Sandwater is an Oslo-based venture capital firm backing early-stage European companies that build solutions for global challenges. The firm focuses on resource efficiency, energy transition, productivity, and resilience, and closed its first fund at 1.4 billion NOK (approx. €125M / $136M) in January 2024.
Deal activity decreased year-over-year (2 deals in the last 12 months vs 3 prior). Their most common stage is series-a (63% of deals). Average disclosed round size is $34.5M (across 10 rounds with reported amounts).
Portfolio
15
Fund Size
$136M
Top Stage
Series A
Last 12 Mo
4
Team
Chloe Fu
Investment Manager, Stockholm
Portfolio Breakdown
Stage Distribution
Sector Distribution
Investment Activity
DealsAvg Round Size
Portfolio
19 investments
| Company | Round | Amount | Date |
|---|---|---|---|
 Curify Labs | Series A | $14M | Jul 2026 |
| AAlva Industries | Unknown | — | Jan 2026 |
 Nofence | Series A | $35M | Sep 2025 |
| NNofence | Series B | $35M | Sep 2025 |
| EEnduro Genetics | Series A | $12.6M | Feb 2025 |
 Enduro Genetics | Series A | — | Feb 2025 |
 XO Life | Unknown | — | Aug 2024 |
 CardioSignal | Series A | $10M | Jan 2024 |
 1x | Series B | $100M | Jan 2024 |
 CardioSignal | Series A | $10M | Jan 2024 |
| CCytovation | Series A | $8M | Jun 2023 |
| 11X Technologies | Series B | $100M | Mar 2023 |
 FarmInsect | Series A | — | Jan 2023 |
| 11X Technologies | Series A | — | Jan 2023 |
| CCytovation | Series A | $20M | Jan 2022 |
| DDelft IMP | Series A | — | Oct 2021 |
 Soil Capital | Series B | — | — |
| Nofence | Series B | — | — |
| NNofence | Series A | — | — |
Top Co-Investors
Tiger Global Management, LLC3 shared
Speedinvest3 shared
EQT Ventures2 shared
Samsung Next2 shared
OpenAI Startup Fund2 shared
Bayern Kapital2 shared
Supernova Invest2 shared
DigiTx Partners2 shared
Maki.vc2 shared
Capagro2 shared
Vi Partners1 shared
Grazia Equity1 shared
Aescuvest1 shared
TIRTA Ventures1 shared
InMotion Ventures1 shared
Innovestor1 shared
SFPIM1 shared
Ring Capital1 shared
Founders, Inc.1 shared
Last updated: 8 September 2026