The Copenhagen venture firm, SEED Capital has closed €130 million to back 15-17 startups across the Nordics, with initial checks of €3 million to €6 million. Sweden becomes a strategic priority, while cybersecurity and resilience join FinTech and AI-driven B2B as core investment areas.
That makes the important change less about how much capital SEED raised and more about what that capital is allowed to do.
A concentrated Danish strategy is becoming a Nordic one
SEED has spent more than two decades building around proximity.
Its previous public investment model focused on Denmark-based companies, typically with €2 million to €4 million initial investments, and only a handful of new companies added each year. The firm says roughly 70% of its portfolio companies have progressed to Series A, while companies it has backed have collectively raised more than $2.6 billion. Those figures are company-reported.
Fund V widens both boundaries.
Initial tickets move to €3 million-€6 million, while founders can now come from across the Nordic region. Sweden is the first major test of that expansion, and the firm is evaluating whether to open an office there.
The change is already visible in the portfolio. Swedish security startup Oplane raised $5.2 million earlier this year in a round led by SEED Capital, building software that continuously models security risks in codebases being developed increasingly with AI coding tools.
Cybersecurity becomes a thesis, not a side bet
The addition of cybersecurity and resilience is also more deliberate than simply following a growing market.
General Partner Geeta Schmidt previously co-founded and led Humio, the log-management and observability company acquired by CrowdStrike for $400 million in 2021. She later served as a CrowdStrike vice president before joining SEED Capital in 2024.
That operating background gives the firm’s new security mandate a different foundation.
The thesis is increasingly tied to AI itself: software teams can now produce code faster with AI agents, but faster development can also create security and architectural risk faster. Investments including Oplane, Moxso and Fortiv put Fund V directly into that intersection between AI-enabled productivity and the security infrastructure required to control it.
FinTech remains another core pillar, while AI-driven B2B software extends SEED’s long-standing enterprise and SaaS exposure.
Fund V also changes who is making the investment decisions
The geographic expansion arrives alongside a more operator-heavy leadership structure.
Managing Partner Christian Brøndum previously led workforce-management company Planday through its growth and eventual acquisition by Xero. Lars Andersen provides continuity across all five SEED funds, while Schmidt brings the cybersecurity founder and enterprise-software experience.
That mix matters because Fund V is not pursuing a broad-volume strategy.
SEED’s own positioning has historically emphasized concentrated portfolios, follow-on capital and hands-on work preparing companies for Series A rather than making hundreds of small bets.
The real test for Fund V will therefore come outside Denmark.
SEED already knows how to identify and support Danish companies such as Trustpilot, Lunar, Templafy, VEO and Flatpay. Fund V asks whether that same concentrated model can win access to the strongest founders in Stockholm and across the wider Nordics while competing with investors that already have local networks there.
