Copenhagen-based Seed Capital has closed its fifth fund at €130 million, marking a significant milestone after more than two decades of early-stage investing. The firm plans to back 15 to 17 companies at seed through Series A, with initial investments ranging from €3 million to €6 million. The vehicle also broadens the firm's geographic focus from Denmark to the wider Nordic region.
A Broader Nordic Ambition
Seed Capital has spent more than two decades backing founders primarily in Denmark, building a track record that includes Trustpilot, Lunar, Templafy, VEO, and Flatpay. The firm describes Flatpay as Denmark's fastest unicorn to date, reflecting the strength of its domestic portfolio. With Fund V, the team is extending this model into the Nordics, with a strategic emphasis on Sweden.
Investment Focus and Thesis
The fund will continue to target fintech and AI-driven B2B software while adding cybersecurity and resilience as a new priority. Seed Capital sees significant opportunities at the intersection of security and artificial intelligence, where faster development cycles make secure software essential. The firm aims to back founders reinventing financial infrastructure, strengthening resilience, and transforming small and medium-sized businesses as well as enterprises.
Leadership Team Strengthened
Christian Brøndum, former CEO of Planday, has stepped in as Managing Partner and led the fundraising, which took around two years to complete. Geeta Schmidt, former CEO and co-founder of Humio, joins as General Partner, while Lars Andersen adds more than 20 years of venture capital experience across all five Seed Capital funds. Together they form a hybrid partnership that combines former operators with investment professionals.
Close Founder Partnerships Across Borders
Managing Partner Christian Brøndum said broadening into the Nordics is a natural extension of the model the firm has built over 20 years. He emphasized that staying close to founders is central to how Seed Capital works, and the Nordic footprint allows the team to be on the ground in under an hour. As part of this approach, the firm is evaluating opening a Swedish office to strengthen its local presence.
Initial Investments and Market Signals
Seed Capital has already begun deploying Fund V, with initial investments that include Repodo and Oplane, among others. The firm also listed Norlix, Blackbird Coffee, Fortiv, Moxso, Pluto Markets, and Cernel in its early portfolio activity. These commitments align with the fund's focus on founder teams that combine deep expertise with the ambition to build for future market shifts.
Backing from Institutional Investors
The fund is supported by limited partners including Realdania, EIFO, Dansk Vækst Kapital, Sampension, Lauritzen Fonden, Augustinus Fonden, family offices, and angel investors. Their backing enabled Seed Capital to close the vehicle despite a challenging fundraising environment for venture funds globally. The firm said the close will allow it to remain close to founders and deploy capital across Denmark and the wider Nordic ecosystem.
With its fifth fund, Seed Capital is positioning itself as one of the few Nordic seed investors with demonstrable outcomes across multiple funds. The expanded mandate and strengthened leadership team reflect a deliberate effort to support founders with both operational insight and strategic guidance. As the fund moves into Sweden and the broader Nordic market, its early investments indicate a clear appetite for companies building resilient, AI-enabled solutions.