Nordic Seed Fund's $140M Bet: What It Means for Founders

Jan de Vries · 2026-09-11

### A New $140M Fund for Nordic Startups Seed Capital, a Copenhagen-based seed-stage investor, just closed its fifth fund at €130 million—that's about $140 million. The fund will back 15-17 companies with initial checks of €3-6 million (roughly $3.2-6.5 million) in FinTech, cybersecurity, resilience, and AI-driven B2B. But here's the twist: they're not just sticking to Denmark. With Fund V, Seed Capital is expanding across the Nordics, with a strategic focus on Sweden. ### Why Go Beyond Denmark? "Broadening into the Nordics is a natural extension of the fund model we've built over 20 years," says 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." That proximity matters. It means they can be there for the tough conversations, the pivots, and the wins. And with a 20-year track record, they've seen it all. ### A Portfolio That Speaks Volumes Founded in December 2004, Seed Capital is one of the Nordics' most experienced seed funds. Their portfolio includes Flatpay (Denmark's fastest unicorn to date), Trustpilot, VEO, Lunar, and Templafy. To date, companies they've invested in have raised over $2.6 billion. But they don't just write checks. They roll up their sleeves with management support, business development, strategic planning, marketing, and even ad hoc legal and financial help. ### New Leadership, Same Founder-First Approach Brøndum, former CEO of Planday, is stepping in as Managing Partner. Geeta Schmidt, former CEO and co-founder of Humio, joins as General Partner. Together with Lars Andersen (20+ years in VC), they form the partner team. They're big on a hybrid model—mixing former operators with investment pros. That means they get founders because they've been there, while also bringing the strategic investor lens. ### Cybersecurity and Resilience: The New Focus Fund V marks a new focus on 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," says Schmidt. "As companies build faster with AI, secure software becomes essential. Oplane is a great example: deep expertise, a needed product, and the ambition to build for where the world is headed." ### What's Next? Seed Capital is evaluating opening a Swedish office to strengthen their close-to-founders approach. For Nordic founders, this means more access to capital and operational know-how. If you're building in FinTech, cybersecurity, resilience, or AI-driven B2B, this is a fund to watch. They're not just investing—they're partnering. And with $140 million ready to deploy, they're looking for the next wave of Nordic winners.