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The Venture Codex

Sandwater

Universitetsgata 12, Oslo, Norway

Overview

Investment fund accelerating impactful companies.

Founded

2021

Deals · 12mo

3

Links

WebsiteLinkedIn

Stage focus

Series A
Series B

Geographic focus

Denmark
Finland
France
Germany
...

Sector focus

—

Investment portfolio

16rounds
NAMEDATESIZE
Alva Industries
Jul 2026Led
$18 MOther Equity
Mantle8
May 2026Led
$36 MSeries A
XO Life
Apr 2026Participated
$5 MOther Equity
Nofence
Sep 2025Participated
$35 MSeries B
Filics
Jul 2025Participated
$16 MOther Equity
Enduro Genetics
Feb 2025Participated
$14 MSeries A
XO Life
Aug 2024Led
$8 MOther Equity
Delft IMP
Jun 2024Participated
$3 MOther Equity
CardioSignal
Jan 2024Participated
$10 MSeries A
1X Technologies
Jan 2024Participated
$100 MSeries B
FarmInsect
Oct 2023Led
$8 MSeries A
ClimateView
Jun 2023Participated
$15 MSeries B
Alva Industries
Jul 2026Led
$18 MOther Equity
Mantle8
May 2026Led
$36 MSeries A
XO Life
Apr 2026Participated
$5 MOther Equity
Nofence
Sep 2025Participated
$35 MSeries B
Filics
Jul 2025Participated
$16 MOther Equity
Enduro Genetics
Feb 2025Participated
$14 MSeries A
XO Life
Aug 2024Led
$8 MOther Equity
Delft IMP
Jun 2024Participated
$3 MOther Equity
CardioSignal
Jan 2024Participated
$10 MSeries A
1X Technologies
Jan 2024Participated
$100 MSeries B
FarmInsect
Oct 2023Led
$8 MSeries A
ClimateView
Jun 2023Participated
$15 MSeries B
16
Items
...
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Insights

Time horizon

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Deal Distribution

Sandwater: 16 funding rounds are recorded in the selected participation categories.All available history.
Sandwater: 16 funding rounds are recorded in the selected participation categories. All available history
Round typeLed dealsParticipated deals
Series A44
Series B03
Other Equity23

Monthly Deal Activity

Sandwater: 16 deals are recorded across 58 months.All available history.
Sandwater: 16 deals are recorded across 58 months. All available history
MonthDeals
Jan '221
Feb '220
Mar '220
Apr '220
May '220
Jun '220
Jul '220
Aug '220
Sep '220
Oct '220
Nov '220
Dec '220
Jan '230
Feb '230
Mar '232
Apr '230
May '230
Jun '232
Jul '230
Aug '230
Sep '230
Oct '231
Nov '230
Dec '230
Jan '242
Feb '240
Mar '240
Apr '240
May '240
Jun '241
Jul '240
Aug '241
Sep '240
Oct '240
Nov '240
Dec '240
Jan '250
Feb '251
Mar '250
Apr '250
May '250
Jun '250
Jul '251
Aug '250
Sep '251
Oct '250
Nov '250
Dec '250
Jan '260
Feb '260
Mar '260
Apr '261
May '261
Jun '260
Jul '261
Aug '260
Sep '260
Oct '260

Sector Breakdown

Sandwater: Manufacturing is the largest displayed sector by deal count (6 deals).All available history.

A deal can appear in multiple sectors, so sector totals may overlap. Capital represents disclosed total round sizes, not fund cheque sizes.

Sandwater: Manufacturing is the largest displayed sector by deal count (6 deals). All available history
SectorDeals
Manufacturing6
Health & Life Sciences6
Hardware & Robotics5
Transportation & Logistics3
Networks, Cloud & Communication2
Food & Agriculture2
Clean Energy & Sustainability2
Space & Frontier Tech2
Enterprise Software1
AI & Machine Learning1
Professional Services1
Data, Analytics & IT1
Consumer & Lifestyle1

Deal Size Distribution

Sandwater: 16 rounds have a disclosed size in the displayed size bands.All available history.

Undisclosed round sizes are excluded. Capital represents total round sizes, not fund cheque sizes.

Sandwater: 16 rounds have a disclosed size in the displayed size bands. All available history
Round size band (USD)Deals
<$5M2
$5M-$10M3
$10M-$25M8
$25M-$50M2
$50M-$100M0
$100M-$250M1
$250M-$500M0
$500M-$1B0
$1B+0

Deals By Geography

Sandwater: Europe has the largest recorded deal count among the displayed regions (14 deals).All available history.

Top 2 of 2 regions; European countries are grouped as Europe.

Sandwater: Europe has the largest recorded deal count among the displayed regions (14 deals). All available history
RegionDeals
Europe14
United States2
Sandwater: 20 co-investors are shown, with Bayern Kapital sharing 4 recorded deals.All available history.

Co-Investors

Bubble size = shared deals

Click a bubble to open that fund in a new tab.

Shows up to 20 co-investors ranked by shared deals. Deals may be shared with multiple funds, so rows overlap. Capital is total round size, not fund cheque size.

Sandwater: 20 co-investors are shown, with Bayern Kapital sharing 4 recorded deals. All available history
Co-investorShared deals
Bayern Kapital4
Skagerak Capital3
Alliance Ventures2
Canica2
Grazia Equity2
Nysn Climate Investments2
OpenAI2
Tiger Global2
VI Partners2
10x Founders1
20501
Aescuvest1
Alven1
Amazon1
BPI Green Tech Investment1
Breakthrough Energy Ventures1
Calderion1
Capagro1
Capnamic Ventures1
Climate Innovation Capital1

Investment Strategy

Sandwater: Led accounts for 38% and participating for 63% of round participation.All available history.
Sandwater: Led accounts for 38% and participating for 63% of round participation. All available history
CategoryDeals (count)Share (%)
Led638%
Participating1063%
Sandwater: Single-lead accounts for 33% and co-led for 67% of lead dynamics.All available history.
Sandwater: Single-lead accounts for 33% and co-led for 67% of lead dynamics. All available history
CategoryDeals (count)Share (%)
Single-lead233%
Co-led467%

Team

Morten E. Iversen
Tom Even Mortensen