Balnord, a high-conviction early-stage investor focused on the Baltic Sea Region, has announced that it has oversubscribed its initial €70 million fund target and is on track to reach a final close of €100 million by mid-2026. The firm’s mission is clear: to fuel Europe’s technological reindustrialization by investing in frontier and dual-use technologies—from space innovation and healthcare to industrial resilience.
Driving Europe’s Next Industrial Wave
Europe is undergoing its most significant wave of industrial transformation in decades, with an estimated €1 trillion expected to be invested annually in reindustrialization efforts. Balnord aims to position itself at the heart of this movement by backing visionary founders building the next generation of European unicorns.
“We’re investing in the backbone of European industrialization,” said Marcin P. Kowalik, General Partner at Balnord. “We have already invested around €13 million in 10 companies. The first four of them raised €40 million in subsequent investment rounds, generating €35 million in revenues this year. There has never been a stronger time for Europe to build resilient and enduring tech companies.”
Building Europe’s Technological Autonomy
Balnord’s fund is designed to help Europe rebuild its technological autonomy across critical industries. The firm plans to invest in at least 22 companies, with initial ticket sizes ranging from €500,000 to €3 million, and follow-on investments of up to €12 million per company.
“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,” added Aleksander Dobrzyniecki, General Partner at Balnord. “We’re not just investing in companies — we back founders and help them build movements.”
Experienced Team and Proven Track Record
Balnord’s leadership combines entrepreneurial insight with investment expertise. Its team — Marcin P. Kowalik, Aleksander Dobrzyniecki, and Operating Partners Jarosław Pilarczyk, Wojciech Drewczyński, Hubert Szczołek, and Gabriele Poteliunaite — brings together a wealth of operational and venture-building experience from Gdańsk, Luxembourg, and Berlin.
The firm has also established a Founders Board featuring high-profile entrepreneurs such as Peter Bialo, Co-founder of DocPlanner (Poland’s first $1 billion company), and Davis Siksnans, former CEO of Printful (Latvia’s first unicorn).
Investing in Europe’s Frontier
Balnord Fund I has already made 10 strategic investments, including:
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ATMOS Space Cargo (Germany) – unlocking Europe’s space-to-Earth logistics.
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Vitvio (Poland) – digitizing surgical workflows through computer vision and ambient sensing.
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Astrolight (Lithuania) – developing undetectable laser links for NATO ships, enabling secure communications when radio is jammed.
Other investments span deep tech and industrial resilience, with Balnord co-investing alongside leading funds such as Expansion, Matterwave, APEX Ventures, Seraphim, OTB, Inventure, Voima Ventures, and Bek Ventures (formerly Earlybird Digital East).
“Working with Balnord feels like having a partner who truly gets it,” said Sebastian Klaus, CEO of ATMOS Space Cargo. “Their team’s entrepreneurial experience means they understand the ups and downs of building a company. They’re not just investors—they’re company builders and supporters.”
Backed by Leading Institutional and Private Investors
Balnord Fund I has attracted support from major institutional backers, including the European Investment Fund (EIF) and PFR Ventures, alongside European family offices, founders, and private investors from 12 countries across three continents.
“This fund will help drive innovation in key sectors such as defence and space, directly supporting the EU’s strategic objectives,” said Marjut Falkstedt, Chief Executive of the EIF.
Rozalia Urbanek, Board Member of PFR Ventures, added: “Balnord’s strong commitment to fostering the regional deep-tech ecosystem goes well beyond its investment activity. Founders will truly benefit from their hands-on approach, and it’s one of the reasons we felt confident allocating our capital to Balnord Fund I.”
About Balnord
Balnord is a high-conviction early-stage investor focused on frontier and dual-use technologies driving Europe’s technological reindustrialization. Headquartered across Gdańsk, Luxembourg, and Berlin, Balnord backs founders reshaping the future of space, healthcare, industrial resilience, and technological sovereignty across the Baltic Sea Region and beyond.
