HomeNorwaySandwater Closes Venture Capital Fund, at €125M NOK

Sandwater Closes Venture Capital Fund, at €125M NOK


Sandwater, an Oslo, Norway-based venture capital firm, closed its early-stage venture fund, at 1.4bn NOK (approx. €125M).

Backers included multiple international institutional investors, including, amongst others, the European Investment Fund (EIF), First Swedish National Pension Fund (AP1), and LGT, alongside the Norwegian climate fund Nysnø, Investinor, family offices of Canica and Lærdal, and many other private equity investors in the Nordics.

Led by Kristian Melhuus, and Tom Even Mortensen, Managing Partner, Sandwater focuses on investing in early-stage companies developing novel solutions to tackle the largest collective global challenges, primarily in climate, energy and healthcare. As a thematic Article 8 investor, the firm focuses on four verticals: Resource Efficiency, Energy Transition, Impact Enablers, and HealthTech.

Sandwater typically invests into Late Seed to Series B companies in the Nordics and Northern Europe. To-date, the current fund has invested ~500M NOK into 13 companies in Norway, Sweden, Finland, Germany and the Netherlands. Existing porfolio companies cover a range of industries across Sandwater’s verticals, including humanoid robotics for care settings (1X), biogas (Antec), regenerative & sustainable agriculture (Nofence, FarmInsect), second-life batteries (Evyon) and decarbonization of
cities & municipalities (ClimateView) to name a few.

Sandwater will invest the remaining 900M NOK into new high-potential companies as well as following-on in the existing investments.