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

Jan de Vries · 2026-09-11

Copenhagen-based Seed Capital has just closed its fifth fund at €130 million. That's roughly $140 million at current exchange rates, and it's a big deal for early-stage startups in the Nordic region. The fund plans to invest in 15 to 17 companies, writing first checks between €3 million and €6 million (about $3.2 million to $6.5 million). The focus areas? FinTech, cybersecurity, resilience, and AI-driven B2B. ### From Denmark to the Nordics For the first time, Seed Capital is expanding beyond Denmark. With Fund V, they're setting their sights on the broader Nordic region, 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 at Seed Capital. "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 hands-on approach has been a hallmark of Seed Capital since its founding in December 2004. Over two decades, they've backed companies like Trustpilot, Lunar, Templafy, and Flatpay—Denmark's fastest unicorn to date. To date, their portfolio companies have raised more than $2.6 billion. ### New Leadership, Same Founder-First Approach Seed Capital also announced some key leadership changes. 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. 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 firm uses a hybrid model that mixes former operators with investment professionals. That means they understand the founder journey firsthand while bringing the strategic and financial lens needed to guide companies. ### A New Focus on Cybersecurity and Resilience Fund V marks a new investment focus for Seed Capital: cybersecurity and resilience. They've already made their first investments from this fund, including Fortiv, Moxso, Repodo, and Oplane. "There are right now great opportunities at the intersection of security and AI," said Schmidt. "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 This Means for Nordic Startups If you're building a startup in the Nordics—especially in FinTech, cybersecurity, or AI-driven B2B—Seed Capital is now a name to know. They're not just writing checks; they're rolling up their sleeves with management support, business development, and operational help. And with a potential Swedish office in the works, their close-to-founders approach is only getting closer. So if you're in the region and looking for a seed to Series A partner, keep an eye on Seed Capital. They're ready to back the next wave of Nordic innovation.