Danish investment funds Final Frontier and Myriad Defence Fund have joined forces to create a new investment platform that plans to raise €100 million for Final Frontier Fund II. The fund will invest in defence technology companies, primarily at the early stages of development, with a focus on the Nordic countries and Ukraine.
The funds announced the initiative themselves. The first close of Final Frontier Fund II is scheduled for the end of 2026. The new fund will provide financing at the pre-seed and seed stages, targeting startups that are developing and testing products, building teams and beginning to enter the market.
The fund’s primary objective is to support developers of technologies that could potentially become part of Europe’s future defence industry. The focus will be on emerging defence tech companies that require capital to develop technologies, build their first products and subsequently scale their operations.
Final Frontier was established in late 2024, while Myriad Defence Fund began operating in 2025. During their first year of activity, the two funds built a combined portfolio of 15 companies. According to the founders, their work with these companies demonstrated the need for greater volumes of financing for early-stage defence technology businesses in the region.
Following the combination, the platform plans to leverage the strengths of both funds. Myriad Defence Fund brings a network of company founders and operating executives, while Final Frontier has direct experience in the defence sector, including expertise in geopolitics, armed forces and the defence industry.
At the same time, the investors intend to provide startups with more than capital. The funds plan to help portfolio companies scale their businesses, gain access to industry experts and navigate complex defence procurement processes. This is particularly important for defence tech companies, as bringing such technologies to market may require interaction with government institutions, military organisations and major defence customers.
Final Frontier Fund II will specialise in pre-seed and seed investments in defence technologies across the Nordic region and Ukraine. The fund will target early-stage companies developing technologies for Europe’s future defence industry.
Final Frontier was founded by former Seed Capital partner Niels Vejrup Carlsen. In May 2025, the fund raised €4.5 million for its first fund. Its investors and partners included former NATO Secretary General Anders Fogh Rasmussen.
Myriad Defence Fund was launched in August 2025 with initial capital of €2 million. Its founders include Alexander Aghassipour, who was part of Zendesk’s leadership team during the company’s scaling period leading up to its stock market listing at a $1.7 billion valuation, as well as Klaus Nyengaard, who led Just Eat during its expansion from 35 employees through to its IPO.
