Gardar launches a new Norwegian defence fund for Ukraine, operated by Sandwater
Sandwater is proud to support the founding of Gardar alongside Ferd and Munkene.
Gardar is a new 80 MEUR fund investing in defence technologies operational at the front in Ukraine. Established with a dedicated investment strategy and team, Gardar will operate on Sandwater's venture fund platform.Munkene is a Norwegian volunteer organization passionate about supporting Ukraine — a cause on which Europe's freedom hinges. Ferd is a Norwegian family-owned investment company owned by the Andresen family.Gardar will invest in Europe's future security architecture that is currently being defined on the battlefield in Ukraine. The fund will invest in Ukrainian defence tech startups from seed stage to Series B. Technology innovation has been instrumental in Ukraine's successful defence since the full-scale invasion, and continued innovation remains critical to Ukraine's progress in the war.The fund's LP base is an exceptional group of predominantly Norwegian family offices. By hosting this fund, Sandwater further strengthens its position as a trusted partner in advancing Europe's technological future.Erlend Prestgard, the managing partner at Gardar says that the new fund is an investment to Europe’s security."The founders and startups in Ukraine demonstrate ingenuity, persistence, innovation and integrity that has inspired us - and our investors - to raise this fund. Being able to invest in the community is a privilege in itself. It is underfunded, and delivering impact every day. It is also an investment in Europe's security architecture that we strongly believe needs to be strengthened."Sandwater’s partner Torkel Engeness notes that Ukraine's innovative defence tech companies will play a key role in European defence over the coming decades — and represent compelling investment opportunities as a result."Sandwater is proud to support the Gardar Fund and contribute to Ukrainian and European resilience. Having met some of the young entrepreneurs behind the companies that Gardar invests in, I have been truly inspired by people who work day and night to build technology that saves lives and protects their country. Ukraine's defence tech start-ups have made an extraordinary contribution, not just to their own country, but to the security of all of Europe. Sandwater was established to back innovation that creates long-term societal value, and there are no places where that is more evident than in Ukraine's thriving start-up ecosystem”, Engeness says..