Europe’s next generation of technology companies will need investors willing to take risks long before revenue, customer traction or product market fit can demonstrate their potential. Danish venture investor PSV Tech is doubling down on that early stage opportunity, announcing the final close of its second fund at €56 million to support ambitious founders across the Nordic region.
Launched in 2020 as part of PSV Venture House, the fund builds on an investment tradition that began 25 years ago within the Technical University of Denmark, known as DTU. PSV has since participated in close to 500 early stage investments, developing a network focused on turning technical talent and research into commercially viable businesses.
Fund II is led by General Partners Helle Uth, Richard Breiter, Alexander Viterbo Horten and Christel Piron. Its investment focus includes artificial intelligence, software and digital infrastructure, with an emphasis on companies still at the earliest stages of development.
Backing Founders Before the Numbers
For PSV Tech, investing before product market fit means evaluating businesses when conventional performance indicators may not yet exist. Instead of relying primarily on revenue or customer growth, the fund places considerable weight on founding teams, their technical understanding and their ability to adapt.
Partner Helle Uth says a central part of the investment process is recognising the characteristics of strong founders before the market has validated their ideas.
The fund also works with portfolio companies to prepare them for subsequent financing rounds. This includes identifying the milestones they need to achieve, understanding what later stage investors will expect and helping founders build a credible path towards international growth.
The strategy is particularly relevant in AI, where rapidly evolving technology can quickly change product capabilities and competitive advantages.
AI Changes the Startup Playbook
PSV Tech is seeing companies achieve more with smaller teams as AI tools reduce the resources required to develop products and bring them to market.
However, the investor believes access to powerful AI models does not automatically guarantee commercial success. Distribution, customer acquisition and integration into everyday business workflows can be just as important as the underlying technology.
The fund is also interested in companies emerging from research environments, particularly those building proprietary intellectual property and deeper technological capabilities.
For these startups, technical expertise must be matched by the ability to respond when original assumptions fail. PSV Tech therefore looks for complementary founding teams that can adjust their products, business models and customer focus as markets evolve.
Expanding Across the Nordics
Since its first close, PSV Tech has made 19 investments through Fund II. The fund has been particularly active in 2026, with 11 additional investments across Denmark, Sweden and Norway that have not yet been publicly announced.
The broader Nordic strategy builds on the investment firm’s experience in Denmark and its connections with universities, entrepreneurs and experienced executives.
Uth points to Stockholm as an example of a startup ecosystem where successful founders reinvest their experience and capital into new companies. Similar patterns are emerging in Denmark, where senior executives and entrepreneurs are increasingly launching new ventures.
PSV Tech aims to strengthen these connections across the region, giving early stage founders access to capital and the experience of people who have already built businesses.
Early Investments, Long Term Ambitions
PSV Tech’s first fund made 47 investments and recorded six exits, including Helloflow and Heyhack. Portfolio companies Teton and Spektr have also gone on to raise $20 million Series A rounds.
These examples illustrate the fund’s approach of backing companies early and supporting their progress towards later financing and commercial expansion.
Fund II has attracted both returning investors and new limited partners. New backers include Chr. Augustinus Fabrikker and Nordea Fonden, alongside existing supporters such as ATP, EIFO, IDA and entrepreneurs associated with Templafy, King and Siteimprove.
Building Tomorrow’s Scaleups
The €56 million final close comes amid continuing European debate about the shortage of capital available to growing technology companies. PSV Tech argues that later stage funding alone cannot solve the problem unless enough promising businesses receive backing at the beginning.
With its second fund, the investor plans to continue supporting Nordic founders before their business models are fully proven, particularly in technology markets where innovation moves faster than traditional investment metrics.
Its ambition is not simply to invest in more startups, but to identify capable teams early, help them navigate uncertainty and build companies that can eventually compete internationally.