Copenhagen-based venture capital firm PSV Tech announced the final close of its second fund at €56 million on October 6, 2026, strengthening its capacity to support early-stage technology startups across the Nordic region. The fund will focus on artificial intelligence, software, and digital infrastructure companies that have yet to achieve product-market fit, building on a 25-year investment heritage originating at the Technical University of Denmark (DTU). Its investors include new backers Chr. Augustinus Fabrikker and Nordea-fonden alongside existing limited partners ATP, EIFO, IDA, and entrepreneurs associated with Templafy, King, and Siteimprove.
Expanding Pre-Seed Investment Across the Nordics
Established in 2020 within PSV Venture House, PSV Tech specializes in investing in startups before they establish a proven commercial model. Its second fund extends that strategy beyond Denmark, targeting opportunities throughout the Nordic technology ecosystem. The firm aims to identify promising founders and technologies before conventional business performance indicators become available.
PSV Tech's close relationship with DTU provides access to engineering talent, academic research, and technical expertise that can support new ventures. The firm believes stronger connections between universities, entrepreneurs, investors, and experienced technology executives can accelerate startup development across the region. Its regional approach draws inspiration from established innovation ecosystems where successful founders reinvest their capital and experience into emerging companies.
Fund Deployment and Investment Track Record
Since its initial close, Fund II has completed 19 investments, including 11 previously unannounced transactions during 2026. These investments span Denmark, Sweden, and Norway, reflecting the fund's expanding geographic reach. The strategy is overseen by general partners Helle Uth, Alexander Viterbo-Horten, Richard Breiter, and Christel Piron.
Uth has emphasized the importance of maintaining early-stage financing even as European venture capital discussions increasingly focus on shortages of growth-stage funding. Without consistent investment in newly established companies, the pipeline of businesses capable of attracting larger financing rounds could weaken. PSV Tech therefore prioritizes assessing founding teams, technologies, and market opportunities before startups demonstrate substantial commercial traction.
The firm's first fund invested in 47 companies, including Teton and Spektr, both of which subsequently secured $20 million Series A funding rounds. PSV Tech also reported six exits from its initial portfolio, including Helloflow and Heyhack. These outcomes form part of the investment experience supporting its continued focus on identifying technology businesses at their earliest stages.
New Institutional Investors Support Long-Term Growth
Chr. Augustinus Fabrikker's participation reflects its strategy of strengthening Denmark's business ecosystem through investments in venture capital managers. The organization considers early-stage investors important contributors to the development of emerging Danish growth companies. Its commitment aligns with PSV Tech's investment approach, which recognizes that technology businesses frequently require extended development periods before achieving commercial scale.
Nordea-fonden also joins Fund II after previously investing in PSV Hafnium, another vehicle within the broader PSV organization. The foundation highlighted the potential for attractive investment returns alongside broader economic and societal benefits from supporting emerging companies. Its participation further diversifies the fund's investor base while reinforcing its long-term investment orientation.
Building on DTU's Innovation Heritage
PSV's origins date back approximately 25 years to an investment initiative established at DTU to help commercialize technological research and innovation. The broader organization has since participated in nearly 500 early-stage investments, developing experience in supporting founders through challenging company-building processes. DTU President Anders Bjarklev emphasized the importance of risk capital in transforming university research into businesses, employment opportunities, and technological progress.
The €56 million final close gives PSV Tech additional resources to expand its pre-seed investment strategy throughout the Nordic region. With 19 investments already completed through Fund II, the firm is building a portfolio centered on emerging technologies and technically ambitious founding teams. Its continued development will depend on translating early investment decisions and regional partnerships into sustainable, scalable technology businesses.