Copenhagen's Seed Capital Raises $140M to Fuel Nordic Innovation

Jan de Vries · 2026-09-11

Copenhagen-based Seed Capital just closed its fifth fund at €130 million—that's about $140 million. The fund will back 15 to 17 companies with initial checks ranging from €3 million to €6 million (roughly $3.2 million to $6.5 million). They're targeting FinTech, cybersecurity, resilience, and AI-driven B2B startups. What's interesting? Seed Capital is expanding beyond Denmark to the broader Nordics, with a special focus on Sweden. ### Why the Nordic Expansion? Christian Brøndum, Managing Partner at Seed Capital, explained: "Broadening into the Nordics is a natural extension of the fund model we've built over 20 years, combined with bringing our track record and operational experience in FinTech, cybersecurity, and resilience to founders across the region. Staying close to founders is central to how we work and with the Nordics. Here we can be on the ground in under an hour and be there for the founders we partner with." That's the kind of proximity that matters. Being able to hop on a short flight—or even a train—to sit down with a founder face-to-face? That's a game-changer for early-stage investing. ### A Track Record That Speaks Volumes Founded in December 2004, Seed Capital has been around for two decades. That's practically ancient in VC years. Their portfolio includes Flatpay, Denmark's fastest unicorn to date, along with Trustpilot, VEO, Lunar, and Templafy. To date, companies they've invested in have raised more than $2.6 billion. Beyond just writing checks, Seed Capital provides hands-on support: management coaching, business development, organizational and strategic planning, marketing, and even ad hoc legal and financial help. It's a full-service approach that many founders desperately need. ### New Leadership, Same Founder-First DNA The firm also announced some key leadership changes. Brøndum, former CEO of Planday, is stepping in as Managing Partner. And Geeta Schmidt, former CEO and co-founder of Humio, is joining as General Partner. They team up with Lars Andersen, who has over 20 years of VC experience and has served as a GP across all five Seed Capital funds. This hybrid model—mixing former operators with investment pros—is deliberate. It means the team understands the founder journey firsthand while also bringing the strategic lens needed to guide companies. ### Cybersecurity and Resilience: The New Frontier Cybersecurity and resilience are new focus areas for Fund V. Seed Capital has already made its first investments from this fund, including Fortiv, Moxso, Repodo, and Oplane. Schmidt shared her excitement: "There are right now great opportunities at the intersection of security and AI. As companies are building faster with AI, secure software becomes essential and these shifts and solutions we're seeing are the ones we want to invest in, in Sweden and across the Nordics. 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." ### What's Next? As part of its expansion, Seed Capital is evaluating opening a Swedish office to strengthen its close-to-founders approach. If that happens, expect to see even more early-stage activity in Sweden and the wider Nordic region. For founders in the Nordics—especially in FinTech, cybersecurity, and AI—this is a fund to watch. They're not just investing capital; they're investing time, expertise, and a genuine commitment to being there when it matters.