Final Frontier and Myriad Defence merge for €100M defence
Danish venture firms Final Frontier and Myriad Defence are merging to launch a €100 million fund targeting pre-seed and seed-stage defence technology
Final Frontier and Myriad Defence are merging to create a €100 million fund for early-stage defence technology. The two Danish venture firms are combining their operations under the Final Frontier brand to form a single platform supporting founders from early building through scaling.
Discussions about combining the two platforms began in May 2026. The merger consolidates two specialist investment efforts into a single, larger venture platform. It increases the capital target and combines investor, operator, and defence-industry networks. Final Frontier was founded by former Seed Capital GP Niels Vejrup Carlsen. The merged fund will be named Final Frontier Fund II.
Fund II targets €100 million for pre-seed and seed defence startups
The merged entity’s Final Frontier Fund II aims to raise €100 million. It will invest at the pre-seed and seed stages in technologies aimed at the future European defence industry. The geographical focus extends beyond the core Nordic countries to Ukraine and the broader New Nordic region.
The investors are seeking institutional investors and family offices to participate. The planned fund will focus on the following regions:
Platform leverages combined expertise to address defence market barriers
The fund is designed to help founders handle the unique hurdles of defence markets. Early-stage defence companies face complex regulatory, procurement, and technical requirements when selling to governments. The platform will assist with building the business, finding specialists, scaling, and handling these long procurement cycles.
The team's operational experience is a key asset. Myriad Defence’s team includes Alexander Aghassipour, who was part of Zendesk’s growth from startup to IPO and subsequent acquisition. It also includes Klaus Nyengaard, who helped scale Just Eat before its IPO. This comes as European governments increase defence spending and emphasize domestic capabilities in software, autonomous systems, advanced hardware, and emerging technologies.
Final Frontier and Myriad Defence have already backed a combined 15 companies. Niels Vejrup Carlsen said: "Final Frontier, founded in 2024, and Myriad, launched in 2025, have backed a combined 15 companies." Twelve of those startups are in Final Frontier's portfolio. Several have Ukrainian founders, including Farsight Vision, Dropla Tech, G-Next Intelligence, and one undisclosed startup. The firms said the combined portfolio demonstrated the availability of technical talent and ambitious founders in the region.
First close targeted for end of 2026 with initial deal expected by year-end
The first close of Final Frontier Fund II is targeted for the end of 2026. Despite the fundraise being ongoing, the first investment under the new fund is expected to be closed by the end of this year.
