Seed Capital's New $140M Fund: What It Means for Nordic Startups

Jan de Vries · 2026-09-11

Copenhagen-based Seed Capital just closed its fifth fund at €130 million (about $140 million), and it's a big deal for Nordic startups. The fund will invest in 15-17 companies, writing first checks of €3-6 million (roughly $3.2-6.5 million) in FinTech, cybersecurity, resilience, and AI-driven B2B. But it's not just about the money—it's about the strategy and the team behind it. ### Expanding Beyond Denmark For the first time, Seed Capital is looking beyond Denmark. With Fund V, they're expanding into the Nordics, with a strategic focus on 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 and be there for the founders we partner with." That proximity matters. In venture capital, being close to your portfolio companies can make all the difference. It's not just about writing a check—it's about being a true partner. ### A Track Record That Speaks Volumes Founded in December 2004, Seed Capital has 20 years of experience. Their portfolio includes Flatpay (Denmark's fastest unicorn to date), Trustpilot, VEO, Lunar, and Templafy. To date, companies they've invested in have raised more than $2.6 billion. That's not just luck—it's a testament to their eye for potential. But they don't just invest and disappear. They provide hands-on support: management support, business development, organizational and strategic planning, marketing, and ad hoc operational, financial, and legal assistance. It's a full-service approach that helps startups navigate the tricky early stages. ### New Leadership, Fresh Perspective With Fund V, there's also a leadership shakeup. Brøndum, former CEO of Planday, is stepping in as Managing Partner. Geeta Schmidt, former CEO and co-founder of Humio, joins as General Partner. They team up with Lars Andersen, who has over 20 years of VC experience and has been a GP across all five funds. This mix of operators and investors is deliberate. "We adopt a hybrid model," the firm notes. "A mix of former operators and investment professionals lets the team meet and understand founders, drawing on first-hand experience of the challenges founders face, while bringing the strategic focus and investor perspective needed to guide companies." It's like having a coach who's also played the game. ### New 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. 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." It's a smart bet. As AI becomes more integrated into business, security can't be an afterthought. Startups that can solve this will be in high demand. ### What This Means for Founders If you're a founder in the Nordics, especially in Sweden, Seed Capital is now a name to know. They're actively looking for startups in FinTech, cybersecurity, resilience, and AI-driven B2B. They're also evaluating opening a Swedish office to be even closer to founders. In short, Seed Capital's Fund V is more than just a new pot of money. It's a signal that the Nordic startup ecosystem is thriving and that there's serious capital available for the right ideas. If you're building something innovative, they might just be your next partner.