Copenhagen-based VC firm PSV has today announced the final close of PSV Tech Fund II at €56 million in order to back early-stage tech startups across the Nordics, often as their first investor – building on the first Fund’s success of 47 investments.
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).
“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.”
PSV Tech Fund II’s final close comes amid continued fundraising activity among Nordic early-stage venture capital firms in 2026.
According to EU-Startups reporting, relevant announcements include Copenhagen-based Seed Capital‘s €130 million Fund V, The Footprint Firm‘s €76 million climate and DeepTech fund, Climentum Capital‘s €60 million first close, Finland-focused North Karelia Growth Fund II’s €10 million launch, and an additional commitment of up to €30 million to Nordic Foodtech VC‘s second fund.
Together with PSV Tech, these announcements represent approximately €362 million in fund capital and additional commitments.
Denmark has featured prominently, with three other Copenhagen-based managers among the examples, while several institutional backers, including EIFO, IDA, Chr. Augustinus Fabrikker and Nordea-fonden, appear across multiple vehicles.
EU-Startups previously covered PSV Tech’s Fund II launch in May 2025, when the firm announced a €70 million target, as well as its predecessor €55 million fund in 2021.
Claus Gregersen, CEO, Chr. Augustinus Fabrikker, adds: “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.”
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.
PSV Tech was launched in 2020 as part of the PSV Venture House with a clear mission: to back Nordic founders 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 first investor.
PSV Tech’s first fund made 47 investments. Among them are Teton and Spektr, which PSV Tech backed early, and which have since raised €17 million ($20 million) Series A rounds.
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.
“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,” says Helle.