# Project Sandwater

> Project Sandwater is a VC fund in Oslo backing Medical, Consulting and Life Science. See 2 investments, check sizes, portfolio. Updated Aug 2026.

- Type: VC Fund
- Location: Oslo, Norway
- Total investments: 2
- Last investment: Jan 2022
- Lead investor: 50%
- Last updated: Aug 2026
- Website: https://www.projectsandwater.com/

Project Sandwater is a fresh take on venture investments within the Nordics and beyond.

## Round sizes

| Stage | Round size |
| --- | --- |
| Series A | $12M–$20M |

## Investment focus

### Industry

| Industry | Investments | Share |
| --- | --- | --- |
| Medical | 1 | 50% |
| Consulting | 1 | 50% |
| Life Science | 1 | 50% |
| Biotechnology | 1 | 50% |
| Nanotechnology | 1 | 50% |

6 industries tracked in total.

### Country

| Country | Investments | Share |
| --- | --- | --- |
| Norway | 1 | 50% |
| The Netherlands | 1 | 50% |

## Investments

| Company | Description | Amount | Stage | Date | Website |
| --- | --- | --- | --- | --- | --- |
| Cytovation | Cytovation AS is a privately-held biotech company, specialising in dermatological diseases, based in Bergen, Norway. | $20.2M | Series A | Jan 25, 2022 |  |
| Delft IMP | Delft IMP (Intensified Materials Production) commercializes nanostructuring of particles using atomic and molecular layer deposition (ALD and MLD), based on the patented and publicized IP and know-how developed within the Product & Process Engineering (PPE) group at Delft University of Technology. Following various feasibility projects betweenindustry and university, Delft IMP was initiated end 2014 to truly commercialize the technology. | $11.6M | Series A | Oct 06, 2021 |  |

2 of 2 investments shown.

## Co-investors
- [Sandwater](https://shizune.co/investors/profile/sandwater) — VC Fund, 2 deals together
- [Canica](https://shizune.co/investors/profile/canica) — VC Fund, 1 deal together
- [Invest-NL](https://shizune.co/investors/profile/invest-nl) — VC Fund, 1 deal together

## Similar investors

### Similar industry
- [SOSV](https://shizune.co/investors/profile/sosv) — VC Fund
- [ARCH Venture Partners](https://shizune.co/investors/profile/arch-venture-partners) — VC Fund
- [OrbiMed](https://shizune.co/investors/profile/orbimed-advisors) — VC Fund

### Similar stage
- [Antler](https://shizune.co/investors/profile/antler-be9c) — VC Fund
- [Alumni Ventures](https://shizune.co/investors/profile/alumni-ventures-group) — VC Fund
- [General Catalyst](https://shizune.co/investors/profile/general-catalyst-partners) — VC Fund

### Similar country
- [Antler](https://shizune.co/investors/profile/antler-be9c) — VC Fund
- [Investinor](https://shizune.co/investors/profile/investinor) — VC Fund
- [Skyfall Ventures](https://shizune.co/investors/profile/skyfall-ventures) — VC Fund

## Featured in investor lists
- [Medical Investors in Norway](https://shizune.co/investors/medical-investors-norway)
- [Medical VC Funds in Norway](https://shizune.co/investors/medical-vc-funds-norway)
- [Health Care VC Funds in Norway](https://shizune.co/investors/health-care-vc-funds-norway)
- [Life Science Investors in Norway](https://shizune.co/investors/life-science-investors-norway)
- [Life Science VC Funds in Norway](https://shizune.co/investors/life-science-vc-funds-norway)
- [Biotechnology Investors in Norway](https://shizune.co/investors/biotechnology-investors-norway)

## FAQ

### What does Project Sandwater invest in?

Project Sandwater invests primarily in Medical, Consulting and Life Science startups, most often at Series A stage. Most of the 2 investments tracked by Shizune back companies in Norway. The Investment Focus section breaks down every industry, stage and country in the portfolio.

### What is Project Sandwater's check size?

Project Sandwater typically joins rounds of $12M–$20M at Series A. These ranges are 10th–90th percentile round sizes calculated from confirmed public funding rounds, so they are a realistic guide to the rounds Project Sandwater participates in.

### When did Project Sandwater last invest?

The most recent investment recorded for Project Sandwater closed in Jan 2022. Shizune tracks 2 investments in total for this profile, including round sizes, stages and portfolio companies, all sourced from confirmed public funding rounds and refreshed monthly.

### Is Shizune's investor data accurate?

Yes — every stat on this profile is calculated from confirmed public funding rounds monitored across hundreds of sources since 2020. This profile was last refreshed in Aug 2026 and is updated monthly. Spotted something off? Use the “Suggest an edit” link near the top of the page.

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