Nordic Startups Just Got $141M and a New Go-To Seed Fund

Jan de Vries · 2026-09-11

### A New $141M Fund for Nordic Startups Seed Capital, the Copenhagen-based seed investor, just closed its fifth fund at €130 million—that's about $141 million. And they're not keeping it all in Denmark. The fund will back 15 to 17 companies with initial checks of $3.2 million to $6.5 million (€3–6 million), focusing on fintech, cybersecurity, resilience, and AI-driven B2B. This is a big deal for founders across the Nordics, especially in Sweden. "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." ### Why This Matters for Founders Seed Capital isn't new to the game. Founded in 2004, they've been investing for two decades. Their portfolio includes Flatpay (Denmark's fastest unicorn), Trustpilot, Lunar, and Templafy. Companies they've backed have raised over $2.6 billion to date. That track record speaks for itself. But what really sets them apart is their hands-on approach. They don't just write checks and disappear. They help with management support, business development, strategic planning, marketing, and even ad hoc legal and financial assistance. It's like having a co-pilot who's been through the turbulence before. ### The People Behind the Fund 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 has over 20 years of VC experience and has been a GP across all five funds—they form a trio that blends operator experience with investment savvy. "There are right now great opportunities at the intersection of security and AI," Schmidt says. "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." ### First Investments and What's Next Fund V has already made its first bets: Fortiv, Moxso, Repodo, and Oplane. These companies reflect the new focus on cybersecurity and resilience—a shift from previous funds. And Seed Capital is evaluating opening a Swedish office to double down on their close-to-founders promise. For founders in the Nordics, this means more than just cash. It means access to a team that understands the rollercoaster of building a company. Because sometimes the best investor isn't the one with the deepest pockets—it's the one who's been in your shoes. So if you're building something in fintech, cybersecurity, or AI-driven B2B, keep an eye on Seed Capital. They're ready to write checks and roll up their sleeves.