Copenhagen's Seed Capital Just Raised $140 Million—Here's What It Means for Nordic Startups

Jan de Vries · 2026-09-11

Copenhagen-based Seed Capital has just closed its fifth fund at €130 million—that's about $140 million. The seed-stage investor plans to back 15 to 17 companies with initial checks ranging from roughly $3.2 million to $6.5 million. And it's not just Denmark anymore. This fund expands the firm's reach across the Nordics, with a sharp focus on Sweden. ### Why This Fund Matters for Founders Seed Capital has been around since 2004, making it one of the most experienced seed funds in the region. Over two decades, it's built a portfolio that includes heavyweights like Trustpilot, Lunar, and Flatpay—Denmark's fastest unicorn to date. Companies it has backed have gone on to raise more than $2.6 billion. That track record speaks for itself. But what's really interesting here is the strategy. The fund isn't just writing checks. It's rolling up its sleeves. Portfolio companies get hands-on support with management, business development, strategic planning, marketing, and even legal and financial help. Think of it as a partner who's been in the trenches, not just an investor watching from the sidelines. ### A New Focus on Cybersecurity and Resilience For Fund V, Seed Capital is zeroing in on FinTech, cybersecurity, resilience, and AI-driven B2B. Cybersecurity and resilience are new areas for the firm, and it's already made early bets with companies like Fortiv, Moxso, Repodo, and Oplane. Geeta Schmidt, former CEO and co-founder of Humio, recently joined as General Partner. She sees huge potential where security meets AI. "As companies are building faster with AI, secure software becomes essential," she said. "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." That quote captures the fund's philosophy: back smart people solving real problems, especially as AI reshapes how software gets built. ### The People Behind the Checks Christian Brøndum, former CEO of Planday, stepped in as Managing Partner. He's joined by Schmidt and Lars Andersen, who has over 20 years of VC experience and has been a GP across all five Seed Capital funds. The team blends former operators with investment pros—a hybrid model that lets them understand founders' challenges firsthand while bringing strategic investor perspective. "Broadening into the Nordics is a natural extension of the fund model we've built over 20 years," Brøndum said. "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 proximity matters. In the Nordics, everything is a short flight or drive away. It's a tight-knit ecosystem where relationships and reputation carry weight. ### What's Next for Seed Capital As part of its expansion, Seed Capital is evaluating opening a Swedish office. That would further strengthen its close-to-founders approach and give it a local presence in one of Europe's hottest startup markets. For founders in the Nordics—especially in Sweden—this means a new, well-capitalized partner with a proven track record. If you're building in FinTech, cybersecurity, resilience, or AI-driven B2B, Seed Capital might just be the right fit. The fund's first investments are already in motion. And with $140 million to deploy, expect to see more announcements soon.