DTU’s startup funding and investment arm circulating returns into closing gaps of the startup ecosystem.

Founding Purpose

We use capital as a driving force to build and scale startups that create value for society and contribute to the future of Denmark and Europe.

Originally established as a state-backed pre-seed investor, PSV Foundry helped launch hundreds of startups and built the financial and operational backbone that powers our evergreen model today.

As an evergreen entity, we reinvest returns into new funds, financing structures and ecosystem initiatives — strengthening the capital infrastructure around technology startups and the ecosystem they grow in.

How we think and move

With an evergreen investment approach, PSV Foundry circulates returns into closing gaps of the startup ecosystem. We bring two decades of specialized experience in VC fund building, investing and portfolio management to the table. Originating from DTU our founding purpose is to pioneer transformative waves, through a mix of fund and direct investments, grants, fund value creation and partnerships.

Ecosystems evolve in waves. When new verticals or underserved markets emerge, capital is often missing in the earliest phases. PSV Foundry exists to identify those gaps and help close them — with risk-willing, purpose-driven capital.

PSV Foundry acts as DTU’s knowledge hub within startup funding and investment. Our domains include capital raising, fund formation, funding strategy, exit preparation and cap table structuring. We bring perspective and experience into play across the university ecosystem.

PSV Foundry acts as the operational backbone of the PSV venture house. Through shared capabilities and fund value creation, we support the funds and their portfolio companies across areas such as people & culture, brand & communication, legal, finance and ESG & impact.

These capabilities have been developed through more than 25 years of working with technology startups and continuously refined to match the realities founders face today. Read more here.

As a state-backed venture arm, PSV Foundry helped launch hundreds of tech-based startups — including Trustpilot, Vivino and Glycom. Since 2020, we have managed and matured the legacy portfolio, leading 100+ exits while strengthening our approach to long-term capital allocation. Read more about our legacy here.

Ready to build?

Initiatives

We create transformative waves through a mix of funds, partnerships, grants and initiatives for the benefit of a stronger ecosystem for future founders.

PSV Academy was created to support the ecosystem, sharing founders’, operators’, and investors’ experiences — the good decisions, the painful mistakes, and the lessons that rarely make it into textbooks.
PSV Academy

Starting a company is pretty damn complicated. Luckily, you’re not the first person to try.

Across hundreds of investments, we have seen the same patterns repeat themselves: early excitement, difficult pivots, fragile first teams, the long road toward product-market fit, founder burnout. Some companies grow into global successes. Others never make it past the early stages. But each journey adds another layer of understanding.

Much of what founders need cannot be found in term sheets or investment models. It lives in conversations, in mistakes made before, in the quiet knowledge passed between people who have already walked the path.

From this realisation, we established PSV Academy with a mission to share the collective experience of founders, operators and investors who have already been through the journey.

Here we invite experienced builders on stage to share what they have learned along the way — the good decisions, the painful mistakes, and the lessons that rarely make it into textbooks.

DTU Earthbound was developed in collaboration with DTU and ecosystem partners to support early climate tech, helping translate research into startups contributing to the green transition.
DTU Earthbound

Climate technologies rarely appear overnight. Many begin as fragile ideas in research labs.

Through DTU Earthbound, PSV Foundry helped support the earliest stages of climate tech development, working alongside DTU and ecosystem partners to strengthen the path from research to startup.

The initiative was built on a shared ambition: to close the gap between promising lab-stage inventions and companies capable of creating real-world impact.

While DTU Earthbound has since been discontinued, the insights, tools, and approaches developed through the initiative continue to shape how we work with early-stage ventures today. These learnings are now integrated into broader efforts across DTU’s innovation ecosystem.Climate technologies rarely appear overnight. Many begin as fragile ideas inside research labs.

Earthbound is a climate tech catalyst that PSV Foundry helped establish together with ecosystem partners and our friends at DTU. Backed by a DKK 60 million grant, the initiative works to turn promising climate inventions into startups capable of contributing to the green transition.

PSV Tech was launched to support pre-seed founders building software-powered startups pre-product-market fit, addressing the gap in institutional capital at the earliest stage.
PSV Tech

PSV Tech was launched to support pre-seed founders, addressing the gap in institutional capital at the earliest stage of company building.

After years of working closely with founders, a clear pattern emerged: early-stage teams need more than capital. They need experience, sparring, and perspective to navigate the messy middle between idea and company.

PSV Tech was created in response. The fund backs ambitious software and tech startups at the pre-seed stage, combining early capital with hands-on support.

Through PSV Tech, founders gain access to the support needed to move from first proof to companies that can be repeated, scaled, and trusted.

PSV Hafnium was established as Denmark’s first dedicated deep tech venture fund, providing patient capital and deep technical insight to support science-based companies from idea to impact.
PSV Hafnium

From the beginning, the ambition extended beyond software. Over the years, PSV worked with founders building technologies rooted in engineering, materials, energy and life sciences – ventures with the potential to reshape industries, but also ventures that require something fundamentally different.

These companies need more time, more capital, and require a deeper understanding of the technology itself. Development cycles are longer, the risks different, and the path from idea to scale less defined.

From this, the idea of a dedicated deep tech fund took shape.

In 2024, PSV Hafnium was established as Denmark’s first dedicated deep tech venture fund. The fund backs science-based companies operating at the frontier of tech, from advanced engineering and energy systems to materials and hardware.

PSV Hafnium provides patient capital, deep technical insight, and long-term commitment, supporting early inventions as they evolve into globally competitive companies with real-world impact.

DTU SkyFactory was developed in collaboration with DTU and ecosystem partners to support high-potential science-based startups in scaling into internationally competitive companies.
DTU SkyFactory

Many science-based startups face a critical challenge: making the transition from early traction to scalable business.

Through DTU SkyFactory, PSV Foundry has worked alongside DTU and ecosystem partners to help bridge that gap, supporting high-potential ventures in their journey from promising research to international growth companies.

The initiative builds on a shared ambition to unlock the potential in European research and turn it into companies capable of competing on a global scale.

By bringing together people, knowledge, and capital across borders, DTU SkyFactory strengthens the conditions for science-based startups to grow and scale, contributing to a more competitive and resilient European tech ecosystem.

Two Decades of First Believers

PSV Foundry was originally established as part of DTU’s early and visionary commitment to translating research into real-world impact. At a time when early-stage capital was largely absent in Denmark, DTU took a leading role in bringing capital closer to the research environment, laying the foundation for what would later become a state-backed pre-seed venture arm.

For nearly two decades, we invested in early-stage startups emerging from research environments and the broader Danish ecosystem.

That period built a legacy portfolio of more than 450 companies. Between 2020 and 2023, PSV Foundry focused on managing, maturing and exiting that portfolio responsibly — strengthening both returns and long-term ecosystem impact.

This legacy forms the financial and strategic backbone of our evergreen model today.

The faces of PSV Foundry
Christel Piron
Co-founder and General Partner at PSV Tech
Christel Piron
Co-founder and General Partner at PSV Tech

Christel is a move-fast-and-break-things kind of woman, so we guess that’s where her love for startups – and Italian race cars – comes from. She would probably even sacrifice her own car if it could help a startup make it through troubling times, which is exactly the kind of person Christel is. The one who’ll go above and beyond to support the people around her. It’s the same care she puts into nurturing the ecosystem for startups. If Christel can give people a strong launchpad to become an entrepreneur, her job is done.

And to get her going, tell her something is impossible. She’ll do everything in her power to prove you wrong. Especially if you tell her unicorns aren’t real.

Heidi Linderod
CPO

Do you know those people who’ve been gifted with the skill to look right through every person they meet on their way? The ones that you can’t cut corners with because they'll recognize your true colors from a mile away. In case you haven’t already guessed that’s exactly Heidi we just described.With her years of dealing and wheeling within HR and executive coaching she’s a key figure in the construction of our company culture and in setting the best possible team. Her undeniable instinct to connect with people and drive organizational development through true collaboration comes in handy in almost all aspects of our business as we operate with a human first modus; from finding the right candidate for a job to investing in the right founder teams and supporting them as leaders. In short Heidi is the calm to our storm whether it’s in the boardroom or in a good old heart-to-heart session.

Ida Witzell Kløverholt
CFO
Ida Witzell Kløverholt
CFO

With a flair for crunching financial reports and a strong can-do attitude, Ida is a true financial powerhouse. Trust us when we say; nothing ever really escapes her attention. With more than a decade of experience within accounting and financial controlling, Ida is a true jedi when it comes to building the best financial framework for our venture house. Everyday Ida proves how the best financial framework isn’t a static construction but something, which can always be further developed and optimised. Ida excels in communicating everything clearly and precise to everyone involved. A very valued skill! While hardcore perfectionism can be somewhat of a mouthful, Ida brings a human feel to it. And as if we weren’t lucky enough by having her watchful eyes on our side, she can even lift our spirit with a song or two from her gospel choir as well.

Rasmus Saaby Jensen
General Counsel
Rasmus Saaby Jensen
General Counsel

During the last couple of years, before joining PSV, Rasmus spent most of his waken hours in the arms of a giant lawful bear dealing and wheeling with big M&A’s. Luckily (for us) his eyes glanced away from traditional law firms, and instead made contact with the PSV house of venture. Rasmus is a real people-guy, which is (one of the many reasons) why we’re lucky to have him here; close to the founders. With the depth of his legal knowledge and his pragmatic approach, he’s in the perfect position to help great ideas flourish by building legal frameworks that are made to last. Even his appearance is starting to blend in with all the hoodies – as much as you can when you’re two meters tall – which can take a while when you’ve been around suits and ties ever since you walked through the door of law school.

Lasse Hulbæk Hansen
Strategic Business Developer
Lasse Hulbæk Hansen
Strategic Business Developer

Lasse is Christel’s right-hand man. Fresh out of his Master’s degree and with a passion for the field of digital strategy and transformations, he’s an expert in both business and IT, making him somewhat of a digital guru here at the office.As if all that wasn’t enough, he also has a passion for making pizzas, which, naturally, we’re pretty stoked about. Honestly, his only fault is his belief that PowerPoint can be used for absolutely everything - we still have our doubts on that.

Line Byrfelt Grønlykke
Head of Brand & Communication
Line Byrfelt Grønlykke
Head of Brand & Communication

Line is PSV’s Head of Brand & Communication. In other words, the one who turns complexity into clarity and makes sure projects actually land.Line has explored different professional worlds. Her story with PSV began before the name even existed, and she later brought her expertise to some of Denmark’s most renowned law firms, drawn by the challenge and the chance to test herself in entirely new arenas. There, she worked on everything from defining and implementing communication strategies and leading rebranding processes to advising executive management on crisis communication and transformation. Now, she’s found her way back to venture, like an old friend returning home, carrying with her the structure, resilience, and leadership honed in the legal world, ready to put it all into play at PSV once again.Line is the kind of person who’s drawn to the difficult. When someone says, “You can’t do that,” her instinctive reply is, “Watch me.” She’s fueled by people who dare to think big and break boundaries, and she’s never afraid to push them herself.But at the heart of it all lies humor. For Line, laughing at work isn’t optional, it’s essential. She calls herself hobbyless, but the truth is she’s deeply social, with a wide circle of people around her and a love for winter bathing, not for the hype, but because it forces her to unplug and just be.At PSV, Line is here to set direction, simplify the complex, and, we wouldn’t be surprised, crack a joke or two by the coffee machine along the way.

Kristian Birkkjær Hansen
Brand Marketing Manager
Kristian Birkkjær Hansen
Brand Marketing Manager

Kristian is PSV’s resident brand octopus.With arms in every corner of storytelling and brand building, Kristian has spent years shaping voices in the music industry. From running his own music company to working at Universal Music, he knows the journey from first demo tape to Roskilde Festival’s Orange Stage – and has a refined ear for spotting the golden angle in any conversation, then amplifying it for the world to hear. To Kristian, founders and artists are cut from the same cloth: passionate, brilliantly unconventional, and unstoppable in turning vision into reality. His craft is to transform that raw energy into stories the world wants to hear – whether it’s an artist’s first single or a founder’s first funding round, he knows how to capture the journey, frame the vision, and show exactly what makes it remarkable.When he’s not crafting narratives, Kristian is out on open water with a hand on the tiller and an eye on the wind. Sailing is more than a way to switch off – it demands full focus, quick thinking, and constant adjustment to changing conditions. It’s the same curiosity and precision he brings to navigating the shifting tides of tech – only with salt spray on his face.

Peter Reiter Elbæk
Finance Manager
Peter Reiter Elbæk
Finance Manager

Peter is PSV’s Finance Manager, a steady hand with sharp people instincts and a natural knack for bringing teams together. Peter’s the kind of person who naturally becomes the team’s anchor: open, approachable, and genuinely curious about the people around him. Across roles at Grant Thornton, Deloitte, and DSV, he has worked with just about every personality– from detail-driven finance veterans to strategic big-picture leaders. Peter brings structure, but also reassurance. He’s built clarity from chaos before, brought people together across cultures, and proven that good finance isn’t just about crunching numbers, which he crushes by the way, it’s about trust and helping others feel confident in the decisions they make.Outside the office, Peter is the resident young gun in his former colleagues’ cycling club, Sunday mornings mean gravel paths, dry humour, and 100 km around Roskilde Fjord. He also loves hunting, where tradition takes over, the phone stays in the pocket, and long hours in wind, rain, or sunshine offer rare space to just be.

Rachel Anne Easton
ESG & Impact Analyst
Rachel Anne Easton
ESG & Impact Analyst

If you want someone who knows how to go a few rounds for what matters, you call Rachel. Whether it’s in the boxing ring or fighting for ESG & impact.Rachel traded a small rural town in North Carolina for Copenhagen five years ago, swapping familiarity for bigger possibilities. She stayed for the balance of comfort and challenge: a safe society and a scene that never stops pushing you to learn from new people and try new things. Currently, she’s studying an MSc in Finance and Strategic Management at CBS. In practice, she’s already deep into ESG: first at SimCorp, working on large-scale ESG reporting software for global investors, and then on the finance side, with ESG strategy and integration at Capital Four. Now, at PSV, she’s getting close to the founders themselves, where impact is built in from day zero, not retrofitted later. Rachel is ambitious and structured – the natural yin to the visionary yang shaping PSV’s ESG & impact efforts. She loves the idea of taking big thoughts and turning them into clear plans, concrete frameworks, and tangible results that both founders and investors can use.Outside of work, Rachel recharges through movement and community. If not boxing classes, she’s exploring new corners of Copenhagen. Always surrounded by people, always trying new things, always looking for the next way to turn good intentions into real change.

Mathias Bargholt
People Development Manager
Mathias Bargholt
People Development Manager

Since Mathias took his first steps on this planet, he has been determined to understand the psychology behind people’s actions and the dynamic of groups. If you ask him today, what makes him tick professionally, the answer is not very different. He’ll without hesitation say: startups, the people who run them and the culture within them. A perfect fit for PSV! A place where he can nerd out on understanding the personality traits that drive each of our founders and support them in nurturing just the right culture in their team. Having a master’s degree in sociology with a thesis in people and culture, one might think that he’d be done with the studying. But if you browse his bookshelves or podcast playlist, you’ll find that Mathias never stops digging in the people and culture section. His ability to assess founders and understand teams comes from his unstoppable desire to learn, a fine-tuned interest and sensibility towards other people, traveling the world, navigating complex organizations, and perhaps even a bit from playing PlayStation in his boxers. He’s a true force of nature in our people and culture team!

Freja Hejlskov
People and Culture Assistant
Freja Hejlskov
People and Culture Assistant

She’s Heidi’s partner in crime on the quest of protecting our most precious thing – our version of The One Ring you could say – the people, our team and not least our founders. Armed with a dismantling smile, a genuine curiosity and an enviable ability to get excited, Freja can talk to just about anyone, as in have a real and genuine conversation. It doesn’t hurt that she’s currently pursuing her MSc in Diversity and Change Management at Copenhagen Business School (CBS), where she dives into how people and organizations thrive across cultural and language differences. Add that to her knack for languages – she speaks Danish, Spanish, English and a Swedish and you’ve got someone who can truly connect across cultures. When you can’t find Freja at either our HQ or CBS, then you’ll find her playing board games with her friends, out running, or at the movie theater watching a bad romcom (don’t blame her, it’s a guilty pleasure).

Alice Bo Killemose
(On maternity leave)
Director of Brand and Communication
Alice Bo Killemose
Director of Brand and Communication

(Currently on maternity leave) Alice was born to be in this position, being equally much in love with wordplay and improving the Danish startup ecosystem. And she's got her plate full: Keeping up with the PSV family's stories is like keeping up with the Kardashians, mostly without the drama. But when it comes to the talk of the (startup) town, it's like she's always on top - and not least, she understands what it takes from our founders to create the brands and tell the stories that'll make headlines.

Vita Helena Vig Nielsen
Brand and Communications Assistant
Vita Helena Vig Nielsen
Brand and Communications Assistant

Vita is all about moving people – From telling stories through her dancing since she was a kid to running through film sets to make great movies come alive. We’ve been lucky enough to win her over to the startup side, where she’s changed her best moves with her best words. Vita is truly piecing together PSV stories that can stir up a crowd. Crowds are definitely Vita’s thing. As long as she feels part of something bigger, she will go out of her way to make life easier for the rest, whether it’s a coworker or founder. That also shines through in her choice of studies. She’s studying a MSc in Management of Innovation and Business Development at Copenhagen Business School, because she wants to build up a toolbox for helping people turn their visions into reality.

Mogens Flodin
Accountant
Mogens Flodin
Accountant

Crunching numbers without breaking a sweat and being able to look beyond numbers and truly see through financial statements are skills that are kept for only the very few. That’s why we’re lucky to have Mogens on our team. They say that youth is fleeting and wisdom is enduring - and Mogens bears the accounting experience of a lifetime. Alongside the rest of our hardcore finance team, Mogens keeps track of the books and has both eyes locked on what comes in and what goes out. So if anyone were to ask us: “are you sure of the math?” We’d be quick to reply: “Yes, we’re sure of the math”.

Bettina Andersson
Office Manager
Bettina Andersson
Office Manager

Behind every successful team is a strong Office Manager. At least that's a confirmed thesis of ours when it comes to Bettina, who makes sure everyone is doing well and things are running smoothly. She knows we can only succeed together, so she makes sure nobody is ever left behind - or left without lunch. We might as well admit it: everything pretty much falls apart when Bettina takes time off.

Board of Directors
Niels Korsholm
Chair of the Board
Niels Korsholm
Chair of the Board

Niels Korsholm is a firm believer in every industry being prone to radical innovation and accelerated transformation. Niels has previous acted as CEO and Group Head of Consulting in Devoteam Group SA for 7 years, and has comprehensive experience with developing growth companies from not only notable C-level roles but also Founder, Business Angels and Chairman positions. Besides managing our board with a steady hand, he dedicates much of his time to actively contributing to the Danish startup ecosystem.

Merete Lundbye Møller
Board Member
Merete Lundbye Møller
Board Member

Merete is one of those people who are just impossible to put a label on. With an irrepressible drive to leave a positive impact on the world Merete has always wandered off to explore new territory - from her time as a young drummer to becoming a highly esteemed lawyer. Her journey has turned into a resume of 28 years as a lawyer, 19 years within venture capital, more than 800 transactions and positions as partner and general counsel in Sunstone Capital, now Sunstone Life Science Ventures.Merete is one of a kind with interests way outside venture capital, which equips her with broad perspectives and a progressive mindset. She's been the deputy chairman of TV2 Denmark for more than nine years, and currently holds board positions in Bullitt Film, Hotel Pro Forma, Curo Capital, Warehouse9, and Nalik Ventures.How is it ever not good to have a visionary and progressive lawyer being a member of your board?

Susanne Kure
Board Member
Susanne Kure
Board Member

Susanne Kure is no stranger to the Danish venture capital landscape. She served 13 years at The Danish Growth Fond, where she, among other things, helped attract nothing short of DKK 5 billion to Vækst Kapital 1. Since leaving her position as SVP, she’s worked as professional board member and also assisted a number of startups, funds, and accelerators with fundraising. She does so with the same balance and elegance as she steers her kayak. She’s driven by making a difference in everything she does and her desire to improve and develop the entrepreneurial ecosystem made her join PSV.

Jes Broeng
Board Member
Jes Broeng
Board Member

Ain't no board without a professor and that's exactly what we have in Jes Broeng. He's a serial tech entrepreneur, professor and director of DTU Centre of Technology Entrepreneurship. And, as if that weren't enough, he's also heading the national initiative "Open Entrepreneurship" for improved tech transfer models in universities.In the Danish university landscape and our board, he brings remarkable experience in bringing the research and startup community together from spending time at leading universities like Berkeley.

Marianne Thellersen
Board Member
Marianne Thellersen
Board Member

Marianne is SVP of Innovation and Entrepreneurship at DTU – The Technical University of Denmark, where we also reside. As her title indicates, she’s responsible for bringing thought-leading research and technological progress together with entrepreneurial efforts in paving the way for numerous startups. With +20 years of international experience from corporate innovation and leadership, Marianne is a hard-hitter to have on board to mature and take emerging technologies to market in a no-bullshit manner.

With an evergreen investment approach, PSV Foundry circulates returns into closing gaps of the startup ecosystem.