PSV Tech closes €56M Fund II to back Nordic startups before product-market fit
PSV Tech has closed its second fund, Fund II, at €56 million to invest in early-stage Nordic startups before they achieve product-market fit. The fund targets AI, software, and digital infrastructure companies across Denmark, Sweden, and Norway, with a focus on founding teams that demonstrate adaptability and complementary skills.
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30 SEC SUMMARY
- PSV Tech, a Danish VC firm, has closed its €56 million Fund II to invest in Nordic startups before product-market fit.
- The fund targets early-stage AI, software, and digital infrastructure startups in Denmark, Sweden, and Norway.
- Led by four general partners, PSV Tech has already made 19 investments from Fund II, including 11 in 2026.
- The firm prioritizes founding teams with adaptability and complementary skills for early-stage investments.
- New investors include Chr. Augustinus Fabrikker and Nordea-fonden.
TABLE OF CONTENTS
KEY HIGHLIGHTS
- PSV Tech closes €56 million Fund II to invest in Nordic startups before product-market fit.
- The fund focuses on AI, software, and digital infrastructure across Denmark, Sweden, and Norway.
- Led by four general partners, PSV Tech has made 19 investments from Fund II, including 11 in 2026.
- Investment criteria prioritize founding teams with adaptability and complementary skills.
- New investors include Chr. Augustinus Fabrikker and Nordea-fonden.
Fund II closes at €56 million
PSV Tech, a venture capital firm under PSV Venture House, has closed its second fund, Fund II, at €56 million. According to Tech.eu, the fund aims to support Nordic startups in the pre-product-market fit stage, focusing on Denmark, Sweden, and Norway.
Investment focus and strategy
Fund II will target early-stage startups in AI, software, and digital infrastructure. PSV Tech’s strategy emphasizes backing founding teams before they achieve product-market fit, as early-stage startups often lack market validation.
The firm evaluates startups based on the founding team’s adaptability, complementary skills, and ability to pivot when assumptions fail. This approach reflects the high uncertainty of pre-product-market fit investing.
Who led the fund
Fund II is led by four general partners at PSV Tech: Helle Uth, Richard Breiter, Alexander Viterbo-Horten, and Christel Piron. The team brings experience in early-stage investing across the Nordics.
Investments and portfolio performance
PSV Tech has already deployed capital from Fund II, making 19 investments, including 11 in 2026 alone. The firm’s first fund, which made 47 investments, achieved six exits, including companies like Helloflow and Heyhack.
Portfolio companies Teton and Spektr, backed by PSV Tech, have raised $20 million Series A rounds, demonstrating the firm’s ability to support startups through later-stage funding.
Who backed Fund II
New investors in Fund II include Chr. Augustinus Fabrikker, led by CEO Claus Gregersen, and Nordea-fonden, represented by CFO Lars Ingemann Nielsen. Additional backers include ATP, EIFO, IDA, and individual investors such as Christian Lund, Henrik Printzlau, Sebastian Knutsson, and Niels Ebbesen.
Long-term capital for high-potential startups
PSV Tech’s investment strategy is designed for startups requiring long-term capital, recognizing that some technologies take years to develop. This patient approach may appeal to founders in sectors like AI and digital infrastructure, where early breakthroughs are rare.
What this means
Lazyfounder analysis — our interpretation, not reported fact.
For founders, PSV Tech’s Fund II signals a continued appetite for pre-product-market fit startups in the Nordics, particularly in AI and software. The firm’s emphasis on team adaptability over market evidence reflects a growing trend in early-stage investing: backing founders who can pivot quickly. This approach may appeal to operators struggling to validate assumptions early on, but it also requires transparency about risks. The fund’s focus on long-term capital suggests patience for slow-growth, high-potential plays—useful for founders building in complex or regulatory-heavy spaces.
Key takeaways
- Nordic founders in AI, software, or digital infrastructure can access early-stage capital from PSV Tech before achieving product-market fit.
- PSV Tech’s investment criteria prioritize team adaptability and complementary skills over market validation, a trend worth noting for pre-seed founders.
- The fund’s €56 million size and long-term focus may benefit startups requiring extended R&D cycles.
- Founders should prepare for investor questions about pivot strategies and team dynamics, not just market traction.
- The inclusion of new institutional investors like Chr. Augustinus Fabrikker and Nordea-fonden could signal broader confidence in Nordic early-stage startups.
FAQ
What stage of startups does PSV Tech’s Fund II target?
Fund II targets startups before they achieve product-market fit, typically at the pre-seed or seed stage.
Which sectors is PSV Tech focusing on?
The fund focuses on AI, software, and digital infrastructure startups.
Who are the general partners leading Fund II?
The fund is led by Helle Uth, Richard Breiter, Alexander Viterbo-Horten, and Christel Piron.
How many investments has PSV Tech made from Fund II so far?
PSV Tech has made 19 investments from Fund II, including 11 in 2026.
Who are the new investors in Fund II?
New investors include Chr. Augustinus Fabrikker, Nordea-fonden, ATP, EIFO, IDA, and individual investors like Christian Lund and Sebastian Knutsson.
Related on Lazyfounder
Sources
- Tech.eu · 2026-10-08
PSV Tech closes €56M Fund II to back Nordic startups before product-market fit
This story is an original summary drafted with AI by Lazyfounder from the reporting listed above and checked by automated validation. Facts are attributed to their original publishers; sections marked as analysis are Lazyfounder's. Where a source is in another language, facts were machine-translated and quotations are reported, not reproduced. Read the original coverage via the links, and see our AI policy and corrections policy.
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Editor, Lazyfounder
Tarun Mottlia edits LazyFounders, covering Indian startups, funding rounds, AI and product launches. Every story on the site is AI-assisted and checked against its cited sources before publication.
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