Seed Capital closes €130M Fund V to expand across the Nordics

Copenhagen-based Seed Capital has closed Fund V at €130 million, and it’s using the new cash to widen its reach. The firm has spent 20 years backing founders from seed to Series A, and this fund is set up to make 15 to 17 investments with first checks of €3 million to €6 million.

The portfolio focus stays familiar in some ways. Fintech and AI-driven B2B remain core areas, but cybersecurity and resilience are now on the list too. Seed Capital says it has already written the first checks from Fund V into Repodo and Oplane.

The bigger shift is geographic. With this fund, Seed Capital is moving beyond Denmark and into the Nordics, with Sweden singled out as a strategic focus. Christian Brøndum says that is a natural extension of a model built over two decades, and that the firm wants to stay close enough to founders to be on the ground in under an hour.

That local mindset is backed by a team that mixes operators and investors. Brøndum, formerly CEO of Planday, is now Managing Partner. Geeta Schmidt, who led and co-founded Humio, joins as General Partner. Lars Andersen, with more than 20 years of VC experience, has served as GP across all five of Seed Capital’s funds.

Seed Capital is also leaning on its track record to make the case for bigger ambition. Its past names include Flatpay, described as Denmark’s fastest unicorn to date, along with Trustpilot, VEO, Lunar and Templafy. In a region full of cautious money, that kind of history buys attention, especially when the pitch is simple: stay close, move early, and keep widening the map.