Seed Capital closes €130M Fund V to expand into Sweden and cybersecurity — TFN

Seed Capital has closed its fifth fund at €130 million and said it will invest between €3 million and €6 million in 15–17 companies across the Nordics, with a new emphasis on Sweden and an explicit cybersecurity and resilience mandate alongside its ongoing focus on fintech and AI-driven B2B. Fund V marks the Copenhagen-based firm's first vehicle to target investments beyond Denmark, and Seed Capital said it may establish a representative office in Sweden to execute the strategy.

“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,” said Christian Brøndum, Seed Capital’s managing partner.

Fund composition and team

Seed Capital, described as Denmark’s largest early-stage venture firm, will deploy Fund V from seed through Series A. The fund formalises cybersecurity as a core investment theme for the first time in the firm’s 20-year history. Geeta Schmidt, who co-founded Humio and sold it to CrowdStrike for around $400 million in 2021, has joined as a general partner to lead the cybersecurity effort alongside Brøndum and longtime partner Lars Andersen, the initial backer of companies including Vivino and Lunar. Brøndum himself previously served as CEO of Planday, which was acquired by Xero in 2021 for DKK 1.4 billion.

Early deals and sector rationale

Fund V has already backed four companies: Fortiv, a Copenhagen-based platform that automates business-continuity compliance for regulated industries; Moxso, which transforms employee behaviour into phishing-risk intelligence and was Seed Capital’s first cybersecurity investment in 2025; Repodo, an audit firm built around AI and founded by three former Lunar executives; and Oplane. Seed Capital will target 15–17 investments total, deploying roughly €3–6 million per company.

• Moxso — first cybersecurity investment in 2025
• Fortiv — business continuity compliance platform
• Repodo — AI-driven audit firm
• Oplane — competing in a crowded field of secure development tooling

Geeta Schmidt framed the thesis succinctly: “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.”

Context and outlook

The move comes amid a broader surge in global investment in privacy and security: investors put $10.6 billion into privacy and security startups in the first half of 2026. By contrast, Danish cybersecurity companies historically have drawn a small slice of regional capital, reportedly securing only 3% of cybersecurity investment in Europe and the UK. Seed Capital’s expansion into Sweden and explicit cybersecurity remit is pitched as a way to address that gap.

Seed Capital points to a track record that includes investments in Flatpay — which reached a €1.5 billion valuation in 2025 — as well as Trustpilot, Lunar and Templafy to underscore its ability to scale winners. The firm acknowledges challenges: some portfolio targets, such as Oplane, face competition from major AI players and incumbent security vendors that could incorporate overlapping safeguards into their tooling.

Whether Fund V will produce another Flatpay or Trustpilot, or whether the broader geographic and sector remit dilutes focus, will become clearer as Seed Capital deploys the remainder of the fund and unveils subsequent portfolio companies across Denmark, Sweden and the wider Nordics.