Balnord has launched Balnord Fund I with commitments exceeding its €70 million target and a path toward a €100 million final close by mid-2026. The early stage venture capital firm will back frontier and dual-use technologies central to Europe’s technological reindustrialization. Its mandate spans the Baltic Sea region, focusing on the Nordics, the Baltics, Poland, and Germany.
Fundraising and Targets
The fund opened oversubscribed and is positioning for additional commitments as it advances toward its stated €100 million ambition. Balnord plans to invest in at least 22 companies and to reserve substantial capital for follow-ons. Initial checks will range from €500,000 to €3 million, with up to €12 million available per company over time.
Investment Thesis
Balnord’s thesis is anchored in Europe’s renewed push to rebuild industrial capacity and autonomy. The team targets frontier and dual-use innovations in space, healthcare, and industrial resilience that can underpin this shift. The firm argues that the next cohort of European unicorns will emerge from this reindustrialization wave as significant private capital mobilizes across the continent.
Early Deployment and Traction
General Partner Marcin P. Kowalik said the firm has already invested about €13 million across 10 companies. He noted that the first four portfolio companies raised €40 million in subsequent rounds and generated €35 million in revenue this year. The firm characterizes the moment as unusually liquid for building durable European technology champions.
Team and Platform
Balnord is built by the operators and former entrepreneurs behind Black Pearls VC. The partnership includes General Partners Marcin P. Kowalik and Aleksander Dobrzyniecki, supported by Operating Partners Jarosław Pilarczyk, Wojciech Drewczyński, Hubert Szczołek, and Gabriele Poteliunaite. The team operates from Gdansk, Luxembourg, and Berlin and emphasizes founder support from first round to exit.
Founder Network and Governance
To supplement its operating bench, Balnord has formed a founders board. Members include Peter Bialo, co-founder of DocPlanner, and Davis Siksnans, former founder and CEO of Printful and now CEO of Mapon. The firm positions this network as a hands-on resource for go-to-market, hiring, governance, and industrial partnerships.
Portfolio Examples
Investments span German company ATMOS Space Cargo, Polish company Vitvio, and Lithuanian company Astrolight. ATMOS is developing space-to-Earth logistics, Vitvio applies computer vision and ambient sensing to digitize operating rooms, and Astrolight enables undetectable laser links between NATO ships when radio is jammed or denied. ATMOS CEO Sebastian Klaus described Balnord as an investor with entrepreneurial empathy that supports company building beyond capital.
Co-Investors and Ecosystem
The fund has co-invested alongside Expansion, Matterwave, APEX Ventures, Seraphim, OTB, Inventure, Voima Ventures, and Bek Ventures. Balnord also cites deal flow and collaboration across space, industrial resilience, and tech bio as it builds a regional deep-tech pipeline. The team frames this ecosystem engagement as additive to its capital strategy and portfolio support.
Limited Partners and Institutional Backing
Limited partners include the European Investment Fund, PFR Ventures, and a mix of European family offices, founders, and private investors. Balnord reports LPs from three continents and 12 countries, with many returning backers from prior funds and new commitments from founders of exited portfolio companies. EIF Chief Executive Marjut Falkstedt said the commitment supports EU objectives in defense and space while advancing technological competitiveness.
Regional Impact and Pipeline
EIF highlighted Balnord’s support for Polish founders of Microamp, a 5G connectivity deep-tech company that previously joined NATO’s DIANA accelerator, and SATIM, which has formed partnerships with ICEYE and domestic armaments firms. The examples underscore Balnord’s emphasis on dual-use technologies aligned with regional security and industrial priorities. The firm presents these cases as evidence of early execution against its thesis.
Balnord Fund I enters the Baltic Sea region with oversubscribed momentum, a sector focus tied to Europe’s reindustrialization, and a platform oriented toward founder operations. With capital reserved for follow-ons, an operator-led team, and institutional backing from EIF and others, the firm is positioning to scale early winners. The path to a €100 million final close by mid-2026 will determine how broadly it can extend this strategy across space, healthcare, and industrial resilience.