Copenhagen's Seed Capital Just Raised $140M to Back Nordic Startups

Jan de Vries · 2026-09-11

Seed Capital, a Copenhagen-based seed-stage investor, just closed its fifth fund at €130 million—that's about $140 million. The fund will back 15 to 17 companies with initial checks ranging from €3 million to €6 million (roughly $3.2 million to $6.5 million). They're targeting FinTech, cybersecurity, resilience, and AI-driven B2B startups. ### Expanding Beyond Denmark For the first time, Seed Capital is looking beyond Denmark. With Fund V, they're expanding across the Nordics, with a strategic focus on Sweden. "Broadening into the Nordics is a natural extension of the fund model we've built over 20 years," said Christian Brøndum, Managing Partner. "Staying close to founders is central to how we work. Here we can be on the ground in under an hour and be there for the founders we partner with." That's the kind of hands-on approach that sets them apart. ### A 20-Year Track Record Founded in December 2004, Seed Capital has been around for two decades. They've backed companies like Flatpay (Denmark's fastest unicorn), Trustpilot, VEO, Lunar, and Templafy. To date, their portfolio companies have raised over $2.6 billion. But they don't just write checks. They also help with management support, business development, strategic planning, marketing, and even ad hoc legal and financial assistance. ### New Leadership, New Focus Brøndum, former CEO of Planday, is stepping in as Managing Partner. Geeta Schmidt, former CEO and co-founder of Humio, joins as General Partner. They team up with Lars Andersen, who has over 20 years of VC experience and has been a GP across all five Seed Capital funds. The fund uses a hybrid model—mixing former operators with investment professionals. That way, they understand founders' challenges firsthand while bringing the strategic focus needed to guide companies. ### Cybersecurity and Resilience Fund V marks a new focus on cybersecurity and resilience. They've already made initial investments from the fund, including Fortiv, Moxso, Repodo, and Oplane. "There are right now great opportunities at the intersection of security and AI," Schmidt said. "As companies build faster with AI, secure software becomes essential. Oplane is a great example of the kind of team we're looking for: deep expertise, a product that is needed, and the ambition to build for where the world is headed." ### Looking Ahead As part of their expansion, Seed Capital is evaluating opening a Swedish office to strengthen their close-to-founders approach. With $140 million in fresh capital and a team that knows what it takes to build companies, Seed Capital is poised to make a significant impact across the Nordic startup scene. For founders in FinTech, cybersecurity, and AI-driven B2B, this is an opportunity worth watching.