Nordic Startups Just Got a Massive $140M Boost

Jan de Vries · 2026-09-11

### A New Chapter for Nordic Startups Copenhagen-based Seed Capital just closed its fifth fund at €130 million — that's about $140 million. And they're not just sticking to Denmark this time. The fund will back 15 to 17 companies across the Nordics, with a strategic focus on Sweden. First checks will range from €3 million to €6 million (roughly $3.2 million to $6.5 million) in FinTech, cybersecurity, resilience, and AI-driven B2B. It's a bold move, but it makes sense. The Nordics have been quietly building some of Europe's most exciting tech companies. And Seed Capital has been there from the start. ### Why Expand Now? "Broadening into the Nordics is a natural extension of the fund model we've built over 20 years," says Christian Brøndum, Managing Partner at Seed Capital. "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 venture capital, being able to hop on a train or a short flight to meet a founder face-to-face can make all the difference. It's not just about writing checks — it's about building relationships. ### A Track Record That Speaks for Itself Founded in December 2004, Seed Capital is one of the Nordics' most experienced seed funds. Over 20 years, they've backed companies like Flatpay (Denmark's fastest unicorn to date), Trustpilot, VEO, Lunar, and Templafy. To date, their portfolio companies have raised more than $2.6 billion. That's not luck. It's a deliberate approach. ### New Leadership, Same Founder-First DNA The firm also announced that 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 — who brings over 20 years of VC experience and has served as a GP across all five funds — they form the partner team. What sets Seed Capital apart is its hybrid model: a mix of former operators and investment professionals. This means they've actually been in the founder's shoes. They know the sleepless nights, the tough calls, the moments of doubt. But they also bring the strategic investor perspective needed to guide companies. ### A Sharp Focus on Cybersecurity and Resilience Cybersecurity and resilience are new focus areas for Fund V. And they've already made their first investments: Fortiv, Moxso, Repodo, and Oplane. "There are right now great opportunities at the intersection of security and AI," says Schmidt. "As companies are building faster with AI, secure software becomes essential. These shifts and solutions we're seeing are the ones we want to invest in, in Sweden and across the Nordics." She points to 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 building a startup in the Nordics — especially in FinTech, cybersecurity, resilience, or AI-driven B2B — this is worth paying attention to. Seed Capital isn't just writing checks. They offer management support, business development, organizational and strategic planning, marketing, and even ad hoc operational, financial, and legal assistance. They're also evaluating opening a Swedish office to strengthen their close-to-founders approach. So if you're a founder in the region, keep an eye out. The next big thing might just get its start with Seed Capital.