- Seed Capital has now completed raising its fifth fund, valued at €130 million, and intends to invest in between 15 and 17 startups in the Nordics.
- This time the Danish company is going beyond Denmark, with its main focus on Sweden.
- Cybersecurity has now become an official focus of investment, alongside fintech and AI-driven B2B.
Seed Capital, Denmark’s largest venture firm in the early-stage sector, has now completed its fifth fund, valued at €130 million. Fund V will make investments ranging from €3 million to €6 million across 15 to 17 companies, from the seed stage through to Series A.
The firm continues to concentrate on fintech and AI-driven B2B services and is formally including cybersecurity and resilience for the first time in its 20-year history.
Christian Brøndum, Seed Capital’s Managing Partner, stated that staying close to founders is at the heart of the way we work.
“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,” he said.
Danish cybersecurity startups have usually had difficulty securing funding and have, in fact, obtained only 3% of cybersecurity investment in Europe and the UK. At the same time, global investors invested $10.6 billion in privacy and security startups in the first half of 2026.
Fund V is Seed Capital’s first investment outside Denmark, with Sweden as the main target. To carry out this investment, the firm might set up a representative office in Sweden. Unlike pan-Nordic firms such as Creandum, which closed a €500 million fund in 2024 and has since become a larger multi-fund manager, Seed Capital thinks its sector-focused, Copenhagen-based approach will suit Sweden.
Two experienced leaders are driving the cybersecurity effort
Brøndum, who was the CEO of Planday before it was acquired by Xero in 2021 for DKK 1.4 billion, is now acting as managing partner. He is working with Geeta Schmidt, who has joined as a general partner, co-founded and headed Humio, a Danish log-management company that CrowdStrike bought for around $400 million in 2021. She’s now applying her experience to Seed Capital’s new emphasis on cybersecurity.
Lars Andersen, a general partner in each of the five funds and the first investor in both Vivino and Lunar, completes the partner group. Seed Capital is thus continuing its practice of matching former founders with experienced investors.
Fund V has already made investments in four companies: Fortiv, a platform based in Copenhagen that automates business continuity compliance for regulated industries; Moxso, a company that converts employee behaviour into phishing-risk intelligence and which was Seed Capital’s first investment in cybersecurity in 2025, even though the cybersecurity sector had not yet been included in the fund’s mandate; Repodo, an audit firm built around AI and founded by three former Lunar executives; 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,” Schmidt said.
The extent to which this thesis is successful will, to some degree, depend on Oplane’s capacity to compete with its many larger rivals. Kvarnhammar has admitted that companies such as Anthropic, OpenAI, and the existing cybersecurity vendors work in the same field and might one day incorporate similar safeguards into their own coding tools.
Seed Capital’s success supports the strategy it is currently pursuing. The company has invested in Flatpay, which became Denmark’s fastest-growing unicorn in 2025 with a market valuation of €1.5 billion, as well as in Trustpilot, Lunar, and Templafy.
Although Fund V covers a broader area and includes a third sector, it is comparable in size to Seed Capital’s fourth fund. It will only be possible to tell whether this strategy results in another Flatpay or Trustpilot, or whether it thins out the company’s focus too much across Denmark, Sweden, and its new cybersecurity initiative, when the fund’s following investments are seen.
