Nordic Startups Just Got a $140 Million Boost

Jan de Vries · 2026-09-11

Copenhagen-based Seed Capital just closed its fifth fund at €130 million—about $140 million. That's a serious chunk of change aimed at early-stage startups across the Nordics, with a special eye on Sweden. The fund plans to back 15 to 17 companies, writing first checks between €3 million and €6 million (roughly $3.2 million to $6.5 million). If you're building in FinTech, cybersecurity, resilience, or AI-driven B2B, this is news you'll want to pay attention to. ### Why This Fund Matters for Founders Seed Capital isn't new to the game. Founded back in December 2004, they've spent two decades helping Nordic startups get off the ground. Their portfolio includes heavy hitters like Trustpilot, Lunar, and Templafy—plus Flatpay, Denmark's fastest unicorn to date. All told, companies they've backed have raised more than $2.6 billion. But what really sets them apart is their hands-on approach. They don't just write checks and disappear. They roll up their sleeves with management support, business development, strategic planning, marketing, and even ad hoc legal and financial help. As Christian Brøndum, Managing Partner, puts it: "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. When you're building something from scratch, having investors who can actually show up—not just via Zoom—makes a real difference. ### A New Focus on Cybersecurity and Resilience Fund V marks a shift. For the first time, Seed Capital is zeroing in on cybersecurity and resilience. They've already made early bets on Fortiv, Moxso, Repodo, and Oplane. Geeta Schmidt, former CEO and co-founder of Humio, just joined as General Partner. She sees a huge opportunity at the intersection of security and AI. "As companies are building faster with AI, secure software becomes essential," she says. "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's a pretty clear signal: if you're working on security solutions powered by AI, Seed Capital wants to hear from you. ### The Team Behind the Fund Seed Capital is led by a trio of partners: - **Christian Brøndum**, former CEO of Planday, now Managing Partner - **Geeta Schmidt**, former CEO and co-founder of Humio, now General Partner - **Lars Andersen**, a 20-year VC veteran who's been a GP across all five Seed Capital funds They describe their model as a "deliberate hybrid"—a mix of former operators and investment professionals. That means they understand the founder journey firsthand, but also bring the strategic lens of seasoned investors. ### What's Next for Nordic Startups Seed Capital is expanding beyond Denmark for the first time, with a strategic focus on Sweden. They're even evaluating opening a Swedish office to stay close to founders there. For entrepreneurs across the region, this means more access to capital, more operational support, and more opportunities to scale from seed to Series A and beyond. If you're building something ambitious in FinTech, cybersecurity, resilience, or AI-driven B2B, keep Seed Capital on your radar. This isn't just another fund—it's a signal that Nordic startups are worth watching. And with $140 million ready to deploy, the next big thing might just come from your backyard.