Copenhagen’s Seed Capital closes €130 million Fund V to back Nordic startups from Seed to Series A

Seed Capital, a Copenhagen-based seed-stage investor, has today announced that it has closed its Fund V at €130 million. The fund will invest in 15-17 companies, with first checks of €3-6 million in FinTech, cybersecurity, resilience, and AI-driven B2B.

With its fifth fund, Seed Capital will expand its investments beyond Denmark to 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, 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,” said Christian Brøndum, Managing Partner of Seed Capital.

Founded in December 2004, Seed Capital is one of the Nordics’ most experienced seed funds, with 20 years of history. Its portfolio includes Flatpay, Denmark’s fastest unicorn to date, Trustpilot, VEO, Lunar, and Templafy. It highlights that, to date, the companies it has invested in have raised more than $2.6 billion.

In addition to investments, Seed Capital assists portfolio companies with value-generating activities such as management support, business development, organisational and strategic planning, marketing, and ad hoc operational, financial, and legal assistance.

The firm also announced that 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. The duo forms the partner team, alongside Lars Andersen, who brings more than 20 years of VC experience and has served as a GP across all five of Seed Capital’s funds.

The fund notes that it adopts a deliberate hybrid model, which includes a mix of former operators and investment professionals that 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.

Cybersecurity and resilience mark a new investment focus for Seed Capital’s fifth fund, and the firm 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. 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,” said Schmidt.

As part of its expansion plan, Seed Capital is evaluating opening a Swedish office to further strengthen its close-to-founders approach.