Seed Capital Closes €130M Fund V to Expand into Sweden and Cybersecurity

Seed Capital, partnering with remarkable entrepreneurs across the Nordics to build global winners, led by General Partners Lars Andersen, Ulla Brockenhuus-Schack, Geeta Schmidt, and Managing Partner Christian Brøndum, 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.

Seed Capital Expands Into Sweden.

Danish cybersecurity startups have historically struggled to attract funding, accounting for just 3% of cybersecurity investment in Europe and the UK. Globally, privacy and security startups raised $10.6 billion in the first half of 2026, highlighting the gap in regional funding.

Fund V marks Seed Capital’s first investment outside Denmark, with Sweden as the primary target market. The firm may establish a representative office in Sweden to support the expansion, while maintaining its sector-focused, Copenhagen-based investment approach rather than adopting a broader pan-Nordic model.

Two Experienced Leaders Drive the Cybersecurity Focus.

Brøndum, former CEO of Planday, which was acquired by Xero for DKK 1.4 billion in 2021, is serving as managing partner. He is joined by general partner Geeta Schmidt, co-founder and former CEO of Humio, which CrowdStrike acquired for around $400 million in 2021. Schmidt brings her experience in building and scaling cybersecurity companies to Seed Capital’s new focus.

General partner Lars Andersen, an investor across all five funds and an early backer of Vivino and Lunar, completes the team. The partnership continues Seed Capital’s approach of combining former founders with experienced investors.

Fund V has already invested in four companies: Fortiv, which automates business continuity compliance; Moxso, which uses employee behavior to assess phishing risk; Repodo, an AI-focused audit firm founded by 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.

Oplane’s success will depend partly on its ability to compete with larger players such as Anthropic, OpenAI and established cybersecurity vendors, which could eventually build similar security features into their coding tools.

Seed Capital’s track record provides some support for the strategy. Its portfolio includes Flatpay, which became Denmark’s fastest-growing unicorn in 2025 with a €1.5 billion valuation, as well as Trustpilot, Lunar and Templafy.

Fund V is similar in size to Fund IV but expands Seed Capital’s focus across Denmark, Sweden and cybersecurity. Whether this broader strategy produces another Flatpay or Trustpilot, or dilutes the firm’s focus, will become clearer as the fund builds out its portfolio.

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