Seed Capital's $141M Fund V: The Nordic Startup Bet You Need to Watch

Jan de Vries · 2026-09-11

Seed Capital, the Copenhagen-based seed-stage investor, just closed its fifth fund at €130 million — that's about $141 million. And they're not just doubling down on Denmark. They're setting their sights on the entire Nordic region, with a special focus on Sweden. ### The Fund Basics This new fund will invest in 15 to 17 companies, writing first checks between €3 million and €6 million (roughly $3.3 million to $6.5 million). The target sectors? FinTech, cybersecurity, resilience, and AI-driven B2B. These are the areas where Seed Capital has built serious expertise over two decades. ### Why Going Nordic Makes Sense Christian Brøndum, Managing Partner at Seed Capital, explained it simply: broadening into the Nordics is a natural extension of the fund model they've built over 20 years. They're bringing their track record and operational experience to founders across the region. And staying close to founders is central to how they work. "Here we can be on the ground in under an hour and be there for the founders we partner with," he said. That proximity matters. It means they can show up, roll up their sleeves, and actually help — not just write a check. ### A Track Record That Speaks Volumes Founded back in December 2004, Seed Capital is one of the Nordics' most experienced seed funds. Their portfolio includes Flatpay (Denmark's fastest unicorn to date), Trustpilot, VEO, Lunar, and Templafy. To date, the companies they've invested in have raised more than $2.6 billion. That's not just luck — it's a repeatable model. But they don't just invest and disappear. They assist portfolio companies with management support, business development, organizational and strategic planning, marketing, and ad hoc operational, financial, and legal help. It's a hands-on approach that founders clearly appreciate. ### New Leadership, Same Founder-First Ethos Along with the fund announcement, Seed Capital revealed some leadership changes. 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 brings over 20 years of VC experience and has served as a GP across all five Seed Capital funds. The firm deliberately adopts a hybrid model — mixing former operators with investment professionals. That means they understand the challenges founders face firsthand, while also bringing the strategic focus and investor perspective needed to guide companies. ### Cybersecurity and Resilience: The New Focus Cybersecurity and resilience mark a new investment focus for Fund V. The firm has already made its first investments from the fund, including Fortiv, Moxso, Repodo, and Oplane. Schmidt sees huge opportunities at the intersection of security and AI. "As companies are building faster with AI, secure software becomes essential," she said. "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 plan, Seed Capital is evaluating opening a Swedish office to further strengthen its close-to-founders approach. If they do, it'll be yet another signal that the Nordic startup ecosystem is maturing — and that seed-stage investors are willing to back it with serious capital. For founders in the region, this is welcome news. More money, more expertise, and more partners who actually get what it takes to build a company from the ground up.