Copenhagen's Seed Capital Just Raised a Massive Fund for Nordic Startups

Jan de Vries · 2026-09-11

Seed Capital, a Copenhagen-based seed-stage investor, just announced the closing of its fifth fund at €130 million (about $140 million). That's a big deal for the Nordic startup scene. The fund will invest in 15-17 companies, writing first checks of €3-6 million ($3.2-$6.5 million) in FinTech, cybersecurity, resilience, and AI-driven B2B. ### Expanding Beyond Denmark With Fund V, Seed Capital is expanding its investments beyond Denmark to the broader 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." ### A 20-Year Track Record Founded in December 2004, Seed Capital is one of the Nordics' most experienced seed funds. Its portfolio includes Flatpay (Denmark's fastest unicorn to date), Trustpilot, VEO, Lunar, and Templafy. To date, the companies it has invested in have raised more than $2.6 billion. Beyond capital, Seed Capital provides hands-on support: management support, business development, organizational and strategic planning, marketing, and ad hoc operational, financial, and legal assistance. ### New Leadership, New Focus The firm also announced that Brøndum, former CEO of Planday, is stepping in as Managing Partner, and Geeta Schmidt, former CEO and co-founder of Humio, is joining as General Partner. They form the partner team alongside Lars Andersen, who brings over 20 years of VC experience and has served as a GP across all five Seed Capital funds. Seed Capital adopts a deliberate hybrid model, mixing former operators and investment professionals. This lets the team understand founders' challenges first-hand while bringing strategic focus and an investor perspective. ### First Investments from Fund V Cybersecurity and resilience are new investment focuses for Fund V. The firm has already made its first investments: 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 Founders For founders in the Nordics, this fund represents a significant opportunity. With a focus on early-stage companies and a hands-on approach, Seed Capital could be the partner that helps you scale from seed to Series A. If you're building in FinTech, cybersecurity, resilience, or AI-driven B2B, keep an eye on Seed Capital – they might just be your next investor. As part of its expansion plan, Seed Capital is evaluating opening a Swedish office to further strengthen its close-to-founders approach. This move would make it even easier for Swedish startups to get on their radar. ### The Bottom Line Seed Capital's Fund V is a strong signal that the Nordic startup ecosystem is thriving. With experienced leadership, a clear investment focus, and a commitment to being close to founders, they're well-positioned to back the next generation of Nordic unicorns. If you're a founder in the region, this is definitely a fund to watch.