Final Frontier and Myriad, two Danish venture capital firms focused on defence technology, have merged to create a unified platform and launched Fund II with a target of €100 million to invest in early-stage companies across the region.
The combined entity, operating under the Final Frontier brand, aims to strengthen Europe’s defence ecosystem by backing pre-seed and seed-stage startups in the New Nordics and Ukraine. The initiative is led by Anders Fogh Rasmussen, who is serving as lead investor for the fund.
Expanded Portfolio and Regional Focus
The merger consolidates the operations of both firms while maintaining their focus on deeptech and defence innovation. The combined portfolio currently includes 15 companies, providing a foundation for the new fund’s deployment across the target region.
According to Niels Vejrup Carlsen, the first year of operations demonstrates the region’s potential: “The first year of operations and our combined portfolio of 15 companies show that the region does not lack talent, technology or ambition.”
The fund’s capital will support founders across multiple stages of development, from initial product creation through scaling phases. Beyond financial backing, Final Frontier plans to help startups navigate the complex procurement processes that characterise defence sector sales—a significant challenge for early-stage companies entering regulated markets.
Support Through Critical Phases
Securing investment in defence technology remains challenging for early-stage founders, particularly those at the pre-seed and seed stages where capital availability is limited. The merged firm’s €100 million commitment addresses this gap by providing capital specifically earmarked for companies at these nascent stages.
The New Nordics region—comprising Denmark, Sweden, Norway, and Finland—has emerged as a growing hub for defence technology innovation in recent years. The addition of Ukraine as a priority market reflects broader European interest in supporting the country’s technological resilience and development.
The total funding base for Final Frontier now stands at €106.5 million, consolidating resources from both predecessor entities into a single investment vehicle.
European Defence Ecosystem Context
The launch of the fund reflects increasing European attention to building autonomous defence technology capabilities. As geopolitical tensions persist and NATO expands its focus on technological innovation, venture capital investment in defence-sector startups has become viewed as strategically important by both private investors and policymakers across the continent.
The merged firm joins other European defence-tech investors in targeting early-stage companies, though the specific geographic focus on the Nordic region and Ukraine distinguishes Final Frontier’s approach. The emphasis on seed-stage investment suggests confidence in the region’s ability to produce commercially viable defence technology solutions that can eventually scale across broader European markets.