PSV Tech's $61M Fund II Bets Big on Nordic Startups

Jan de Vries · 2026-10-08

Copenhagen-based venture capital firm PSV Tech just closed its second fund at €56 million — that's about $61 million — and it's already made 19 investments. If you're watching the Nordic startup scene, this is a signal worth paying attention to. ### Why This Fund Matters PSV Tech isn't your typical VC. They specialize in backing founders before product-market fit, often writing the very first check. Their first fund proved the model with 47 investments, including early bets on Teton and Spektr — both of which went on to raise $20 million Series A rounds. "The technologies change, the companies change and the market changes," says Helle Uth, co-founder and General Partner at PSV Tech. "But there is still a need for investors willing to take the first risk alongside founders. Fund II gives us the capital to keep doing exactly that – now across the Nordics." That's the kind of conviction that builds ecosystems. ### The Investors Behind the Fund The final close brought in some heavy hitters. Chr. Augustinus Fabrikker and Nordea-fonden joined as new investors, alongside existing limited partners like ATP, EIFO, IDA, and notable founders such as Christian Lund and Henrik Printzlau (Templafy), Sebastian Knutsson (King), and Morten and Niels Ebbesen (Siteimprove). Claus Gregersen, CEO of Chr. Augustinus Fabrikker, explains their commitment: "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." This isn't just about money — it's about experienced operators reinvesting in the next generation. ### A Broader Nordic Fundraising Wave PSV Tech's close comes amid a flurry of activity in Nordic early-stage venture capital. According to recent reporting, other notable funds include: - Seed Capital's €130 million Fund V - The Footprint Firm's €76 million climate and DeepTech fund - Climentum Capital's €60 million first close - North Karelia Growth Fund II's €10 million launch - An additional commitment of up to €30 million to Nordic Foodtech VC's second fund Together with PSV Tech, these represent roughly €362 million — around $394 million — in new capital. Denmark is clearly a hub, with three other Copenhagen-based managers in the mix and institutional backers like EIFO and IDA appearing across multiple vehicles. ### The Flywheel Effect PSV Tech has been especially active in 2026, already making 11 unannounced investments across Denmark, Sweden, and Norway. Helle Uth points to Stockholm as a prime example of what happens when talent, capital, universities, and successful founders start compounding. "The opportunity now is to make that flywheel Nordic," she says. "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." That's a lesson for any ecosystem: early-stage investment is the seed for future growth. ### What This Means for Founders If you're a Nordic founder working on something ambitious, PSV Tech's fund is open for business. They're looking for extraordinary talent and vision, and they're not afraid to be first. With a 25-year history and nearly 500 early-stage investments, PSV has the experience to back it up. So whether you're in Copenhagen, Stockholm, or Oslo, there's fresh capital ready to take a chance on you. The flywheel is spinning — and it's getting faster.