{
  "id": 12569538,
  "title": "PSV Tech closes €55M Fund II to back Nordic startups before product-market fit",
  "url": "https://urgent.news/2026/10/07/psv-tech-closes-55m-fund-ii-to-back-nordic-startups-before-product",
  "topic": "finance",
  "section": "Finance & Markets",
  "published": "2026-10-07T07:01:52.000Z",
  "source": {
    "name": "Tech.eu",
    "slug": "tech-eu",
    "url": "https://tech.eu/2026/10/07/psv-tech-closes-eur55m-fund-ii-to-back-nordic-startups-before-product-market-fit/"
  },
  "original_language": "en",
  "account": "PSV Tech has recently finalized the €55 million close of its second fund, aimed at backing Nordic startups before they achieve product-market fit. Founded in 2020 as part of PSV Venture House, the venture house has made nearly 500 early-stage investments over its 25-year history.\n\nThe fund, led by General Partners Helle Uth, Richard Breiter, Alexander Viterbo-Horten, and Christel Piron, expands its focus across AI, software, and digital infrastructure in the Nordics. According to Uth, investing before product-market fit is key, as there's often little market evidence to judge a company at this stage. The primary parameter they assess is the team, honing in on pattern recognition of a great founding team.\n\nOnce a company is backed, PSV Tech's next challenge is preparing them for growth capital. They work to understand what value inflection points the company needs to reach and what the next investor will look for. AI is changing the landscape of early-stage companies, allowing founders to achieve more without expanding headcount rapidly. However, Uth stresses that it's not just about existing AI models, but companies building around deeper technology and IP.\n\nA strong founding team at PSV Tech exhibits adaptability, being able to adjust their product or customer focus when their original assumptions no longer hold. The company looks for complementary skills and tests if the team can adapt. With DTU roots, PSV Tech has access to engineering and technical talent, particularly as more startups emerge from research environments building proprietary technology.\n\nSince its inception, PSV Tech has made 19 investments through Fund II, with 12 investments still to be announced. The fund is particularly active in 2026, with investments across Denmark, Sweden, and Norway. Uth emphasizes the importance of maintaining the flywheel by continuing to fund companies at the beginning of their journey, as Europe focuses on later-stage capital. PSV Tech's first fund made 47 investments and had six exits, including Helloflow and Heyhack. The new investors joining Fund II include Chr. Augustinus Fabrikker and Nordea-fonden, bringing additional long-term Danish capital.",
  "summary": "Today, PSV Tech announced the final close of Fund II at €55 million. Twenty-five years ago, an investment organisation took shape in the halls of the Technical University of Denmark (DTU) with a simpl...",
  "key_points": [
    "PSV Tech closes €55M Fund II for Nordic startups",
    "Fund led by Helle Uth, Richard Breiter, Alexander Viterbo-Horten, and Christel Piron",
    "Focus on AI, software, and digital infrastructure in Nordics"
  ],
  "editors_take": null,
  "illustration": null,
  "coverage": {
    "outlets": 1,
    "also_reported_by": []
  },
  "ai_generated": true,
  "disclaimer": "Summaries, key points and the editor’s take are written by software from other outlets’ reporting and may contain errors — always check the linked original."
}