Copenhagen-based venture house PSV has announced the final close of its PSV Tech Fund II at €56 million, with Chr. Augustinus Fabrikker and Nordea-fonden joining as new investors alongside existing LPs including ATP, EIFO, IDA, and founders such as Christian Lund and Henrik Printzlau of Templafy, Sebastian Knutsson of King, and Morten and Niels Ebbesen of Siteimprove.
The milestone comes twenty-five years after an investment organisation first took shape in the halls of the Technical University of Denmark (DTU), built on a simple idea: more of the technology and talent coming out of Denmark needed someone willing to back it early. A quarter of a century and close to 500 early-stage investments later, that idea remains at the heart of what is today the venture house PSV.
Since its first close, PSV Tech has made 19 investments from Fund II, with 11 yet-to-be-announced investments already made in 2026 alone, spanning companies in Denmark, Sweden, and Norway. For the fund’s four General Partners, Helle Uth, Alexander Viterbo-Horten, Richard Breiter, and Christel Piron, the Nordic opportunity is about connecting and compounding the strengths already in the region.
“Stockholm is showing what happens when talent, capital, universities, successful founders and the recycling of experience start compounding. The opportunity now is to make that flywheel Nordic. 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. There are no later-stage companies to invest in if we don’t back enough of them early,”
said Helle Uth.
Fund II builds on decades of experience backing promising startups before product-market fit and expands its focus to invest across the Nordics in AI, software, and digital infrastructure at the earliest stages. The fund’s deep integration with DTU gives it access to one of the most valuable resources in deep tech: engineering and technical talent.
“We are not trying to be the biggest fund. We want to be the best at being early. Across the hundreds of pre-seed investments our team have made, we have seen just how messy the journey from an idea to product/market fit can be. That experience matters when you invest at a point where a lot is still unproven. 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,”
said Helle Uth.
The track record from the first fund speaks for itself. PSV Tech’s Fund I made 47 investments, among them Teton and Spektr, both backed early by the fund and both of which have since raised $20 million Series A rounds.
