Early-stage investment firm Balnord has launched a €70 million fund to back frontier and dual-use technologies driving Europe’s next wave of industrial and technological reindustrialisation.
The firm has already surpassed its initial target and is now aiming for a final close of €100 million by mid-2026.
Balnord focuses on startups building strategically important technologies across space, healthcare, and industrial resilience, positioning itself at the intersection of deeptech and national competitiveness. The fund plans to invest in at least 22 companies, with initial checks ranging from €500,000 to €3 million, and follow-on investments of up to €12 million per company.
“We’re investing in the backbone of European reindustrialisation,” said Marcin P. Kowalik, General Partner at Balnord. “So far, we’ve deployed around €13 million into 10 companies. The first four have already raised €40 million in follow-on rounds and generated €35 million in revenue this year.”
Backing Europe’s next generation of industrial pioneers
As Europe channels over €1 trillion annually into industrial renewal and strategic autonomy, Balnord sees frontier-tech and dual-use startups — those bridging civilian and defense applications — as key drivers of long-term growth and resilience.
“We’re backing resilient entrepreneurs who are raising the bar on ambition,” said Aleksander Dobrzyniecki, General Partner at Balnord. “Our mission is to help founders build billion-dollar companies across the Baltic Sea region — ventures that can make a GDP-level impact. We don’t just invest in companies; we help build movements.”
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Building a deeptech ecosystem around the Baltic Sea
Balnord’s team has worked together for nearly a decade, combining experience as entrepreneurs, operators, and investors. To date, the firm has backed 10 companies, including ATMOS Space Cargo (Germany), Vitvio (Poland), Astrolight (Lithuania), Microamp (Poland), Port.app (UK), and Satim (Poland) — seven of which are already publicly listed.
The firm co-invests alongside major European VCs such as Expansion, Matterwave, APEX Ventures, Seraphim, OTB, Inventure, Voima Ventures, and Bek Ventures (formerly Earlybird Digital East). Its limited partners include the European Investment Fund, PFR Ventures, as well as European family offices, founders, and private investors.
With its new fund, the VC firm aims to catalyse the technological sovereignty of Europe’s industrial base while nurturing founders developing dual-use technologies capable of reshaping entire sectors.
About Balnord
Balnord is a high-conviction early-stage investor based in the Baltic Sea region, backing frontier and dual-use technology startups from pre-seed to exit. With a focus on sectors such as space, healthcare, and industrial resilience, Balnord combines entrepreneurial experience with mission-driven investing to help founders tackle complex global challenges and scale technologies vital to Europe’s reindustrialisation.
