PSV Tech closes second fund at €56 million to back Nordic pre-seed startups
PSV Tech, a venture capital firm born out of the Technical University of Denmark (DTU), has closed its second fund at €56 million. The firm backs Nordic technology startups at the pre-seed stage, often before product-market fit, with a focus on AI, software and digital infrastructure. It launched in 2020 as part of PSV Venture House, which traces its roots to an investment organisation set up at DTU 25 years ago and has since made close to 500 early-stage investments.
New commitments to Fund II come from Chr. Augustinus Fabrikker and Nordea-fonden. They join existing limited partners including ATP, EIFO and IDA, plus founders such as Christian Lund and Henrik Printzlau of Templafy, Sebastian Knutsson of King, and Morten and Niels Ebbesen of Siteimprove. The fund widens PSV's focus to the whole Nordic region and draws on its close ties to DTU for access to engineering and technical talent.
Since its first close, Fund II has made 19 investments across Denmark, Sweden and Norway. Eleven of them were made in 2026 and have not yet been announced. The first fund made 47 investments, including Teton and Spektr, which have since raised $20 million Series A rounds. The four general partners are Helle Uth, Alexander Viterbo-Horten, Richard Breiter and Christel Piron.
Uth says the aim is not to be the biggest fund but "the best at being early." She points to Stockholm as an example of talent, capital, universities and experienced founders compounding, and wants a similar flywheel across the Nordics. She acknowledges that Europe needs more later-stage capital, but argues there will be no later-stage companies to back unless enough are supported early.
The backers stress long-term Danish capital and support for the local ecosystem. Chr. Augustinus Fabrikker CEO Claus Gregersen describes PSV Tech as a key manager for emerging Danish growth companies. Nordea-fonden, which has already invested in PSV Hafnium, sees potential for an attractive return and societal value. DTU President Anders Bjarklev says innovation requires risk capital and courage.