Nordic surge: Female-led PSV Tech launches €70M fund to power Europe’s tech future

Danish early-stage investorPSV Techhas announced the launch of Tech Fund II, targeting €70 million to support the next generation ofNordic tech startups.With a strong focus on AI, software, and digital infrastructure, the fund aims to reinforce the region’s position as a European key technological hub. This strategic investment initiative builds on PSV Tech’s commitment to nurturing homegrown talent and scalable innovation.
Tech Fund II has already secured major backing from prominent institutions, including ATP (Denmark’s largest pension provider),EIFO(Export and Investment Fund of Denmark), and the Danish Society of Engineers (IDA). Notably, ATP and EIFO were cornerstone investors in PSV’s first fund, reaffirming their confidence in the firm’s vision. The new fund is also supported by several influential tech entrepreneurs such asChristian LundandHenrik Printzlauof Templafy,Sebastian Knutssonfrom King, andMortenand Niels Ebbesen, the co-founders of Siteimprove.
Founded in 2020 byHelle Uth,Richard Breiter,Alexander Viterbo-Horten, andChristel Piron, PSV Tech is part of the broader PSV Venture House, a structure designed to back visionary Nordic founders even before they reach product-market fit. Operating out of DTU (Technical University of Denmark), the fund benefits from close proximity to a thriving research environment and access to top-tier engineering talent. This academic integration gives PSV Tech a unique advantage: early access to groundbreaking ideas and a talent pool primed for deep-tech development.
PSV Tech’s journey started 25 years ago as a state-funded pre-seed investment initiative, laying the groundwork for its current structure and strategy. Today, it operates as a nimble, independent fund manager, combining public sector roots with a private sector approach to speed, innovation, and risk-taking. This hybrid legacy helps bridge early-stage gaps in the Nordic venture ecosystem, especially for startups needing capital and mentorship before reaching commercial maturity.
PSV Tech’s portfolio focuses on early-stage, scalable, and impactful technology. Portfolio highlights include firms like Heliac (solar tech), Heyhack (cybersecurity), CanopyLAB (edtech), and Gleechi (VR training solutions). The fund’s broad thematic reach includes climate tech, digital health, and enterprise SaaS, areas with both societal relevance and global market potential. This curated selection of startups demonstrates PSV’s ability to identify underserved, high-growth segments, often supporting founders long before traditional VCs would step in.
With 65% of the €70 million target already committed, Tech Fund II has started off on a strong note. Two investments have already been made from this fund, marking the beginning of what is expected to be an active and high-impact deployment strategy. Fundraising efforts continue, with PSV Tech seeking additional partners who align with its mission to build globally relevant Nordic tech companies. The overarching goal is to drive European technological sovereignty by scaling local talent and innovation worldwide.
Through Tech Fund II, PSV Tech is doubling down on its belief that the Nordics can produce globally competitive tech companies. The firm is uniquely positioned to shape the next generation of digital champions by combining institutional capital, entrepreneurial insights, and academic integration. As Europe looks to secure its technological future, PSV Tech stands out as a vital player in fostering long-term innovation and independence.
“To strengthen Europe’s competitiveness, massive investment in tech entrepreneurs is essential,” said Helle Uth, Co-founder and General Partner at PSV Tech. “Investing in technology is no longer just about growth – it’s about Europe’s ability to operate on its own terms. By backing startups in AI, software, and digital infrastructure at the pre-Seed stage, we aim to build a stronger pipeline of startups that can make Europe more self-reliant, resilient, and better equipped for the future global competition.”
“As Denmark’s national pension fund, ATP invests to ensure attractive, lifelong guaranteed pensions. With this investment, ATP contributes to developing new Danish companies and jobs – ventures that we hope will become technological frontrunners, driving growth, innovation, and ultimately delivering returns for our members. We have confidence in the PSV team, who has demonstrated their ability to identify and develop tomorrow’s winners. In today’s shifting geopolitical landscape, it’s an added strength that this investment supports the ambition for greater European self-reliance.” addedSabine Calmer Braad, Head of Global Direct Investments at ATP.
IDA ChairwomanLaura Klitgaardhighlighted the fund’s unique positioning: “At IDA, we have chosen to invest in PSV Tech because we aim to lead by example when investing in tech startups. As Denmark’s largest professional community for STEM graduates (Science, Technology, Engineering, Mathematics), we believe PSV Tech is a standout example of a strong alliance between STEM talent, groundbreaking research, and capital. We are confident that, together, we can pave the way for technological solutions to global challenges – both in Denmark and across the Nordics.”
“The level of privilege, safety net and education in the Nordics makes it an ideal launchpad for startups – but too often, we have seen Founders go to the U.S. because that’s where the capital is,” said Sebastian Knutsson, Co-founder of King. “By backing PSV Tech, we hope to support more founders in building global companies from the Nordics.”
“PSV Tech has played a pivotal role in developing Denmark’s early-stage tech landscape,” notedIda Dahl Hoem, Investment responsible at EIFO. “Following their performance in Fund I, we were confident in doubling down, and we have high expectations for the team’s future performance.”