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Seed Capital’s €130M Fund V: Checks, Sectors and Nordic Expansion
Seed Capital has closed a €130 million Fund V to invest €3–6 million initially in 15–17 seed to Series A companies across the Nordics. Fintech and AI driven B2B software remain core sectors, while cybersecurity and resilience are newly formalised areas of focus.
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Key takeaways
- Seed Capital has closed a €130 million Fund V to invest €3–6 million initially in 15–17 seed to Series A companies across the Nordics.
- Fintech and AI driven B2B software remain core sectors, while cybersecurity and resilience are newly formalised areas of focus.
- Fund V has reportedly made initial investments in Fortiv, Moxso, Repodo and Oplane; Seed Capital is also evaluating, rather than confirming, a Swedish office.
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openai.comCreate a landscape editorial hero image for this Studio Global article: What are the key details of Seed Capital’s €130 million Fund V—including its investment size and target number of startups, existing and new. Article summary: Seed Capital’s €130 million Fund V is a seed-to-Series A Nordic fund that preserves its fintech and AI-driven B2B software focus while adding cybersecurity and resilience. It represents the Copenhagen firm’s first invest. Topic tags: general, general web, user generated. Style: premium digital editorial illustration, source-backed research mood, clean composition, high detail, modern web publication hero. Use reference image context only for broad subject, composition, and topical grounding; do not copy the exact image. Avoid: logos, brand marks, copyrighted characters, real person likenesses, fake screenshots, UI text, readable text, watermarks, charts with fa
Seed Capital’s fifth fund is a €130 million vehicle designed to take the Copenhagen-based investor beyond its home market for the first time. Fund V will invest across the Nordics from seed through Series A, with Sweden identified as the initial strategic priority. 2
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Fund V at a glance
| Detail | Fund V plan |
|---|---|
| Fund size | €130 million |
| Target portfolio | 15–17 companies |
| Initial cheque size | €3 million–€6 million |
| Investment stage | Seed through Series A |
| Geography | Nordics, expanding beyond Denmark for the first time |
| Priority market | Sweden |
The planned initial cheque size and concentrated target portfolio indicate a strategy built around sizeable early-stage positions rather than a high-volume approach. 2
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Investment thesis: continuity in fintech and AI, plus cybersecurity
Fund V retains Seed Capital’s established focus on fintech and AI-driven B2B software. It also formally adds cybersecurity and resilience, making these areas part of the fund’s stated investment mandate. 2
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The firm links the new focus to the growing need for secure and resilient software as AI speeds up development cycles. That does not mean Seed Capital is abandoning its previous sectors: cybersecurity and resilience are additions to the existing fintech and AI-driven B2B strategy. 6
For founders, the relevant fit is therefore not simply “AI” or “security” in isolation, but businesses addressing financial infrastructure, enterprise software, secure systems or operational resilience within the broader Nordic market.
From Denmark to the Nordics, with Sweden first
Fund V marks Seed Capital’s first mandate to invest outside Denmark. Sweden is the immediate priority within the broader Nordic strategy, and the firm is evaluating a Swedish office to support its expansion. An office has not been confirmed. 4
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That distinction matters: the geographical strategy is confirmed, while the local-office plan remains under consideration. 4
Early Fund V investments
Seed Capital has already deployed capital from Fund V into four companies: Fortiv, Moxso, Repodo and Oplane. 9
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The reported investments provide the earliest indication of the fund’s deployment, but the available sources do not specify the cheque size, round stage or ownership position for each company. 9
The portfolio context
Over roughly two decades of investing, Seed Capital has backed companies including Trustpilot, Lunar, Templafy, VEO and Flatpay. 1
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That prior portfolio is the backdrop for Fund V’s broader Nordic push: Seed Capital is extending an established Danish early-stage investing model rather than launching a new firm or a wholly new sector thesis. 1
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Partner team: operating experience alongside venture continuity
Fund V’s strategy is being pursued by a team that combines company-building experience with longstanding venture investing:
- Christian Brøndum, Managing Partner, previously served as CEO of Planday.
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- Geeta Schmidt, General Partner, is the co-founder and former CEO of Humio, bringing founder and executive experience from a cybersecurity and log-management company.
- Lars Andersen, General Partner, brings more than 20 years of VC experience, providing continuity with Seed Capital’s established investment practice.
The combination is relevant to the new mandate. Brøndum contributes operating experience from scaling a software business, Schmidt brings direct cybersecurity-founder experience, and Andersen adds the firm’s long-running investing perspective. Together, those backgrounds align with Fund V’s stated focus on fintech, AI-driven B2B software, cybersecurity and resilience. 2
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What Fund V changes—and what it does not
Fund V changes Seed Capital’s geographic reach and formal sector coverage. It broadens the firm from Denmark to the Nordics, puts Sweden at the top of the expansion agenda, and adds cybersecurity and resilience to the investment thesis. 2
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What remains consistent is the firm’s seed-to-Series A focus, its fintech and AI-driven B2B emphasis, and its intent to make a limited number of relatively substantial initial investments. For Nordic founders, that makes Fund V a potentially relevant source of early-stage capital where enterprise software, AI, security and resilient digital infrastructure overlap. 2
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What is the short answer to "Seed Capital’s €130M Fund V: Checks, Sectors and Nordic Expansion"?
Seed Capital has closed a €130 million Fund V to invest €3–6 million initially in 15–17 seed to Series A companies across the Nordics.
What are the key points to validate first?
Seed Capital has closed a €130 million Fund V to invest €3–6 million initially in 15–17 seed to Series A companies across the Nordics. Fintech and AI driven B2B software remain core sectors, while cybersecurity and resilience are newly formalised areas of focus.
What should I do next in practice?
Fund V has reportedly made initial investments in Fortiv, Moxso, Repodo and Oplane; Seed Capital is also evaluating, rather than confirming, a Swedish office.