PSV, the Copenhagen venture capital firm that invests in Nordic startups before they have found product-market fit, has closed its second fund at $62.8 million. The fund has already made 19 investments since its first close, and 11 of those were made in 2026 and have not been announced yet.
For founders in Denmark, Sweden and Norway who are raising a first round, that makes PSV one of the more active early investors to know about right now. This article covers who PSV is, what the new fund invests in and how to tell whether your company is a fit. The full investor profile, including check sizes and partner contact details, is in our VC Funds Database.
Who Is PSV?
PSV was previously known as PreSeed Ventures, and the fund covered here is often referred to as PSV Tech. It is part of PSV Venture House, a Copenhagen firm whose roots go back to 2000 and to the Technical University of Denmark (DTU). That university connection still shapes the firm today, because it gives PSV early access to engineering talent and to companies that start life inside research labs.
PSV Venture House runs two other vehicles alongside the fund. PSV Hafnium is a sibling fund dedicated to deeptech university spinouts, and PSV Foundry is a studio that helps build companies from scratch.
The fund is led by four co-founders and general partners: Helle Uth, Richard Breiter, Alexander Viterbo-Horten and Christel Piron, who also serves as CEO of PSV Foundry.
PSV Fund II at a Glance
- Fund size: $62.8 million
- Closed: October 2026
- Stage: Pre-seed and seed
- Geography: Denmark, Sweden and Norway
- Focus: AI, software and digital infrastructure
- Investments so far: 19 since the first close
- Fund I track record: 47 investments and six exits, including Helloflow and Heyhack
What PSV Invests In
PSV backs founders at the earliest stage, which includes companies that have a team and an idea but no proven demand yet. The fund does not follow a fixed sector thesis. It makes most of its decisions based on the strength of the founding team, and in practice the majority of its investments land in AI, software and digital infrastructure.
The firm looks for founding teams whose skills complement each other and who can change their product or their target customer when the original assumptions turn out to be wrong. PSV has also said it is seeing a growing number of startups come out of research environments with their own proprietary technology and intellectual property, which fits naturally with its DTU ties.
After it invests, PSV helps portfolio companies prepare for their next and larger funding round, and it draws on the wider PSV Venture House platform for engineering talent and company-building support.
Who Backs the Fund
Fund II is supported by some of Denmark's largest institutions, including the pension fund ATP, the Export and Investment Fund of Denmark (EIFO) and the Danish Society of Engineers (IDA). Chr. Augustinus Fabrikker and Nordea-fonden joined as new backers for this fund.
A number of successful Nordic founders have also put their own money in, among them the founders of Templafy and Siteimprove and a co-founder of King. For a first-time founder, that means the people behind the fund include operators who have already built large software companies in the region.
Is PSV a Fit for Your Startup?
PSV is likely to be a good match if most of the following describe your company:
- You are based in Denmark, Sweden or Norway.
- You are raising your first institutional round, at pre-seed or seed.
- You are building in AI, software or digital infrastructure.
- Your founding team has complementary skills and strong technical depth.
- You are comfortable talking to investors before you have clear product-market fit.
It is less likely to be a match if you are based outside the Nordics or are already raising a Series A or later round. Deeptech companies spinning out of a university may find that the sibling fund, PSV Hafnium, is the more natural home.
How to Reach PSV
Knowing that a fund fits is only half of the work, because you still need to know how much it typically invests and who to contact. Our full PSV profile in the VC Funds Database includes:
- PSV's check size range, so you know whether your round is in scope before you reach out
- The list of notable portfolio companies, which is useful for spotting overlaps and finding warm introductions
- Names, LinkedIn profiles and direct email addresses for nine people on the PSV team, from the general partners to the investment manager
The VC Funds Database tracks newly announced funds every week and now covers more than 700 investors, each with the same level of detail.
FAQs
What is PSV Fund II?
PSV Fund II, also called PSV Tech Fund II, is the second fund from Copenhagen-based PSV. It closed at $62.8 million in October 2026 and invests in Nordic startups at the pre-seed and seed stages.
What does PSV invest in?
PSV invests mainly in AI, software and digital infrastructure companies. It chooses investments primarily on the quality of the founding team and does not limit itself to a single sector.
Which countries does PSV invest in?
PSV focuses on Denmark, Sweden and Norway.
Is PSV the same as PreSeed Ventures?
Yes. PSV Venture House was formerly known as PreSeed Ventures, and it has been investing in early-stage Danish and Nordic companies since 2000.
Who are the partners at PSV?
The fund is led by general partners Helle Uth, Richard Breiter, Alexander Viterbo-Horten and Christel Piron.
How do I contact PSV about funding?
Direct email addresses and LinkedIn profiles for the PSV investment team, together with the fund's check size range, are available in the PSV profile in the Everything Startups VC Funds Database.
