Balnord unveils €70M fund for frontier and dual-use tech across the Baltics

Balnord, an early-stage investor focused on the Baltic Sea region, announced it has exceeded its €70 million fund target and is on track for a final close of €100 million by mid-2026. The firm targets companies advancing Europe’s technological reindustrialisation, investing in frontier and dual-use technologies with emphasis on space, healthcare, and industrial resilience.

Europe is undergoing a significant reindustrialisation, with frontier-tech and dual-use companies likely to play an important role. Annual investment across the continent is estimated at around €1 trillion to address complex challenges and support this shift. Balnord anticipates that high-growth companies will emerge in this segment.

We’re investing in the backbone of European industrialisation. We have already invested around €13M in 10 companies. The first four of them raised €40M in subsequent investment rounds, generating revenues of €35M this year, 

commented Marcin P. Kowalik, General Partner at Balnord. 

Balnord’s strategy is to support Europe’s technological autonomy and reindustrialisation across sectors, including space, healthcare, and industrial resilience. Drawing on its founders’ experience as entrepreneurs and operators, the firm plans to support teams from the first round through exit. The fund plans to invest in at least 22 companies, with initial investments ranging from €500,000 to €3 million, with follow-on investments of up to €12 million per company.

Aleksander Dobrzyniecki, General Partner at Balnord, noted that the team has been collaborating for nine years, bringing together a group of mission-driven investors and operators united by a shared goal of supporting founders in overcoming their most difficult challenges.

We’re backing resilient entrepreneurs who are raising the bar on ambition, aiming to build billion-dollar companies across the Baltic Sea Region—where we can make a GDP-level impact. We’re not just investing in companies - we back founders and help them build movements.

Balnord has invested in 10 companies to date, seven of which are currently public, including ATMOS Space Cargo (Germany), Vitvio (Poland), Astrolight (Lithuania), Microamp (Poland), Port.app (UK) and Satim (Poland).

The firm has co-invested with funds such as Expansion, Matterwave, APEX Ventures, Seraphim, OTB, Inventure, Voima Ventures, and Bek Ventures (formerly Earlybird Digital East). Limited partners include the European Investment Fund, PFR Ventures, and European family offices, founders, and private investors.