Copenhagen's defence technology investment landscape is shifting as Final Frontier and Myriad combine operations into a single platform operating under the Final Frontier name. The merged entity has set its sights on raising €100 million for its second fund, targeting pre-seed and seed-stage defence tech companies throughout the New Nordics and Ukraine.
The consolidation reflects a broader European shift toward defence spending. As the continent increases military investment at unprecedented levels in recent decades, and Ukraine demonstrates the decisive role of rapid software development and lean teams in modern conflict, private capital has become essential to developing the next generation of defence technologies. Both firms recognised that the region's talent and innovation capacity remain underutilised due to fragmented funding sources.
Final Frontier was established in late 2024 by Niels Vejrup Carlsen, a former general partner at Seed Capital. The original fund closed at €4.5 million in May 2025, backed by prominent figures including former NATO Secretary General Anders Fogh Rasmussen. Myriad launched in August 2025 as a €2 million early-stage vehicle, founded by operators with proven scaling credentials: Alexander Aghassipour, who led Zendesk from startup to a $1.7 billion IPO and subsequent $10.2 billion acquisition, and Klaus Nyengaard, who expanded Just Eat from 35 employees to a major public company.
The two teams began exploring a merger in May 2026. Their combined portfolio of 15 companies and first year of operations demonstrated both the region's potential and its capital constraints. As the firms noted in their announcement:
The first year of operations and our combined portfolio of 15 companies show that the region does not lack talent, technology or ambition. However, there is still an urgent need for more capital in early-stage defence tech, and most investors are too small.
The merged platform leverages Myriad's network of Nordic founders and operators alongside Final Frontier's established relationships within NATO, armed forces and the defence industrial base. The combined entity intends to guide founders through every phase of development, from prototype validation and specialist technical support to organisational growth and the intricate procurement processes that characterise defence sector sales.
Final Frontier Fund II is targeting €100 million with an anticipated first close by year-end. The fund's leadership articulated its vision in a statement:
We will back the technologies shaping our future defence industry and the founders capable of building category-defining companies. We aim to deliver exceptional returns while leading the New Nordic defence ecosystem. Our first year shows that we're well on our way. Now, we grow stronger together. Europe doesn't need more spectators; it needs capital building our defence. If you're an institutional investor or family office ready to do that, talk to us.
Source: Tech.eu
