Final Frontier launches €4.5M fund to support Nordic defence and space startups, backed by former PM of Denmark

Copenhagen-based Final Frontier, a venture capital fund investing in Nordic space and defence tech startups, has secured its first fund of €4.5M.

The fund has brought together several figures from the Danish defence sector to support its investment efforts.

Anders Fogh Rasmussen, former NATO Secretary General and Prime Minister of Denmark, has made a personal investment in Final Frontier. Other backers include Michael Holm, CEO of Systematic, and Dan Hermansen from MyDefence.

Niels Vejrup Carlsen, founder of Final Frontier in 2024 following a 17-year tenure at the Danish venture fund Seed Capital, says, “It’s a great proof of concept that we have mobilised such a formidable band of experts.”

“The Nordic defence industry needs private capital to support emerging defence tech companies and drive innovation in what is otherwise a stagnant sector. We are the first to do this in Denmark.”

Final Frontier’s vision for the fund

Final Frontier is a Nordic VC firm that invests in companies developing space and defence technologies to support Europe’s ability to operate independently in security and strategy matters.

The Danish VC firm aims to support the defence sector by providing private capital to improve competitiveness. According to the company, without private funding, Europe’s higher defence budgets may be used up by growing expenses. The war in Ukraine has shown that being able to adapt and use new technology is necessary in modern conflict.

“We in the Nordics must assess the current security landscape and build our own defence capabilities to ensure we can defend ourselves and remain strategically independent in future conflicts,” says Former General Secretary of NATO, Anders Fogh Rasmussen.

“It’s time to act. As I have said repeatedly, developing a strong and resilient defence industry also requires private capital. That’s why I’m stepping in and supporting Final Frontier personally as an investor.”

The fund, named Final Frontier Liftoff, was created with capital from private investors and individuals with defence backgrounds. It will focus on early investments in Nordic startups working in areas such as drones, mine clearance, surveillance, and air defence.

Eyeing a larger 2026 fund

In 2026, Final Frontier plans to raise a larger fund to take part in later-stage and bigger investments. “We want to appeal to pension funds and large fund investors to get involved in this agenda,” adds Niels Vejrup Carlsen.

Niels Vejrup Carlsen mentions, “Europe is in an existential crisis and by investing in this area, you can really make a positive difference. At the same time, we believe that it is a good business opportunity. The Nordic region is poised to become a key hub in Europe’s rearmament efforts.”

“We have the economic strength, a highly educated talent pool, a strong entrepreneurial culture, and a critical geopolitical position; bordering Russia to the east and strategically located in the Arctic. It is a good time to invest.”