Two specialist defence investment firms are pooling resources to establish a consolidated Nordic venture platform. Final Frontier, established in 2024, and Myriad Defence, which launched in 2025, have collectively invested in 15 companies and will now consolidate under the Final Frontier banner. The merger unites Final Frontier's expertise in defence and geopolitical strategy with Myriad's connections to Nordic founders and operational leaders.
The merged entity will offer comprehensive support to founders, spanning from initial company formation through growth stages. This includes connections to defence sector specialists, access to industry networks, and assistance navigating the intricate procurement pathways typical of military and government clients. The platform is targeting €100 million for Final Frontier Fund II, focusing on pre-seed and seed investments throughout the New Nordics and Ukraine, with an anticipated first close by the conclusion of 2026.
Complementary Expertise
Final Frontier was established by Niels Vejrup Carlsen, formerly a general partner at Seed Capital, and has concentrated on defence, geopolitical matters, military institutions and the broader European defence ecosystem. The firm's inaugural fund, valued at €4.5 million, reached its final close in May 2025 with participation from notable backers including Anders Fogh Rasmussen, the former NATO Secretary General.
Myriad Defence commenced operations in August 2025 with a €2 million fund targeting nascent defence-focused enterprises in the New Nordic region. The firm's leadership comprises seasoned technology professionals: Alexander Aghassipour, who participated in Zendesk's trajectory from early-stage company to public listing and subsequent acquisition, and Klaus Nyengaard, instrumental in scaling Just Eat before its own public market debut.
Path to Merger
Deliberations regarding a merger between the two platforms commenced in May 2026, following a year of independent operations. Both firms recognised that their combined portfolio illustrated the region's availability of technical expertise and entrepreneurial ambition. However, they identified a significant gap: insufficient quantities of early-stage capital specifically allocated to defence technology ventures.
Market Context
The consolidation occurs amid escalating defence expenditure by European governments and heightened focus on establishing indigenous technological capabilities. Priority areas encompass software development, autonomous systems, sophisticated hardware and other cutting-edge technologies. For emerging companies in this sector, access to specialised investment capital proves particularly valuable given the regulatory complexities, procurement requirements and technical specifications demanded by defence markets.
Fund Strategy
The €100 million fund will direct capital toward technologies serving the evolving European defence landscape, with geographic scope encompassing both Nordic territories and Ukraine. The investors are actively seeking institutional capital providers and family offices to commit to the initiative. The first close is anticipated for the end of 2026.
Source: ArcticStartup
