Geeta Schmidt Joins Seed Capital as GP to Lead Nordic VC Firm's First Cybersecurity Push

Seed Capital, Denmark's largest early-stage venture firm, has completed its fifth fund at €130 million, and named Geeta Schmidt — a former founder who built and sold the log-management company Humio to CrowdStrike for roughly $400 million in 2021 — as the General Partner who will lead the firm's newly formalised cybersecurity investment practice. The close was confirmed on September 11.

Fund V will deploy between €3 million and €6 million per company across an expected 15 to 17 investments, spanning the seed stage through Series A. The fund marks a geographic and thematic expansion for the twenty-year-old firm: for the first time, Seed Capital is investing beyond Denmark, with Sweden identified as its primary target market, and cybersecurity is being formally added as a core investment thesis alongside the firm's existing focus on fintech and AI-driven business software.

Schmidt's appointment is central to that shift. Before joining Seed Capital, she co-founded and led Humio, a Danish log-management and observability company that was acquired by American cybersecurity giant CrowdStrike in 2021 in a deal reported at approximately $400 million — one of the largest exits in Danish technology history and a landmark moment for the country's still-developing cybersecurity startup ecosystem. That operating and exit experience gives Schmidt a rare vantage point from which to identify and support the next generation of Nordic security founders, at a firm that has built its reputation on pairing former operators with early-stage capital.

Speaking about the fund's new focus, Schmidt said there are currently significant opportunities at the intersection of security and artificial intelligence, and that as companies build software faster using AI tools, secure development becomes essential — describing these shifts as precisely the kind of investment opportunity the fund intends to pursue across Sweden and the wider Nordic region.

The decision to add cybersecurity as a formal mandate follows a well-documented funding gap in the sector. Danish cybersecurity startups have historically struggled to attract venture capital, having secured only around 3% of cybersecurity investment across Europe and the United Kingdom despite the country's strong technical talent pool, even as global investors poured $10.6 billion into privacy and security startups in the first half of 2026 alone. Seed Capital's move to build dedicated expertise and capital around the category positions the firm to address that regional imbalance directly.

Schmidt joins a partner group that also includes Christian Brøndum, Seed Capital's Managing Partner and the former CEO of workforce-scheduling company Planday, which was acquired by Xero in a deal valued at DKK 1.4 billion in 2021, and Lars Andersen, a general partner across all five of the firm's funds and an early investor in Vivino and Lunar. Brøndum said staying close to founders is central to how the firm works, noting that expanding into the Nordics builds naturally on two decades of operational experience in fintech, cybersecurity and business resilience, with the firm able to be on the ground with founders across the region within an hour.

Fund V has already deployed capital into four companies: Fortiv, a Copenhagen-based platform automating business-continuity compliance for regulated industries; Moxso, which converts employee behaviour into phishing-risk intelligence and was Seed Capital's first cybersecurity investment, made in 2025 before the sector was formally part of the fund's mandate; Repodo, an AI-driven audit firm founded by three former Lunar executives; and Oplane. That early portfolio suggests the fund's cybersecurity thesis is already operative well ahead of the formal fund close.

The bet carries real execution risk. Larger, better-resourced players — including foundation-model companies themselves and established cybersecurity vendors — are increasingly building security safeguards directly into their own coding and AI tools, potentially narrowing the space available for standalone security startups over time. Whether Seed Capital's sector-focused, Copenhagen-rooted model can replicate the success of past portfolio companies such as Flatpay, which became Denmark's fastest-growing unicorn in 2025 at a €1.5 billion valuation, or Trustpilot and Lunar, will only become clear as Fund V's Swedish and cybersecurity investments mature over the coming years. For now, Schmidt's arrival gives the firm a credible operator-investor voice in a category where trust built through prior exits counts for a great deal with founders choosing which capital to take.