---
title: "PSV Tech Closes €56M Fund II for Nordic Pre-Product-Market-Fit Startups"
description: "PSV Tech closed Fund II at €56 million, below its €70 million target, to back Nordic AI, software and research-driven founders before product-market fit."
date: 2026-10-10T00:00:00.000Z
source: https://venturecapitaltracker.com/2026-psv-tech-56m-fund-ii-final-close
---

# PSV Tech Closes €56M Fund II for Nordic Pre-Product-Market-Fit Startups

> PSV Tech closed Fund II at €56 million, below its €70 million target, to back Nordic AI, software and research-driven founders before product-market fit.

PSV Tech has closed its second venture fund at **€56 million** to back Nordic technology founders before product-market fit.

The Copenhagen-based manager announced the final close on October 8, 2026. Fund II expands PSV Tech’s mandate across Denmark, Sweden and Norway and will invest in AI, software, digital infrastructure and research-driven companies, often as their first institutional investor.

## The fund at a glance

- **Manager:** PSV Tech, part of PSV Venture House
- **Vehicle:** PSV Tech Fund II
- **Final close:** €56 million
- **Original target:** €70 million
- **Stage:** Pre-seed and seed, before product-market fit
- **Geography:** Denmark, Sweden and Norway
- **Investments to date:** 19
- **New LPs:** Chr. Augustinus Fabrikker and Nordea-fonden
- **Returning LPs:** ATP, EIFO, IDA and technology founders

The €56 million close is below the €70 million target announced when Fund II launched in 2025. That difference should not be obscured. It also does not leave the vehicle waiting to begin: PSV Tech says it has already made 19 investments since first close, including 11 as-yet-unannounced investments in 2026.

## Investing before the metrics exist

PSV Tech’s strategy is built around a difficult underwriting problem. Before product-market fit, there may be little reliable revenue, retention or sales-efficiency data. The fund therefore places more weight on founding-team quality, technical depth and adaptability.

General partner Helle Uth told Tech.eu that PSV Tech tests how founders respond when the original plan fails, rather than treating the pitch deck as a fixed roadmap. That is especially relevant in AI, where improvements in foundation models can quickly reduce the cost of building a product—and just as quickly weaken a technical advantage.

The manager’s argument is that go-to-market execution and workflow integration become more important as model access broadens. For early-stage investors, that shifts diligence from “can this be built?” toward “can this team adapt, distribute and become embedded in a customer’s work?”

## A Nordic rather than Danish mandate

PSV traces its origins to the Technical University of Denmark and retains strong access to Danish engineering and research networks. Fund II, however, is explicitly Nordic.

PSV Tech says the vehicle has invested across Denmark, Sweden and Norway. The expansion matters because the region’s startup flywheel is uneven: Stockholm has a deeper pool of repeat founders and recycled capital, while Denmark and Norway offer strong technical institutions but smaller domestic venture markets.

A cross-border mandate gives Fund II a broader pipeline without abandoning its pre-product-market-fit focus.

## The LP base

Chr. Augustinus Fabrikker and Nordea-fonden joined as new limited partners. Existing backers include ATP, Denmark’s export and investment fund EIFO, engineering association IDA, and founders such as Christian Lund and Henrik Printzlau of Templafy, King co-founder Sebastian Knutsson, and Siteimprove founders Morten and Niels Ebbesen.

That mix combines institutional capital with operators who have scaled Nordic software companies. For a fund investing before strong market evidence appears, access to recruiting, product and commercial experience can be as useful as the capital itself.

## What Fund I says about the model

PSV Tech’s first fund made 47 investments and recorded six exits, including Heyflow and Helloflow. Early portfolio companies Teton and Spektr have since raised $20 million Series A rounds.

Those outcomes do not establish fund-level returns, which PSV has not disclosed. They do show the portfolio breadth and follow-on pathway the manager intends to repeat.

Fund II is therefore best understood as a €56 million pre-seed platform rather than a broad multi-stage vehicle. Its success will be measured by whether the 19 early bets produce enough companies capable of attracting larger international rounds—not by how quickly the fund deploys its remaining capital.

**By:** [Venture Capital Tracker](https://venturecapitaltracker.com/editorial-policy)

**Editorial note:** AI tools assisted with research, structure, or drafting. Venture Capital Tracker retains human editorial responsibility for factual accuracy, relevance, and source quality before publication.