Seed Capital has closed its fifth fund at €130 million, giving the Copenhagen based venture firm fresh resources to back the next generation of Nordic technology companies. After two decades of investing in startups from seed stage through Series A, the firm is expanding beyond its traditional Danish base while sharpening its focus on artificial intelligence, fintech, cybersecurity and resilience.
Backing the Next Nordic Leaders
Seed Capital plans to invest in approximately 15 to 17 companies through Fund V, with initial cheques ranging from €3 million to €6 million. The fund will continue supporting fintech and AI driven business to business software, while adding cybersecurity and resilience as new investment priorities.
The firm has already begun deploying capital from the fund, including investments in Repodo, an AI audit automation startup, and Oplane, a company operating at the intersection of security and artificial intelligence.
The new fund reflects Seed Capital’s belief that the Nordic region offers a strong combination of technical talent, ambitious founders and opportunities to build globally relevant businesses from relatively compact domestic markets.
Expanding Beyond Denmark
Seed Capital has historically concentrated on Danish startups, but Fund V will broaden its geographical strategy across the Nordic region. Sweden will be a particular priority as the firm looks to identify more companies with international growth potential.
Managing Partner Christian Brøndum said the expansion represents a natural extension of the investment model Seed Capital has developed over the past 20 years. The firm believes that its established experience, network and track record can be applied across neighbouring Nordic markets while maintaining close relationships with founders.
Seed Capital is also considering opening an office in Sweden. A local presence would allow the firm to spend more time with portfolio companies, support founders during key growth stages and strengthen relationships with the wider Swedish startup ecosystem.
A Proven Investment Record
The firm’s previous investments include several prominent Nordic technology companies, such as Trustpilot, VEO, Lunar, Templafy and Flatpay. Flatpay has become Denmark’s fastest unicorn to date, reinforcing Seed Capital’s reputation for identifying businesses capable of scaling rapidly.
The firm’s strategy has traditionally focused on entering companies at an early stage, when founders need both capital and practical guidance. Fund V will continue this approach, with the investment team seeking companies that combine strong technical or market expertise with the ambition to expand internationally.
Combining Operators and Investors
Fund V will be managed by a partner team that combines former technology operators with experienced venture investors.
Brøndum, the former chief executive of Planday, has taken on the role of Managing Partner. Geeta Schmidt, former chief executive and co founder of Humio, has joined as General Partner. They will work alongside Lars Andersen, who has more than two decades of venture capital experience and has served as a general partner across all five of Seed Capital’s funds.
The combination is intended to give founders access to both operational experience and investment expertise. Former operators can offer first hand guidance on hiring, product development, customer acquisition and international expansion, while experienced investors contribute portfolio strategy, capital planning and access to broader networks.
Investing at the AI and Security Intersection
Seed Capital sees growing opportunities where artificial intelligence and cybersecurity overlap. As companies use AI to build software and automate processes more quickly, the need to secure those systems is also increasing.
Schmidt highlighted Oplane as an example of the type of company the fund wants to support, citing its specialist expertise, market relevance and focus on future technology shifts.
With €130 million available, Seed Capital is now positioned to extend its Nordic reach while continuing to back early stage businesses in sectors expected to shape the next phase of European technology growth.
