PSV Tech closes €56 million Nordic early-stage fund
PSV Tech has closed its second fund at €56 million, attracting new institutional investors to back pre-seed Nordic tech startups before they reach product-market fit.
PSV Tech closed its second fund at €56 million. New investors Chr. Augustinus Fabrikker and Nordea-fonden joined existing limited partners including ATP, EIFO, IDA, and founders Christian Lund, Henrik Printzlau of Templafy, Sebastian Knutsson of King, and Morten and Niels Ebbesen of Siteimprove.
The final close fits within a wave of Nordic venture capital fundraising in 2026. It builds on a 25-year history rooted at the Technical University of Denmark (DTU).
Investment activity and strategy
Since its first close, PSV Tech has made 19 investments from Fund II. The fund has been especially active in 2026, with 11 yet-to-be-announced investments already made across Denmark, Sweden, and Norway.
PSV Tech invests primarily at the pre-seed stage. It focuses on technology companies in AI, software, and digital infrastructure across the Nordic region. The firm works with founders from early validation through the development of scalable businesses, often acting as the first investor before startups have reached product-market fit. Fund II has deep integration with DTU for access to engineering and technical talent.
General Partner Helle Uth emphasized the enduring need for such early-risk capital. “The technologies change, the companies change and the market changes.” she said. “Fund II gives us the capital to keep doing exactly that, now across the Nordics.”
Fund I track record and GP team
The new fund builds on the performance of its predecessor. PSV Tech’s first fund made 47 investments. Among them are portfolio companies Teton and Spektr, which have since raised Series A rounds of €17 million ($20 million) each.
The firm is led by four General Partners: Helle Uth, Richard Breiter, Alexander Viterbo-Horten, and Christel Piron.
Context in Nordic VC and DTU ties
The close occurred amid continued fundraising activity among Nordic early-stage venture capital firms this year. Other recent fund announcements include:
| Firm | Fund Details |
|---|---|
| Seed Capital | €130 million Fund V |
| The Footprint Firm | €76 million climate and DeepTech fund |
| Climentum Capital | €60 million first close |
| North Karelia Growth Fund | €10 million Fund II launch |
| Nordic Foodtech VC | Up to €30 million additional commitment to second fund |
Total capital and additional commitments from these announcements represent approximately €362 million. Denmark featured prominently, with three other Copenhagen-based managers among the examples. Institutional backers EIFO, IDA, Chr. Augustinus Fabrikker, and Nordea-fonden appear across multiple vehicles.
PSV Tech itself is a venture capital firm launched in 2020 as part of PSV Venture House. It traces its origins to an investment organisation established at DTU 25 years ago. That organisation has made close to 500 early-stage investments and evolved into the current venture house.
Claus Gregersen, CEO of new investor Chr. Augustinus Fabrikker, explained their commitment. 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, he stated.
Helle Uth pointed to the broader regional opportunity. Stockholm is showing what happens when talent, capital, universities, successful founders and the recycling of experience start compounding. She argued that while Europe is focused on a lack of later-stage capital, the beginning of the innovation flywheel must not be forgotten. There are no later-stage companies to invest in if not enough are backed early.
PSV Tech continues to invest in Nordic founders before product-market fit, often as the first investor, leveraging its deep integration with DTU for technical talent.
