Balnord Launches €70M Fund To Back Frontier And Dual-Use Tech In The Baltics

The firm focuses on companies driving Europe’s technological reindustrialisation, with investments in frontier and dual-use technologies, particularly in space, healthcare, and industrial resilience.

As Europe undergoes a major reindustrialisation, frontier-tech and dual-use companies are expected to play a pivotal role. Annual investment across the continent is estimated at €1 trillion to tackle complex challenges and support this transition. Balnord anticipates that high-growth companies will emerge in this critical 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.

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Balnord’s strategy focuses on advancing Europe’s technological autonomy and reindustrialisation across key sectors, including space, healthcare, and industrial resilience. Leveraging its founders’ experience as entrepreneurs and operators, the firm supports teams from seed stage through exit. The fund plans to invest in at least 22 companies, with initial checks of €500,000–€3 million and follow-on investments of up to €12 million per company.

Aleksander Dobrzyniecki General Partner at Balnord, highlighted that the team has collaborated for nine years, uniting mission-driven investors and operators with a shared commitment to helping founders tackle their most challenging obstacles.

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, with seven currently public, including ATMOS Space Cargo (Germany), Vitvio (Poland), Astrolight (Lithuania), Microamp (Poland), Port.app (UK), and Satim (Poland).

The firm has co-invested alongside leading funds 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.

About Balnord

Balnord is a high-conviction early-stage investor from the Baltic Sea region, focused on frontier and dual-use technologies. Supporting founders from pre-seed to exit and beyond, Balnord combines entrepreneurial experience with mission-driven investing to help teams tackle complex challenges and achieve remarkable growth across sectors like space, healthcare and industrial resilience.