Balnord Fund I
Overview
Balnord Fund I is an early-stage venture capital fund managed by Balnord, a firm headquartered in Luxembourg. Founded in 2024, Balnord focuses on investing in frontier and dual-use technologies within the Baltic Sea region, including the Nordics, Baltics, Poland, and Germany. The fund aims to support Europe's technological autonomy and reindustrialization across sectors such as space, healthcare, and industrial resilience. As of 2025, Balnord Fund I has successfully oversubscribed its initial €70 million target, with intentions to close at €100 million by mid-2026. The fund includes backing from the European Investment Fund, PFR Ventures, and private investors across three continents.
Recent Developments
- November 2025: Balnord Fund I announced it had exceeded its €70 million target, aiming for a €100 million final close by mid-2026. Backed by the European Investment Fund, PFR Ventures, and European family offices, the fund focuses on supporting startups leading technological reindustrialization efforts in Europe. It has already invested €13 million in 10 companies, generating €35 million in revenues this year.
- October 2025: Balnord highlighted its commitment to industrial resilience and dual-use technologies, aligning with broader European funding landscapes focusing on industrial resilience and DeepTech ecosystems. This is part of a shift from climate to resilience in European VC landscapes.
- May 2025: Reported co-investments with leading DeepTech funds such as Expansion, Matterwave, and APEX Ventures. The fund has engaged in supporting entrepreneurs, particularly in the space and industrial resilience sectors.
- January 2025: The fund was active in early-stage investments, primarily focusing on companies in Poland and the Baltic regions, with significant involvement in deep-tech and industrial sectors.
Company Information
| Attribute | Information |
|---|---|
| Founding Date | 2024 |
| Headquarters | Luxembourg |
| Founders | Marcin P. Kowalik, Aleksander Dobrzyniecki |
| Revenue | Not publicly disclosed |
| Profits | Not publicly disclosed |
| Key Investors | European Investment Fund, PFR Ventures, European family offices |
| Industry | Venture Capital, Frontier Tech |
| Number of Employees | Not specified |
Early History
In 2024, Balnord was established with a dedicated focus on funding early-stage companies within the Baltic Sea region. The founders, with backgrounds in entrepreneurship and venture capital, sought to support frontier and dual-use technological advancements. From its inception, the firm emphasized the importance of investing in fewer companies but with more focused capital and strategic support, particularly in regions such as the Nordics, Baltics, and Poland, areas they believed held untapped potential for significant industrial and technological advancement in Europe.
Company Profile and Achievements
Balnord Fund I operates with a clear mission: to advance Europe’s technological autonomy by backing dual-use and frontier technologies in strategic sectors. A key part of their strategy is to provide substantial initial investments ranging from €500,000 to €3 million, with follow-on commitments up to €12 million per company. This allows the firm to give significant support to each portfolio company and nurture their growth from early stages to potential exit.
Significant achievements include successfully surpassing their initial funding target, an indication of investor confidence in their strategic priorities. They have executed numerous investments in technological fields including space logistics, AI-enhanced healthcare, and industrial resilience, which position Balnord at the forefront of emerging tech ecosystems in Europe.
Current Operations and Market Position
Balnord currently invests in early-stage companies with a specific emphasis on space, healthcare, and industrial resilience. By supporting companies at the forefront of dual-use and frontier technology, Balnord contributes to the technological growth and autonomy of Europe. It is consistently active in the Baltic Sea region, co-investing with prestigious tech and venture funds to bolster ecosystems that promise significant industrial impacts.
Conclusion
As of late 2025, Balnord Fund I represents a significant force in the landscape of European venture capital, emphasizing a strategic approach to dual-use technologies within crucial industrial sectors. The firm's commitment to fostering a robust ecosystem for tech innovation places it as an essential contributor to Europe's reindustrialization efforts. Looking forward, Balnord's investments are poised to shape the next generation of technological advancements and create sustainable industrial growth across the Baltic Sea region.