# Cybersecurity investors in the Nordics (2026 list) > 22 cybersecurity investors in the Nordics, 100% active in the last 12 months. Led by Seed Capital, Sting, Business Finland. Ranked by what they funded. Source: https://millionrounds.com/lists/cybersecurity-investors-in-nordics (Millionrounds; every figure on the page links to its filing or article) [Investor Lists](https://millionrounds.com/lists) # Cybersecurity investors in the Nordics Updated 7 November 2026 Firms observed backing a cybersecurity company in the Nordics in the last two years, wherever the firm is based. [See all 22 *→*](https://millionrounds.com/login?join=1&next=%2Fapp%2Finvestor-lists%2Fcybersecurity-investors-in-nordics)The top 22 **22** investors on the list *+1* this week **183** cheques in 12 months *+14%* against the market **$3.1M** median round they joined *-61%* against the market median **100%** wrote a cheque in 12 months **41%** have led a round ## The Top 22 Ordered by cheques observed, never by anything anyone paid for Deploying now (22) - 1 [Seed Capital](https://millionrounds.com/fund/seed-capital) *Deploying now* VC firm · Denmark **347** **$4M** median round **Sept 2026** last seen - 2 [Sting](https://millionrounds.com/fund/sting) *Deploying now* VC firm · United States **219** **$1.5M** median round **Sept 2026** last seen - 3 [Business Finland](https://millionrounds.com/fund/business-finland) *Deploying now* Accelerator · Finland **153** **$2.3M** median round **Sept 2026** last seen - 4 [Export and Investment Fund](https://millionrounds.com/fund/export-and-investment-fund) *Deploying now* VC firm **94** **$3.2M** median round **Sept 2026** last seen - 5 [FUSE](https://millionrounds.com/fund/fuse) *Deploying now* VC firm · United States **81** **$6M** median round **Oct 2026** last seen - 6 [Propel Capital](https://millionrounds.com/fund/propel-capital) *Deploying now* Accelerator · Sweden **52** **$996K** median round **Sept 2026** last seen - 7 [Spintop Ventures](https://millionrounds.com/fund/spintop-ventures) *Deploying now* VC firm · Sweden **50** **$2.6M** median round **Oct 2026** last seen - 8 [Norrsken Evolve](https://millionrounds.com/fund/norrsken-evolve) *Deploying now* VC firm · Sweden **40** **$1.9M** median round **Oct 2026** last seen - 9 [Vendep Capital](https://millionrounds.com/fund/vendep-capital) *Deploying now* VC firm · Finland **33** **$3.1M** median round **Nov 2026** last seen - 10 [Tesi](https://millionrounds.com/fund/tesi) *Deploying now* Government · Finland **29** **$17M** median round **Sept 2026** last seen - 11 [Nokia](https://millionrounds.com/fund/nokia) *Deploying now* Corporate VC · Finland **21** **$433M** median round **Jun 2026** last seen - 12 [NATO Innovation Fund (NIF)](https://millionrounds.com/fund/nato-innovation-fund) *Deploying now* VC firm · Netherlands **16** **$17M** median round **Sept 2026** last seen - 13 [EIFO (Denmark)](https://millionrounds.com/fund/eifo) *Deploying now* Government · Denmark **13** **$16M** median round **Oct 2026** last seen - 14 [Ugly Duckling Ventures](https://millionrounds.com/fund/ugly-duckling-ventures) *Deploying now* VC firm · Denmark **3** **$5.8M** median round **Sept 2026** last seen - 15 [Foundry ventures](https://millionrounds.com/fund/foundry-ventures) *Deploying now* VC firm · Sweden **1** **$615K** median round **Sept 2026** last seen - 16 [Longswan Ventures](https://millionrounds.com/fund/longswan-ventures) *Deploying now* VC firm **1** **$615K** median round **Sept 2026** last seen - 17 [ReykVC](https://millionrounds.com/fund/reykvc) *Deploying now* VC firm · Iceland **1** **$6.9M** median round **Sept 2026** last seen - 18 [Unconventional Ventures](https://millionrounds.com/fund/unconventional-ventures) *Deploying now* VC firm · Denmark **1** **$3.1M** median round **Nov 2026** last seen - 19 [Jan Oberhauser](https://millionrounds.com/fund/jan-oberhauser) *Deploying now* Angel **1** **$5.8M** median round **Aug 2026** last seen - 20 [Saminvest AB via Annexstruktur](https://millionrounds.com/fund/saminvest-ab-via-annexstruktur) *Deploying now* VC firm **1** **$615K** median round **Sept 2026** last seen - 21 [Schyssta Änglar](https://millionrounds.com/fund/schyssta-anglar) *Deploying now* VC firm **1** **$615K** median round **Sept 2026** last seen - 22 [Thomas Visti](https://millionrounds.com/fund/thomas-visti) *Deploying now* Angel **1** **$5.8M** median round **Aug 2026** last seen ## The Newest Cheques Rounds this list's investors joined most recently - **5** Nov **[Claimlane](https://millionrounds.com/company/claimlane)** Series A · $6.3M *With* [Vendep Capital](https://millionrounds.com/fund/vendep-capital) - **2** Nov **[Pixel Systems](https://millionrounds.com/company/pixel-systems)** Seed · $3.1M *Led by* [Unconventional Ventures](https://millionrounds.com/fund/unconventional-ventures) - **27** Oct **[Cortas](https://millionrounds.com/company/cortas)** Pre-seed · $1.6M *With* [EIFO (Denmark)](https://millionrounds.com/fund/eifo) - **27** Oct **[Avante](https://millionrounds.com/company/avante)** Series A · $30M *With* [FUSE](https://millionrounds.com/fund/fuse) - **19** Oct **[PSV Tech](https://millionrounds.com/company/psv-tech)** Pre-seed · $63M *With* [EIFO (Denmark)](https://millionrounds.com/fund/eifo) - **14** Oct **[Cachet](https://millionrounds.com/company/cachet)** Other · $12M *Led by* [Spintop Ventures](https://millionrounds.com/fund/spintop-ventures) ## Stages This Year 155 rounds - Seed **28%** - Pre-seed **19%** - Series A **17%** - Venture **15%** - Other **5%** - Other **15%** ## What They Backed Sectors, last 12 months - AI **42** - Biotech **18** - Healthcare **14** - Defence Tech **12** - Big Data & Analytics **10** - Cybersecurity **9** ## Cheques by Quarter Led Joined 26 Q1 25 43 Q2 25 54 Q3 25 47 Q4 25 53 Q1 26 47 Q2 26 61 Q3 26 8 Q4 26 The last bar is the quarter still running. ## Lists Like This - [AI investors in North America 3,859](https://millionrounds.com/lists/ai-investors-in-north-america) - [AI investors in Europe 2,283](https://millionrounds.com/lists/ai-investors-in-europe) - [Fintech investors in North America 1,309](https://millionrounds.com/lists/fintech-investors-in-north-america) - [Big Data & Analytics investors in North America 1,094](https://millionrounds.com/lists/big-data-investors-in-north-america) - [AI investors in Asia 1,047](https://millionrounds.com/lists/ai-investors-in-asia) - [Biotech investors in North America 1,001](https://millionrounds.com/lists/biotech-investors-in-north-america) - [Energy investors in North America 864](https://millionrounds.com/lists/energy-investors-in-north-america) - [Robotics investors in North America 848](https://millionrounds.com/lists/robotics-investors-in-north-america) - [Construction investors in North America 791](https://millionrounds.com/lists/construction-investors-in-north-america) [All investor lists *→*](https://millionrounds.com/lists) ## Reading for founders in security - Hackers: Heroes of the Computer Revolution Steven Levy · 1984 4.16 from 8,649 ratings on Goodreads Security About the book A mere fifteen years ago, computer nerds were seen as marginal weirdos, outsiders whose world would never resonate with the mainstream. That was before one pioneering work documented the underground computer revolution that was about to change our world forever. With… On AmazonListen on Audible - The DevOps Handbook: How to Create World-Class Agility, Reliability, and Security in Technology Organizations Gene Kim · 2015 4.29 from 5,988 ratings on Goodreads Security Company building About the book Increase profitability, elevate work culture, and exceed productivity goals through DevOps practices.More than ever, the effective management of technology is critical for business competitiveness. For decades, technology leaders have struggled to balance agility, reliability,… On AmazonListen on Audible - Smartcuts: How Hackers, Innovators, and Icons Accelerate Success Shane Snow · 2014 3.88 from 6,577 ratings on Goodreads Security Company building Innovation About the book Entrepreneur and journalist Shane Snow (Wired, Fast Company, The New Yorker, and cofounder of Contently) analyzes the lives of people and companies that do incredible things in implausibly short time. How do some startups go from zero to billions in mere months? How did… On AmazonListen on Audible - The Innovators: How a Group of Hackers, Geniuses and Geeks Created the Digital Revolution Walter Isaacson · 2014 4.12 from 40,532 ratings on Goodreads Security Innovation Company building About the book Following his blockbuster biography of Steve Jobs, The Innovators is Walter Isaacson’s revealing story of the people who created the computer and the Internet. It is destined to be the standard history of the digital revolution and an indispensable guide to how innovation really… On AmazonListen on Audible More books for founders and investors on the [Reading List](https://millionrounds.com/reading-list?role=founder&industry=security). As an Amazon Associate we earn from qualifying purchases. ## Quick answers about cybersecurity investors in the Nordics ### Who are the most active cybersecurity investors in the Nordics? By cheques observed, the most active are Seed Capital, Sting, Business Finland, Export and Investment Fund and FUSE. ### How many cybersecurity investors in the Nordics are there? 22 are on record. 100% made an investment in the last 12 months and 41% have led a round. ### Which stages do cybersecurity investors in the Nordics back? Of the rounds with a named stage in the last 12 months, mostly Seed (36%) and Pre-seed (24%). ### How big are the rounds cybersecurity investors in the Nordics join? The typical (median) round among the leading investors here is $3.2M. ### Which sectors do cybersecurity investors in the Nordics back most? In the last 12 months, mostly AI, Biotech and Healthcare. ### Which cybersecurity investors in the Nordics lead the most rounds? NATO Innovation Fund (NIF) (10 led), Spintop Ventures (5 led) and Vendep Capital (3 led). ### Where are cybersecurity investors in the Nordics based? Among the most active, most are based in Denmark (4), Finland (4) and Sweden (4). ### What have cybersecurity investors in the Nordics invested in recently? Recent rounds include Claimlane (Series A, Nov 2026, with Vendep Capital), Pixel Systems (Seed, Nov 2026, with Unconventional Ventures) and Cortas (Pre-seed, Oct 2026, with EIFO (Denmark)). Built from the rounds we watched, refreshed every night. [How we count](https://millionrounds.com/methodology) · [Report a correction](https://millionrounds.com/corrections)