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

Jan de Vries · 2026-09-11

Seed Capital, one of the Nordics' most experienced seed-stage investors, just closed its fifth fund at €130 million—that's about $140 million. And they're not just staying in Denmark this time. They're going after startups across the entire Nordic region, with a sharp focus on Sweden. ### What the Fund Means for Founders Here's the deal: Fund V will invest in 15 to 17 companies. First checks will land between €3 million and €6 million (roughly $3.2M to $6.5M), targeting FinTech, cybersecurity, resilience, and AI-driven B2B startups. "Broadening into the Nordics is a natural extension of the fund model we've built over 20 years," said Christian Brøndum, Managing Partner. "We can be on the ground in under an hour and be there for the founders we partner with." That proximity matters. When you're building a company, having investors who can actually show up—not just send a Slack message—makes a real difference. ### A Track Record That Speaks for Itself Founded back in December 2004, Seed Capital has been around the block. Their portfolio includes Flatpay (Denmark's fastest unicorn to date), Trustpilot, Lunar, and Templafy. To date, companies they've backed have raised more than $2.6 billion. They also don't just write checks and disappear. They help with management support, business development, strategic planning, marketing, and even ad hoc legal and financial assistance. That hands-on approach is baked into their model. ### New Leadership, Same Founder-First DNA Brøndum, former CEO of Planday, is stepping into the Managing Partner role. Geeta Schmidt, former CEO and co-founder of Humio, joins as General Partner. Together with Lars Andersen—who's been a GP across all five funds—they form the leadership team. The firm describes its approach as a "hybrid model," mixing former operators with investment professionals. That means they understand founder challenges firsthand, but they also bring the strategic and financial lens needed to guide companies. ### Cybersecurity and Resilience: The New Focus Fund V marks a new chapter: cybersecurity and resilience. They've already made first investments in Fortiv, Moxso, Repodo, and Oplane. "There are right now great opportunities at the intersection of security and AI," Schmidt said. "As companies are building 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." ### What's Next Seed Capital is also evaluating opening a Swedish office to strengthen that close-to-founders approach. For Nordic startups in FinTech, cybersecurity, or AI-driven B2B, this is a fund worth watching—and maybe worth pitching.