)inEmmanuel Masini (Manu)(Founder & CEO)
Co-investorsBreakthrough Energy VenturesKiko VenturesWind VentureBpifrance
Nofence provides a virtual fencing system for livestock, using solar-powered GPS collars and a mobile app that let farmers set and adjust grazing boundaries, track animals, and receive alerts without physical fences.
AgTechHardwareIoT
Oscar Hovde(Founder)inJoachim Kählerin
Co-investorsCapagroClimate Innovation CapitalEuropean Circular Bioeconomy FundMomentumFerdNysnø Climate Investments+1 more
Salient Energy manufactures zinc and manganese batteries for electricity storage, providing an alternative to lithium-ion with lower costs and reduced environmental impact from mining and manufacturing.
CleantechClimate TechEnergyNew MaterialsDartmouth, CA
Ryan Brown(Cofounder)in
Co-investorsTechstarsVoLo Earth Ventures
Soil Capital is an agronomy company that runs a certified carbon payment programme rewarding farmers for transitioning to regenerative, low-carbon agriculture, and advises on farmland management.
AgTechClimate TechImpact & Social Good
Co-investorsRing Capital
Turbulent Flux develops flow simulation software focused on scalability, flexibility, and cost efficiency.
Deep TechEnergySaaSOslo, NO
Gjermund Weisz(Founder)in
XO Life operates a digital platform connecting patients, healthcare providers, pharmaceutical companies, and medical professionals to improve treatment access and outcomes through shared health insights and technological infrastructure.
AI & Machine LearningDigital HealthHealthtechSaaS
Sergey Vasilyev(Chief Technology Officer)inZdenka Vesely(Chief Client Officer)in
Co-investorsBayern KapitalGrazia Equity GmbHVI PartnersFRC FUND MANAGEMENT S.À R.L.
Other
Tracked investments with no reachable website or further public details — typically companies that wound down, renamed, or were absorbed.
1XAntec BiogasEnduro GeneticsHallgruppenOyster ThermalPowallStandard BioWrepit
Portfolio news
latest coverage across their companiesCurifyLabs · techfundingnews.com · Jul 6, 2026
Alva Industries · finsmes.com · Jul 3, 2026
Mantle8 · finsmes.com · May 13, 2026
Cytovation · globenewswire.com · Apr 23, 2025
Frequently asked questions
- How many investments has Sandwater made?
- Sandwater has 26 tracked investments, including 1 dated in the last 24 months.
- What stage does Sandwater invest at?
- Sandwater invests at the Seed, Series A, Series B stages.
- What is Sandwater's typical check size?
- Sandwater typically writes checks of $2.2M – $11M.
- What sectors does Sandwater focus on?
- Sandwater focuses on Advanced Manufacturing, AgTech, Biotech, Cleantech, Climate Tech, Construction Tech, Consumer, Deep Tech, Defense Tech, EdTech, Energy, Enterprise Software, FemTech, FoodTech, Healthtech, New Materials, PropTech, Robotics, SaaS, Sector Agnostic.
- Where is Sandwater located?
- Sandwater is headquartered in Oslo, NO.
- Does Sandwater lead rounds?
- Yes, Sandwater leads investment rounds.
- Who does Sandwater co-invest with?
- Sandwater most often shares deals with Breakthrough Energy Ventures, EQT Ventures, Innovestor Ventures, among 42 tracked co-investors.
Media · Podcasts & interviews
featuring the teamTom Even Mortensen | Building Sandwater, Investment Philosophy, Leadership & Culture | Vonheim #152
Christopher Vonheim · Tom Even Mortensen
Images
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