PSV Tech closes €56M Fund II to back Nordic startups before product-market fit

PSV Tech, a Copenhagen-based early-stage investor, has closed its second fund, Fund II, at €56 million. The fund backs Nordic startups before they reach product-market fit, and it widens PSV Tech's focus across the Nordics, covering AI, software and digital infrastructure.

Uth, who speaks for PSV Tech in the piece, says one of the clearest trends is that companies can now do much more with less. Founders no longer need to build large teams quickly, because AI is changing what an early-stage company looks like and lets them achieve more without rapidly expanding headcount.

Uth also stresses that PSV Tech is not simply seeing startups built around existing AI models. The firm is also seeing companies come out of research environments and build around deeper technology and intellectual property.

Investing this early means there is often little market evidence on which to judge a company. Part of the firm's job, Uth says, is getting portfolio companies ready to raise growth capital. That means working out what a company needs to look like for a larger or international fund to invest: which value inflection points it must reach, and what the next investor will need to see.

The article gives no further detail on the fund's investors, ticket sizes or portfolio. Its significance lies in the new capital for pre-product-market-fit Nordic startups and in Uth's view that AI is making leaner, research-driven company building possible at that stage.