Swedish family office makes latest water tech investment: 'We're not looking for hockey stick growth'

Venture capital investment in water technology is typically more of a trickle than a flood, but that’s slowly changing. In 2025, over $1bn of equity was poured into water tech, up 20% from the year previous.

One of the key sources of this capital is family offices. These patient investors are a good match for water tech because the sector typically moves slowly – long pilots, slow procurement, heavy regulation – and they can afford to wait.

"You don't make fast hockey sticks in these companies – and that suits our approach," Lina Røbekk Olsen, head of corporate development at Sandberg Developments, previously told Impact Loop’s Swedish language publication.

Latest in pool of water tech investments

Sandberg, founded in 1959 by Swedish businessman Gunnar Sandberg, has just announced its latest investment into the sector: Spec-Imaging.

Spun-out from Sweden’s Lund University in 2020, Spec-Imaging builds optical sensors that can measure particles in murky liquids that normally block light. In water treatment, that means operators can track water quality continuously instead of relying on slow lab tests.

“We have chosen to invest in Spec-Imaging because of their unique optical measurement technology, the experienced team, and a product with strong industrial potential,” Igor Miskovic, head of incubator at Sandberg Development and a new board member of the company.

The size of Sandberg’s investment and the new ownership share were not disclosed. However, according to companies filings, Spec-Imaging recently made a new issue of 5 million SEK (€471k), but it is unknown to Impact Loop whether that money comes only from Sandberg. The office declined to comment.

With the new investment, Sandberg joins two other family offices that have previously backed Spec-Imaging: FMG Circular Invest, part of the investment empire of the Stenbeck family, and Stena New Ventures, part of the broader Stena corporate group owned by the billionaire Olsson family.

Sandberg has made 10 water tech investments so far, including in Orbital Systems, Drupps, and PluviaFlow.

Patient capital for water tech

Røbekk Olsen emphasizes that Sandberg is not guided by a classic fund logic with a fixed exit horizon – but rather by a desire to build companies over time.

"We want to build companies and we have no stated exit plans. We don't work with multiples that way," says Røbekk Olsen.

According to Røbekk Olsen, they can go from investing few percent to becoming majority owners, often by starting smaller in early companies.

"We can go back, invest more and increase ownership over time," says Røbekk Olsen.

Ticket size can vary greatly: in the very early stages it can be around €50k, but in other cases significantly larger amounts.