Seed Capital's $140M Fund V: A Game-Changer for Nordic Startups

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. But here's the twist: Seed Capital is expanding beyond Denmark to the entire Nordic region, with a sharp focus on Sweden. It's a natural evolution for a firm that's been planting seeds for two decades. ### Why the Nordic Expansion? "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 the startup world, being able to hop on a short flight (or even a train) to meet a founder face-to-face can make all the difference. Seed Capital's team knows this well—they've been doing it since 2004. ### A Track Record That Speaks Volumes Seed Capital isn't a newcomer. They've backed some of the Nordics' biggest names: - Flatpay, Denmark's fastest unicorn to date - Trustpilot - VEO - Lunar - Templafy Overall, their portfolio companies have raised more than $2.6 billion. That's not just luck—it's a testament to their eye for potential and their hands-on approach. Beyond writing checks, Seed Capital provides management support, business development, strategic planning, marketing, and even ad hoc legal and financial help. Think of them as a partner who's in the trenches with you, not just a spectator. ### New Leadership, Fresh Perspective The firm also announced key leadership changes. Brøndum, former CEO of Planday, steps 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 operational know-how with investment savvy. "We adopt a deliberate hybrid model," the fund notes, mixing former operators and investment professionals. This lets them understand founders' challenges firsthand while bringing the strategic focus needed to guide companies. ### A New Focus on Cybersecurity and Resilience Fund V marks a new investment focus: cybersecurity and resilience. It's a timely move. As AI accelerates software development, secure software becomes non-negotiable. Seed Capital has already made its first investments from Fund V, including 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." ### What's Next? Seed Capital is even evaluating opening a Swedish office to strengthen its close-to-founders approach. If they do, it'll be another step in their mission to be the first call for Nordic founders. For entrepreneurs in the region, this means more access to capital, mentorship, and a network that's been there, done that. And for the rest of us, it's a reminder that the Nordic startup ecosystem is one to watch—closely.