COPENHAGEN, 06. october 2026 – Twenty-five years ago, an investment organisation took shape in the halls of the Technical University of Denmark (DTU) with a simple idea: more of the technology and talent coming out of Denmark needed someone willing to back it early.
A quarter of a century and close to 500 early-stage investments later, that idea is still at the heart of what is today the venture house PSV.
Today, the fund PSV Tech announces the final close of its fund II at €56 million. Chr. Augustinus Fabrikker and Nordea-fonden join the fund as new investors alongside existing LPs including ATP, EIFO, IDA and founders like Christian Lund and Henrik Printzlau (Templafy), Sebastian Knutsson (King), Morten and Niels Ebbesen (Siteimprove).
Fund II builds on the decades of experience backing promising startups pre-product/market fit and expands its focus to invest across the Nordics in AI, software and digital infrastructure before product/market fit. The funds deep integration with DTU gives access to one of the most valuable resources: engineering and technical talent. The combination of academic excellence and venture capital creates the ideal conditions for building tomorrow’s tech champions out of Denmark and the Nordics.
“The technologies change, the companies change and the market changes. But there is still a need for investors willing to take the first risk alongside founders,” says Helle Uth, Co-founder and General Partner at PSV Tech. “Fund II gives us the capital to keep doing exactly that – now across the Nordics.”
Making the flywheel Nordic
Since its first close, PSV Tech has made 19 investments from Fund II. The fund has been especially active in 2026, where 11 – yet to be announced – investments have already been made, spanning companies in Denmark, Sweden and Norway.
For the four General partners in the fund, Helle Uth, Alexander Viterbo-Horten, Richard Breiter and Christel Piron, the Nordic opportunity is about connecting and compounding the strengths already here. Helle Uth explains: “Stockholm is showing what happens when talent, capital, universities, successful founders and the recycling of experience start compounding. The opportunity now is to make that flywheel Nordic.”
“Europe is rightly focused on the lack of later-stage capital. We need it. But we should not forget to keep feeding the beginning of that flywheel. There are no later-stage companies to invest in if we don’t back enough of them early.”
PSV Tech’s first fund made 47 investments. Among them are Teton and Spektr, which PSV Tech backed early, and which have since raised 20 million Series A rounds.
“We are not trying to be the biggest fund. We want to be the best at being early,” says Uth. “Across the hundreds of pre-seed investments our team have made, we have seen just how messy the journey from an idea to product/market fit can be. That experience matters when you invest at a point where a lot is still unproven. Our job is to understand the people, the technology and the problem well enough to build conviction before the numbers can do it for us.”
Long-term capital for a long-term ambition
Chr. Augustinus Fabrikker and Nordea-fonden bring new long-term Danish capital into Fund II – a strong match for an investment strategy built around companies that can take years to build. Claus Gregersen, CEO, Chr. Augustinus Fabrikker, comments “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. PSV Tech is precisely such a manager, and the investment supports our long-term commitment to Danish innovation and business development.”
Lars Ingemann Nielsen, CFO of Nordea-Fonden also highlights the ingrained value of early, long-term investment in tomorrow’s growth companies as a core strength: “Nordea-Fonden has already invested in PSV Hafnium, so it is familiar with the venture house PSV. PSV Tech builds on a long-established, strong position in the Nordic startup ecosystem, and we see potential for our investment to deliver an attractive return, while also helping to support tomorrow’s growth companies and create tangible value for society,” he explains.
For DTU, the final close also marks another chapter in an investment story that began 25 years ago, but is rooted in the very foundation the history was built on in 1829. President of DTU, Anders Bjarklev explains: “Since H.C. Ørsted founded DTU in 1829, the university has understood deeply that knowledge must be turned into real value for society. Innovation is fundamental to DTU. But innovation also requires risk capital – and courage. That is why we took the lead in creating an investment company on campus that could turn research into companies, jobs and technological progress for Denmark and the world,” says Anders Bjarklev, President of DTU.
About PSV Tech
PSV Tech was launched in 2020 as part of the PSV Venture House with a clear mission: to back Nordic founders even before product/market fit. Behind the fund are four General Partners – Helle Uth, Richard Breiter, Alexander Viterbo-Horten, and Christel Piron. PSV Tech invests in tech entrepreneurs with extraordinary talent and vision, often as the very first investor. The team supports founders in taking their software startups from early validation to scalable growth. With numerous tech investments and six exits from their first fund including Helloflow and Heyhack-the PSV Tech team has proven its strength in the earliest growth stages.
