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The Venture Codex

SEED Capital

Højbro Plads 8-10, Ofc No 104, København K, Capital Region, 1200, Denmark

Overview

Seed Capital invests in Danish tech businesses with global ambitions. We are focused on "late seed"-stage companies, typically investing 2-4 MEUR in rounds of 2-10 MEUR. Proud backers of Trustpilot, Vivino, Lunar, Templafy, Dixa, Forecast, and many other great companies.

Total investments
88
Lead investments
46
Investments · 12mo
7
Active investors
9

Sector focus

  • Finance
  • Financial Services
  • Venture Capital
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Investment portfolio

  • Oplane

    Led · Seed · Jun 2026

    Oplane develops an agentic, AI-native security platform that maps codebase architecture, identifies system-level security requirements, and provides contextual remediation recommendations within developers' workflows. The platform embeds automated threat modelling and expert-level guidance to help teams identify risks earlier in AI-assisted software development. Founded in Malmö by Emil Kvarnhammar, Oscar Andersson, and Anders Söderling, Oplane is already working with a growing set of customers and conducting pilot projects to broaden its market presence. The company plans to deepen integrations with AI coding tools including Claude Code, Cursor, and GitHub Copilot, expand across Europe, and hire across engineering, cybersecurity, QA, and go-to-market roles. Its current financial step is the newly closed €4.5M seed round led by Seed Capital with participation from angels and an existing investor.

  • Norlix

    Led · Seed · Mar 2026

    Norlix offers an AI-driven insurance platform designed to increase transparency and improve pricing accuracy for small and medium-sized businesses by analyzing each business's unique needs and optimizing insurance plans. Since launching five months ago, Norlix has onboarded over 100 SMBs. The company plans to expand its platform capabilities and scale operations within Denmark. It also intends to launch a pension product later this year and pursue international expansion. Norlix recently strengthened its financial position by raising DKK 30 million in a seed round led by Seed Capital. The article did not disclose revenue figures or additional operating metrics beyond customer onboarding.

  • Cernel

    Led · Seed · Feb 2026

    Cernel, founded in Aarhus, Denmark in 2023, provides an AI-native platform for intelligent management of e-commerce data. The system ingests raw supplier feeds, verifies and enriches product attributes, generates multilingual descriptions, produces lifestyle imagery, and formats catalogues for multiple sales channels. By automating the entire product data pipeline, the software reduces manual effort and accelerates time-to-market for online retailers. Early customers include Nordic fashion, beauty, sporting-goods, and home-furnishing brands such as Matas, Firtal, Hummel, and Vero Moda. The company positions its technology as foundational infrastructure for “agentic commerce,” where AI agents handle merchandising workflows. With new funding, Cernel plans to expand functionality and scale operations beyond the Nordic region. No revenue or user figures were disclosed in the articles.

  • Pluto.markets

    Led · Seed · Feb 2026

    Founded in 2021 by former Goldman Sachs trader Joakim Bruchmann and software engineer Oscar Vingtoft, Pluto.markets provides a commission-free investment platform aimed at retail investors across the Nordics. The company offers trading in fractional shares, exchange-traded funds and cryptocurrencies, and secured an EU-wide investment licence before beginning large-scale fundraising. Since opening to the public roughly 14 months ago, the platform has amassed more than 10,000 users in Denmark. Management plans to enter additional European markets and ‘disrupt the ETF’ space for both individuals and businesses with products it claims the continent has not yet seen. To drive this expansion, the startup has raised nearly $10 million to date, including the latest seed round. Pluto.markets aspires to replicate the success of Robinhood and Trade Republic while targeting Europeans who invest in local currencies. Its long-term goal is to become the preferred investment platform across Europe and reinvent asset management.

  • Holdbar

    Participated · Series A · Sep 2025

    Founded in 2022 by Lasse Kjær and Lars Rasmussen, Understory offers an AI-driven software platform that helps creators and operators of experiences manage bookings, payments, and marketing from a single system. The software automates workflows, allowing experience providers to focus on delivering and scaling their offerings. Understory already serves customers in ten countries and positions itself as an infrastructure layer for the growing experience economy. The company’s vision is to make it easier for people to create and share meaningful experiences. With fresh capital, it plans to accelerate product development, strengthen its infrastructure, and expand internationally. While specific revenue or user figures were not disclosed, the recent funding underscores investor confidence in the firm’s growth trajectory and market opportunity.

Team

  • Ulla Brockenhuus-Schack

    Founder & Managing Partner

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  • Peter Egehoved

    General Partner

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  • Anne Cathrine Wilhjelm

    Attorney, Partner

    LinkedIn
  • Jakob Fuglede Nielsen

    CFO, Partner

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