About Sandwater
Sandwater is a venture capital firm founded in 2021. It is primarily based out of Oslo, Norway. As of Jul 2026, Sandwater is an active investor, having invested in 25 companies, with 3 new investments in the last 12 months. It primarily invests in Series A round in Norway based startups. Its investments are spread across a wide range of sectors from Food and Agriculture Tech to High Tech and Enterprise Applications. Most recently it participated in the $***** Series A round of CurifyLabs Overall, Sandwater portfolio has seen 1 unicorn, namely CMR Surgical. A lot of funds co-invest with Sandwater, with names like Nysno sharing a substantial percentage of its portfolio. Sandwater has team of 11 people including 7 partners.Key Metrics
Team Members
Portfolio Count
Portfolio Sectors
Rounds of Entry
Series A, Series B & 2 more
Portfolio Unicorns
Portfolio Soonicorns
Deals in last 12 months
Sandwater's List of Top Investments
Sandwater has a portfolio of 25 companies, one of which is a Unicorn. Their most notable investments are in FarmInsect and Mantle8.Their portfolio spans across Norway, Germany, Denmark and 7 more locations. They have invested in Food and Agriculture Tech, High Tech, Enterprise Applications and 13 other sectors, across stages such as Series A, Series B and 2 more. Here is the list of top investments by Sandwater:
1. CMR Surgical
Developer of collaborative surgical robotic systems. It offers Versius a small and modular surgical robot that enables all hospitals to offer robotic assisted surgery to the patients. It allow surgeons to design robotic techniques and incorporate laparoscopic equipment for certain parts of the treatment.
Key facts about CMR Surgical
- Founded Year: 2014
- Location: Cambridge (United Kingdom)
- Annual Revenue: £10M - £50M as on Dec 31, 2024
- Valuation: $*****
- Stage: Series D
- Total Funding till date: $1.28B
- Employee Count: 674 as on Aug 31, 2026
- Investors: Medtronic, SoftBank Vision Fund and 38 Others
- Latest Funding Round: Series D, Apr 02, 2025, $*****
- Highlight: Editors' Pick
2. 1X
Provider of humanoid robots for personalized assistance. It is a developer of humanoid robots for home environments, combining artificial intelligence and robotics to automate everyday tasks and provide personalized assistance. It provides autonomous humanoid robot that can be programmed to perform various chores and is designed to learn from user input and adapt to new tasks.
Key facts about 1X
- Founded Year: 2014
- Location: Palo Alto (United States)
- Annual Revenue: $1M - $10M as on Dec 31, 2024
- Valuation: $*****
- Stage: Series B
- Total Funding till date: $126M
- Employee Count: 1,108 as on Aug 31, 2026
- Investors: EQT, RAA Capital and 18 Others
- Latest Funding Round: Series B, Jan 11, 2024, $*****
- Highlight: Editors' Pick
3. Soil Capital
Regenerative agriculture solutions for farmers and companies, promoting soil health. The company supports the transition to sustainable farming practices through agronomic expertise and a certified program. It rewards farmers for ecosystem services, including carbon sequestration, biodiversity enhancement, and water retention. The company enables businesses to invest in resilient supply chains and reduce scope emissions by engaging farmers in regenerative agriculture. It offers a platform for measuring environmental impact, providing agronomic support, and facilitating carbon credit generation. The company focuses on building partnerships between farmers and companies to drive climate action and improve food system resilience. It provides resources, news, and events related to regenerative agriculture, fostering a community dedicated to sustainable farming. The company's services include assessment, certification, supply chain resilience, and climate action, all aimed at promoting healthy soil and profitable farms.
Key facts about Soil Capital
- Founded Year: 2014
- Location: Kraainem (Belgium)
- Stage: Series B
- Total Funding till date: $21.9M
- Employee Count: 93 as on Aug 31, 2026
- Investors: Ring Capital, SFPIM and 6 Others
- Latest Funding Round: Series B, Sep 06, 2024, $*****
- Highlight: Editors' Pick
4. CurifyLabs
Provider of digital 3D printing solutions for personalized medicine. The company has developed a platform that enables sustainable, quality-controlled production of personalized medicine through its pharmaceutical printing technology. It is a smart drug formulation platform that incorporates cutting-edge technology to redefine the drug compounding process.
Key facts about CurifyLabs
5. Mantle8
Developer of natural hydrogen exploration technology. It uses proprietary multiphysics imaging and geological data analysis to identify and assess subsurface natural hydrogen reserves. The company's technology is scalable and applicable globally. Its services encompass prospect generation, permitting, and exploration campaign management. The team comprises experienced geoscientists and engineers.
Key facts about Mantle8
- Founded Year: 2024
- Location: Sassenage (France)
- Stage: Series A
- Total Funding till date: $44M
- Employee Count: 35 as on Aug 31, 2026
- Investors: Gates, Breakthrough Energy and 7 Others
- Latest Funding Round: Series A, May 13, 2026, $*****
- Highlight: Editors' Pick
Sandwater's Year-on-Year Investment Trends
Sandwater has invested in 25 companies over the last 5 years, with an average of 3 new investments annually in the last 5 years. In 2025, it made 5 investments, while as of Jul 2026, it has made 3 investments in this year. Its most recent first time investment was in CurifyLabs and most recent follow-on round was in Cytovation.Year | No. of Investments | ||
|---|---|---|---|
1st Round | Follow-on | Total | |
2026 (YTD) | 3 | 0 | 3 |
2025 | 4 | 1 | 5 |
2024 | 3 | 2 | 5 |
2023 | 3 | 1 | 4 |
2022 | 2 | 1 | 3 |
2021 | 1 | 0 | 1 |
Sandwater's Investments by Stage
Sandwater has made 11 investments in Series A stage with an average round size of $15.9M, 3 investments in Series B stage with an average round size of $29M, 1 investment in Conventional Debt stage with an average round size of $992K and 1 investment in Seed stage with an average round size of $18.2M.Stage of entry | No. of Investments |
|---|---|
Series A | 11 |
Series B | 3 |
Conventional Debt | 1 |
Seed | 1 |
Note: We have considered here, only first round of investments
Sandwater's Investments by Sector
Sandwater has a diverse portfolio, with companies operating in the High Tech, Enterprise Applications, Food and Agriculture Tech, Sustainability Tech and Energy Tech. Notably, it has invested in 20 Tech companies, 19 Enterprise (B2B) companies, 11 Software companies and at least 7 companies focusing on Tech hardware.Sector | No. of Investments |
|---|---|
High Tech | 7 |
Enterprise Applications | 4 |
Food and Agriculture Tech | 4 |
Sustainability Tech | 4 |
Energy Tech | 3 |
Others | 16 |
Note: We have considered here, only first round of investments
Sandwater's Investments by Geography
Sandwater has made most investments in Norway (5), followed by Germany where it has made 3 investments.Country | No. of Investments |
|---|---|
Norway | 5 |
Germany | 3 |
Finland | 2 |
Belgium | 1 |
Denmark | 1 |
Others | 4 |
Note: We have considered here, only first round of investments
Sandwater's recent investments
Sandwater has made 3 investments in 2026 so far. CurifyLabs and Alva are the latest among them.Here are the most recent investments by Sandwater:
Filter this listDate | Company | Location | Round Details | Round Amount | Co-Investors |
|---|---|---|---|---|---|
Jul 06, 2026 | Finland | Series A | 3231 | [+2] | |
Jul 02, 2026 | Norway | Seed | 2993 | [+4] | |
May 13, 2026 | France | Series A | 5537 | [+4] | |
Sep 16, 2025 | Norway | Series B | 1174 | [+6] | |
Jul 07, 2025 | Germany | Series A | 9602 | [+5] |
Unicorns in Sandwater's Portfolio
Sandwater has 1 unicorn in its portfolio - CMR Surgical. The most recent unicorn in their portfolio is CMR Surgical which became a unicorn in 2021, 5 years before Sandwater first invested in it.Here is a list of unicorns in Sandwater's portfolio:
Tracxn Score | Company | Short Description | Founded year | Sector | Location | Company Stage | First Investment/ Acquisition Details |
|---|---|---|---|---|---|---|---|
65 | Developer of collaborative surgical robotic systems | 2014 | Cambridge | Series D | ccgdfak |
Team profile of Sandwater
Sandwater has a team of 11 members including 7 Partners located in Norway. Sandwater's team does not sit on the board of any company as of now.Here is a list of top team members in Sandwater:
Name | Designation | Location | Board Memberships | Contact Details |
|---|---|---|---|---|
Partner | - | - | - | |
Partner | Oslo | - | ||
Partner | - | - | ||
Partner | - | - | ||
Partner | - | - | ||
Partner | Norway | - | - | |
Partner | Oslo | - | - |
Co-investors of Sandwater
Over the past 5 years, 95 investors have co-invested in Sandwater's portfolio companies. This includes funds and angels.
- Invested before Sandwater: Europa, EIC Fund and 40 others have invested in rounds before Sandwater. There are 6 companies where Europa has invested before Sandwater and 3 companies where EIC Fund has invested before Sandwater.
- Top Co-investors of Sandwater: 48 investors entered a company along with Sandwater. These include investors like Nysno (3 companies).
- Invested after Sandwater: A total of 5 investors have invested in Sandwater's portfolio after their investments. Top Investors include Samsung NEXT (1 company), Nistad FS (1 company) and EQT (1 company).
Recent News related to Sandwater
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Finnish 3D Printed Pharma OEM CurifyLabs Lands $14M Series A3DPrint.com•Aug 01, 2026•HealthCap, CurifyLabs, Sandwater
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Finnish Healthtech Startup CurifyLabs Raises €12 Million in Series A RoundStartup Rise EU•Jul 06, 2026•Healthcap, CurifyLabs, Sandwater, HealthCap and 1 other
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Mantle8’s €31M Series A Signals Maturing Bet on Natural Hydrogen, But the Hard Part Starts NowEnergynews•May 13, 2026•Mantle8, Bpifrance, Breakthrough Energy, Sandwater and 4 others
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Agritech Nofence secures €30m to expand virtual fencing system.Silicon Republic•Sep 16, 2025•Nofence, ECBF, Climate Innovation Capital, Sandwater and 3 others
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Amazon leads $15.9m round for German robotic startup FilicsTech in Asia•Jul 08, 2025•Filics, Sandwater, Alven, F LOG Ventures and 1 other
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Cytovation Secures $6M for CY-101 Adrenocortical Carcinoma Trialclinicaltrialsarena.com•Apr 24, 2025•Cytovation, Sandwater
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Enduro Genetics lands $12.4M Series A to expand platform and commercializeBiofuels Digest•Feb 11, 2025•Enduro, Sandwater, NOON Ventures, Supernova Invest
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Enduro Genetics Raises €12M in Series A FundingFinSMEs•Feb 04, 2025•Enduro, Sandwater, NOON Ventures, Supernova Invest
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Belgium’s Soil Capital lands €15M to cultivate a greener future through regenerative agricultureSilicon Canals•Sep 06, 2024•Soil Capital, SFPIM, Trill impact, Sandwater and 3 others
