PSV Tech closes €56M Fund II to back Nordic startups before product-market fit

PSV Tech has closed its second fund at €56 million, and the pitch is simple: back Nordic founders before product-market fit, when the numbers are still mostly guesses. The fund sits inside PSV Venture House and is led by Helle Uth, Richard Breiter, Alexander Viterbo-Horten, and Christel Piron.

That early stage is the whole point. Uth says PSV often has little product or traction to judge, so the team becomes the main signal. The firm spends a lot of time trying to read founding teams, then helping them get ready for growth capital by figuring out what the next investor will need to see.

AI is changing the shape of those startups, but not in the simplistic way the market likes to talk about. Uth says founders can do more with less and don’t need to build huge teams right away. At the same time, PSV is seeing companies coming out of research environments and building around deeper technology and IP. And with stronger AI models becoming more widely available, she argues the edge may come from distribution, customer reach, and becoming part of an everyday workflow rather than just having the best model.

So PSV is still looking for the unglamorous thing that matters most at the beginning: adaptability. It wants complementary teams that can change course when a plan stops making sense, because technology can shift fast underneath them. The firm says that matters even more now, since something hard today can become easy tomorrow when a new AI model appears.

Fund II has already made 19 investments since its first close, with 11 more in 2026 across Denmark, Sweden, and Norway. PSV’s first fund made 47 investments and logged six exits, including Helloflow and Heyhack. Two early bets, Teton and Spektr, have since raised $20 million Series A rounds. New backers in Fund II include Chr. Augustinus Fabrikker and Nordea-fonden, alongside existing LPs such as ATP, EIFO, IDA, and founders and operators from Templafy, King, and Siteimprove.