Seed Capital Closes €130 Million Fifth Fund and Expands into the Nordics
September 11, 2026 – 8:00 am
The Seed Capital team
Credit: Mai Skou Wihlborg
Seed Capital has closed its fifth fund at €130 million and is expanding its reach beyond Denmark for the first time. The firm aims to invest in 15 to 17 companies across the Nordics, focusing on fintech, AI-driven B2B, and, notably, cybersecurity.
They plan to write initial checks ranging from €3 million to €6 million, with a strategic emphasis on Sweden, and are considering establishing a Swedish office.
Christian Brøndum, formerly the CEO of Planday, joins as a managing partner. Geeta Schmidt, co-founder and ex-CEO of Humio, and Lars Andersen, who has been a general partner across all five funds, also participate.
With a fund size of €130 million, they aim to make substantial investments in a concentrated manner, focusing on seed to Series A. This approach, while less common in European startup funding, allows for deeper involvement and potentially higher returns.
The cybersecurity focus is bolstered by Schmidt’s background, having co-founded Humio, which was acquired by CrowdStrike for $400 million in 2021, marking Denmark’s most significant security exit.
"As companies are building faster with AI, secure software becomes essential," Schmidt stated, highlighting the intersection of security and AI as a lucrative opportunity.
The partnership between Brøndum, Schmidt, and Andersen, with their respective operational and investment experiences, is a strategic move. While traditional funds often advertise operator experience through one founder-turned-partner, this team brings two former company builders and an established investor.
The decision to expand to Sweden, home to many significant Nordic exits, is bold. While Denmark has produced notable startups like Trustpilot, Lunar, Templafy, and Flatpay, Stockholm has been the hub for the largest outcomes, with Creendum, Northzone, and EQT Ventures already well-established there.
Seed Capital’s €130 million fund, raised over 20 years, represents roughly one fund every four years, a disciplined approach in a European market with frequent fundraising cycles. The absence of named limited partners is notable, indicating the level of conviction behind the expansion.
Early investments in Fortiv, Moxso, Repodo, and Oplane are part of a Nordic funding market that has remained active while other regions cooled off.
NordicNinja recently raised €200 million for climate and deep tech initiatives, further underscoring the region’s thriving startup ecosystem.