It started with a cup of coffee and ended up in two Danish early stage New Nordics defence funds becoming one. Final Frontier Fund II is targeting €100 million and it’s the result of Final Frontier and Myriad realising they can have a better impact by joining forces.
Final Frontier’s first fund was a €4.5 million fund launched in late 2024 and Myriad’s €2 million fund was launched in August 2025.
While raising his next fund, Final Frontier Founding Partner Niels Vejrup Carlsen could see that there were a number of small players in the market and — not unlike what is playing out among some defence tech startups — he felt that it was time for some consolidation to have more “combined strength.”
He invited Klaus Nyengaard, co-founder of Myriad Defence Fund, to meet for a coffee and now here we are.
“We’ve built a strong brand, competence and network in defence tech. We have a solid portfolio with 12 companies in Final Frontier Fund I. Our team and backers are a circle of people with a lot of defence DNA – so we have this access,” Carlsen told Resilience Media.
“Myriad’s strength is their really strong network of unicorn founders. Klaus Nyengaard and Alexander Aghassipour are both operators having built small startups companies and scaled them into really, really large companies. This early stage founding and operator experience was something we needed more of in Final Frontier,” he added. “Broadening the LP base, getting more firepower, and having this ‘founder know how’ combined with our defence DNA, was just a pretty good match.”
Nyengaard’s credits include CEO, chairman and co-founder positions in JUST EAT, Treatwell and SOL, while Aghassipour’s includes co-founder and former chief product officer of Zendesk.
Myriad’s portfolio includes Danish startup Shotling who is developing a counter-drone effector system in the form of a rapid-fire rotary shotgun. Final Frontier Fund I’s portfolio includes battlefield intelligence companies Farsight Vision and G-Next Intelligence, autonomous ocean surveillance company Stormborn and BlinkTroll, the Norwegian-Danish Next-Gen soldier training solution.
One brand
The deal will see the merged firms move forward under one brand, Final Frontier Fund II. It is now looking for “founders capable of building category-defining companies”, the fund says, backing pre-seed and seed stage defence tech across the New Nordics and Ukraine.
Given the Nordics’ heritage and geographical characteristics, Carlsen says that equipment ruggedised for Arctic and maritime operations, either sub-sea or surface, for all-weather conditions would be “close to our hearts.”
With a first close expected by the end of the year. Resilience Media was told that “one of the largest sovereign funds in the Nordics,” is involved.
“I really do believe that working together now is more important than having, say, the ego project of having many small funds. It makes sense to put things together, and if we really mean what we say, which is that we believe that Europe needs to be able to defend itself, and we really believe in that mission, then I don’t think it really matters what we call ourselves,” says Nima Tisdall, a director of Myriad and upcoming operating partner at Final Frontier Fund II.
