Balnord Fund I has reached 300 million PLN in committed capital and is on track to close at 430 million PLN by mid-2026. The venture capital fund invests at the early stage, focusing on building technology companies that support the technological reindustrialization of Europe.
Originating from the team behind Black Pearls VC, Balnord is managed by experienced entrepreneurs and supports ambitious founders across the Baltic Sea region. The fund mainly invests in companies from Poland, the Nordics, the Baltic states, and Germany.
Backing the Next Generation of European Deep Tech
Balnord is dedicated to early-stage companies developing solutions that drive Europe’s technological reindustrialization. The fund focuses on frontier and dual-use technologies, with an emphasis on space tech, medical technologies, and industrial resilience.
Europe is undergoing its largest wave of industrialization in decades, and companies in breakthrough and dual-use technologies are increasingly seen as future market leaders. Across the continent, an estimated €1 trillion per year could be invested in companies solving the most complex technical challenges and supporting reindustrialization. Balnord believes this is where the next wave of unicorns will emerge.
“We invest in the foundations of Polish and European industrialization. We’ve already deployed 55 million PLN into 10 companies. The first four have raised a total of 170 million PLN in follow-on rounds and are forecast to generate 150 million PLN in revenue this year,”
said Marcin P. Kowalik, Managing Partner at Balnord.
“This is the best time for Europe to build resilient and strategically independent technology companies. We’re facing a unique opportunity to create the technologies that will shape the next decade,” Kowalik added.
Building Europe’s Tech Autonomy
Balnord aims to help Europe regain technological autonomy by building a foundation for industrial resurgence in key areas, including space technology, medtech, and industrial resilience. Through its business experience, Balnord’s team supports companies from their first financing round through to exit.
The fund plans to invest in at least 22 companies and will maintain a substantial capital reserve for follow-on rounds. Initial ticket sizes will range from 2 to 12 million PLN, with up to 50 million PLN allocated per company as the fund grows.
“As a team, we’ve worked together for nine years with a shared mission: to help founders through their toughest challenges. We back entrepreneurs who set the bar high, aiming to build multi-billion-euro companies in the Baltic region – where we can directly impact GDP growth. We don’t only invest – we partner with founders to help them build breakthrough technologies,”
said Aleksander Dobrzyniecki, Managing Partner at Balnord.
Balnord’s partners have previously built specialized funds that produced high investment returns over the past decade.
Portfolio and Strategic Advisors
Balnord Fund I has already invested in 10 companies, including:
- ATMOS Space Cargo (Germany): enabling logistics between Earth and space.
- Vitvio (Poland): using computer vision and real-time environment sensing to digitize operating rooms and analyze surgical performance.
- Astrolight (Lithuania): developed an undetectable, tamper-resistant laser communication link for NATO ships, maintaining connectivity during signal interference or radio blackout.
The fund also boasts investments in deep tech spanning space, industrial resilience, and medtech. It has co-invested with leading European deep tech funds such as Expansion, Matterwave, APEX Ventures, Seraphim, OTB, Voima Ventures, and Bek Ventures (formerly Earlybird Digital East).
“Balnord actively supports entrepreneurs with the capital already raised. Among them are Polish founders like Microamp, a deep tech 5G connectivity company participating in NATO’s DIANA accelerator, and SATIM, which recently partnered with ICEYE and defense companies. We also see Balnord’s broader role in accelerating the regional deep tech ecosystem, far beyond just investments. This is one reason we confidently invested in Balnord Fund I,”
said Rozalia Urbanek, Board Member of PFR Ventures.
Sebastian Klaus, CEO of ATMOS Space Cargo, added:
“Working with Balnord feels like true partnership. Thanks to their operational experience, they understand that building a business has ups and downs. They are not just investors – they are company builders.”
Backed by Leading Institutional and Private Investors
Balnord’s LPs include the European Investment Fund (EIF), Polish Development Fund (PFR Ventures), European family offices, tech founders, and private investors from around the world. Investors from three continents and 12 countries have backed the fund, many of whom have reinvested after the team’s previous successes.
“This fund will support innovation across key strategic sectors such as defense and space, which are critical for the EU. Our investment in Balnord helps Europe secure a leadership position in technological innovation and prepare for future challenges,”
commented Marjut Falkstedt, CEO of EIF.
“Our objective is to ensure that public capital serves as a catalyst for private and institutional investments. Balnord is a strong partner that understands the specifics of advanced tech investing and successfully translates vision into practice, strengthening the competitiveness and security of both Polish and European industries,”
said Mikołaj Raczyński, Vice President & CIO of PFR.
Source: ceo.com.pl
