PSV closes €55M Fund II to back Nordic startups before product-market fit
What's the deal? Copenhagen venture house PSVDealroom has a profile for this one. Try Dealroom → has closed its second fund, PSV Tech Fund II, at €55 million. The fund backs Nordic founders before product-market fit, with a focus on AI, software, and digital infrastructure.
Who's behind it? Fund II is led by general partners Helle Uth, Richard Breiter, Alexander Viterbo-Horten, and Christel Piron. PSV traces its roots to the Technical University of Denmark (DTU)Dealroom has a profile for this one. Try Dealroom →, where the firm took shape 25 years ago and has since made close to 500 early-stage investments.
What's the endgame? PSV Tech launched in 2020 to back startups at their earliest stage, then prepare them for larger rounds. "A big part of our job is getting them ready to raise growth capital," Uth said, by mapping the value inflection points a company must hit before an international fund will invest.
The thesis: With little traction to assess so early, PSV weighs the team above all. "A lot of what we've been doing over the years is trying to perfect our pattern recognition around what a great founding team looks like," Uth said. Adaptability matters most — the firm tests whether founders can shift product or customer focus when assumptions break.
Why now? Uth argues AI is reshaping what an early-stage company looks like, letting founders "do much more with less" without building large teams quickly. But she warns that powerful, widely available models mean technology alone is no moat.
"It's not necessarily the company with the best AI product that wins," she said. "It might be the company or the team that can build the best go-to-market model, reach customers most effectively, and become part of their everyday workflow."
PSV's DTU ties also give it access to engineering talent, useful as more startups emerge from research environments and build around proprietary technology and IP.
The signal: Since its first close, PSV Tech has made 19 investments from Fund II, including 12 as-yet-unannounced deals across Denmark, Sweden, and Norway in 2026. The fund marks a bet that pre-product-market-fit backing — long a Danish focus — can scale across the wider Nordic region.
Read more: Tech.eu
Image credit: rentmama
