PSV Tech closes €56M Fund II to back Nordic pre-seed startups

PSV Tech has closed its second fund at €56 million, deepening its bet on Nordic pre-seed startups before they find product-market fit.

What does Fund II change?

The Copenhagen-based firm, launched in 2020 as part of PSV Venture House, brought new limited partners into Fund II: Chr. Augustinus Fabrikker and Nordea-fonden. Returning backers include:

• ATP
• EIFO
• IDA

Founder-LPs who reinvested include Christian Lund and Henrik Printzlau of Templafy, Sebastian Knutsson of King, and Morten and Niels Ebbesen of Siteimprove.

The vehicle targets AI, software and digital infrastructure companies across Denmark, Sweden and Norway. It leans on PSV Tech's roots at the Technical University of Denmark. The firm traces its lineage to a DTU investment organization founded 25 years ago. PSV Tech has since backed close to 500 early-stage companies.

"The technologies change, the companies change and the market changes. But there is still a need for investors willing to take the first risk alongside founders," said Helle Uth, Co-founder and General Partner. "Fund II gives us the capital to keep doing exactly that – now across the Nordics."

Why keep investing pre-seed?

Since first close, Fund II has deployed capital into 19 companies, including 11 investments in 2026 that have yet to be announced. Fund I made 47 investments in total. Two of those bets — Teton and Spektr — have since raised $20 million Series A rounds.

The four general partners leading Fund II — Helle Uth, Alexander Viterbo-Horten, Richard Breiter and Christel Piron — run the new vehicle with the same patience.

"Stockholm is showing what happens when talent, capital, universities, successful founders and the recycling of experience start compounding," Uth said. "The opportunity now is to make that flywheel Nordic."

How big does PSV Tech want to get?

The firm is not chasing scale. "We are not trying to be the biggest fund. We want to be the best at being early," Uth said. "Our job is to understand the people, the technology and the problem well enough to build conviction before the numbers can do it for us."

Two new anchors underline the fund's long-horizon profile. Chr. Augustinus Fabrikker, the Danish foundation that took a Fund II ticket, framed its decision as ecosystem building. "The commitment to PSV Tech forms part of our strategy to strengthen the local ecosystem by investing in fund managers that play a key role in the development of emerging Danish growth companies," CEO Claus Gregersen said.

Nordea-fonden, a previous backer of PSV Hafnium, gave a similar rationale. "PSV Tech builds on a long-established, strong position in the Nordic startup ecosystem, and we see potential for our investment to deliver an attractive return, while also helping to support tomorrow's growth companies and create tangible value for society," CFO Lars Ingemann Nielsen said.

What role does DTU still play?

PSV Tech's pipeline still runs through the technical university. President Anders Bjarklev linked the firm's mandate to DTU's founding mission under physicist H.C. Ørsted in 1829.

"Since H.C. Ørsted founded DTU in 1829, the university has understood deeply that knowledge must be turned into real value for society," Bjarklev said. "Innovation is fundamental to DTU. But innovation also requires risk capital — and courage."

Uth closed with a regional pitch for early-stage capital. "Europe is rightly focused on the lack of later-stage capital. We need it. But we should not forget to keep feeding the beginning of that flywheel," she said. "There are no later-stage companies to invest in if we don't back enough of them early."

With 19 deals already on the books and a Nordic mandate stretching from Copenhagen to Stockholm and Oslo, PSV Tech now tests whether pre-seed conviction can compound at a regional scale.