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Sandwater is a venture capital firm founded in the Nordic region, specifically in Oslo, Norway. Established to back early-stage companies, Sandwater aims to address significant global challenges through its investments. The firm has successfully raised a total fund size of €125 million (approximately $136 million) as of its final close in 2024, making it one of the largest first-time Nordic venture funds. Sandwater operates with a team of ten professionals, including partners and investment managers, who bring diverse expertise to the firm.
Sandwater's investment strategy is characterized by a commitment to collaboration and transparency, which is reflected in its operational practices. The firm primarily focuses on the Nordics and Northern Europe, with a strong emphasis on sectors such as climate, energy, healthcare, and technology. Notable milestones include the successful deployment of approximately 500 million NOK across 13 portfolio companies, showcasing the firm's active engagement in the startup ecosystem.
Sandwater invests in a variety of sectors, including climate, energy, healthcare, artificial intelligence, robotics, and food-agtech. The firm targets companies at the Seed to Series B stages, with initial investments typically ranging from €2 million to €10 million. This investment strategy allows Sandwater to support startups that are developing innovative solutions to pressing global issues.
The geographical focus of Sandwater is primarily on the Nordics and Northern Europe, where it seeks opportunities in industries such as resource efficiency, energy transition, and productivity and resilience. The firm looks for founders who demonstrate a strong vision and commitment to addressing significant challenges in their respective fields. Sandwater's deal structure preferences include a collaborative approach, often involving co-investments with other venture capital firms to maximize impact and support for portfolio companies.
Sandwater's portfolio consists of 13 notable companies that are making strides in various sectors. Key portfolio companies include:
These companies represent Sandwater's commitment to investing in solutions that address global challenges, particularly in sustainability and technology.
Tom Even Mortensen: Managing Partner with extensive experience in venture capital and a focus on sustainability.
Kristian Melhuus: Partner, specializing in early-stage investments and operational support for portfolio companies.
Katherine Mellis: Investment Director with a background in healthcare investments and strategic guidance.
Adele Unneberg: Investment Manager, focusing on technology and innovation sectors.
Chloe Fu: Investment Manager with expertise in climate and energy investments.
Didrik Dewan: Investment Associate, supporting deal sourcing and due diligence.
Marianne Wangen Eriksen: Investment Associate, involved in portfolio management and support.
Morten Iversen: Partner with a strong background in operational finance.
Morten Korsveien: Head of Operations & Finance, overseeing financial strategies.
Reetta Heiskanen: Head of Communications, managing external relations and branding.
Torkel Engeness: Partner with a focus on strategic investments in sustainability.
Enduro Genetics: Involved in bioproduction at scale.
To pitch to Sandwater, founders should visit the firm's website at sandwater.com. The pitch deck should include a clear overview of the business model, market opportunity, and how the startup addresses significant global challenges. Sandwater prefers direct applications and does not require a formal application form. Response times may vary, but the firm aims to provide timely feedback to applicants.
As of March 2026, Sandwater has actively invested approximately 500 million NOK across 13 companies, with 900 million NOK remaining for new investments and follow-ons. The firm has been recognized as one of the largest first-time Nordic venture funds raised in 2023, doubling its original fundraising target. Sandwater's portfolio spans various sectors, including climate, energy, and healthcare, reflecting its commitment to addressing global challenges.
Recent highlights include investments in innovative companies such as **1X Technologies**, **Antec Biogas**, and **Nofence**, which are making significant contributions to sustainability and technology. Sandwater continues to seek new opportunities in the Nordics and Northern Europe, aligning with its mission to support impactful solutions.
What are Sandwater's investment criteria?
Sandwater focuses on early-stage companies in sectors such as climate, energy, healthcare, AI, robotics, and food-agtech. The firm typically invests between €2 million and €10 million in companies at the Seed to Series B stages.
How can I apply or pitch to Sandwater?
Founders can pitch their ideas through Sandwater's website at sandwater.com. The firm encourages direct applications and provides guidelines on what to include in the pitch deck.
What makes Sandwater different from other venture capital firms?
Sandwater emphasizes collaboration and transparency in its operations, aiming to create a positive impact through its investments. The firm also has a strong focus on sustainability and innovation, which aligns with its mission to support companies addressing significant global challenges.
What is Sandwater's geographic scope?
Sandwater primarily focuses on the Nordics and Northern Europe, seeking investment opportunities in these regions to support local startups.
What is Sandwater's post-investment involvement like?
Sandwater adds value to its portfolio companies through strategic guidance, access to a network of industry experts, and support in scaling operations. The firm actively engages with its companies to help them navigate challenges and seize opportunities.
What is the size of Sandwater's fund and check sizes?
Sandwater has a total fund size of €125 million (approximately $136 million) and typically invests between €2 million and €10 million in its portfolio companies.
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