Balnord, an early-stage investor focused on the Baltic Sea Region, has exceeded its €70 million target for Fund I and is on track to reach €100 million by mid-2026. The fund's strategy is centred on dual-use and frontier technologies that strengthen Europe’s industrial resilience.
- Balnord plans to invest in at least 22 companies out of its Fund I, with initial cheque sizes ranging from €500,000 to €3 million and follow-on capacity of up to €12 million per company.
- The newly launched fund's LPs include the European Investment Fund, PFR Ventures, and a mix of family offices, founders, and private investors. Many of the limited partners from previous funds have reinvested, supported by new commitments from the founders of companies previously backed by Balnord, the fund's team says.
Recently, Balnord, together with the Casimir Pulaski Foundation and the Polish Development Fund (PFR), released the second edition of the Dual-Use Founder’s Handbook: “From Foundation to Scale.” Featuring insights from 36 experts, the guide arrives as European dual-use and defence tech investment reaches a record $3.88B in 2025.
About Balnord
- Founded in 2024 and active across the Nordics, Baltics, Poland, and Germany, the team positions its work within a new wave of European re-industrialisation, where dual-use and frontier tech companies are expected to produce the next generation of unicorns. The firm believes more than €1 trillion per year will be allocated to solving industrial-scale challenges across the continent.
- Its team operates from Gdańsk, Luxembourg, and Berlin, supported by a founders board that includes leaders behind Europe’s first unicorns in Poland and Latvia.
- Balnord has already invested around €13 million in 10 companies, including Astrolight, ATMOS Space Cargo, VitVio, Microamp, and SATIM — startups working in areas such as secure communication, space logistics, 3D surgical intelligence, 5G connectivity, and defence-aligned satellite analytics.
- Its first four portfolio companies have since raised €40 million in follow-on rounds and generated €35 million in revenue this year.
