Nordic Seed Capital's $140M Fund V: What It Means for Startups

Jan de Vries · 2026-09-11

Copenhagen's Seed Capital just closed its fifth fund at $140 million. That's a big deal for early-stage founders across the Nordics. And it's not just about the money—it's about who's writing the checks and where they're looking. ### The Fund at a Glance Seed Capital's Fund V will invest in 15 to 17 companies. First checks range from $3.2 million to $6.5 million. The focus? FinTech, cybersecurity, resilience, and AI-driven B2B. If you're building in those spaces, this is your moment. But here's the twist: for the first time, the fund is expanding beyond Denmark. It's going all-in on the Nordics, with a strategic focus on Sweden. ### Why Sweden? Why Now? Christian Brøndum, Managing Partner at Seed Capital, puts it simply: "Broadening into the Nordics is a natural extension of the fund model we've built over 20 years." He adds that staying close to founders is central to how they work. "We can be on the ground in under an hour and be there for the founders we partner with." That proximity matters. Founders need investors who understand the local landscape. And Seed Capital has been doing this since 2004—20 years of seed-stage investing. Their track record speaks for itself. Portfolio companies include Flatpay (Denmark's fastest unicorn), Trustpilot, VEO, Lunar, and Templafy. Together, these companies have raised over $2.8 billion. ### New Leadership, Same Founder-First Approach Seed Capital is also shaking up its partner team. Brøndum, former CEO of Planday, steps 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 funds. What's interesting is their hybrid model. The team mixes former operators with investment professionals. That means they've been in the trenches. They know what it's like to build, scale, and pivot. And they bring that perspective to every board meeting. > "There are right now great opportunities at the intersection of security and AI. As companies are building faster with AI, secure software becomes essential." – Geeta Schmidt ### The New Focus: Cybersecurity and Resilience Fund V marks a new focus on cybersecurity and resilience. It's a smart bet. As AI accelerates software development, security becomes non-negotiable. Seed Capital has already made its first investments from Fund V, including Fortiv, Moxso, Repodo, and Oplane. Schmidt highlights Oplane as a prime example: "Deep expertise, a product that is needed, and the ambition to build for where the world is headed." ### What This Means for Founders If you're a Nordic founder in FinTech, cybersecurity, resilience, or AI-driven B2B, Seed Capital is actively looking. They're not just writing checks—they're rolling up their sleeves. They help with management support, business development, strategic planning, marketing, and even legal and financial assistance. And they're evaluating opening a Swedish office to double down on their close-to-founders approach. So if you're building something bold, take note. Seed Capital's Fund V isn't just another fund. It's a signal that the Nordics are heating up. And the right partner might just be a short flight away.