Balnord, an early-stage investor focused on companies in the Baltic Sea region, announced that its first fund has oversubscribed its initial €70 million target and is now moving toward a planned final close of €100 million by mid-2026. The fund focuses on supporting startups that are leading a new phase of European technological reindustrialization, with a particular emphasis on frontier and dual-use technologies across space, healthcare, and industrial resilience.
The team behind Black Pearls VC founded the firm, comprising investors with entrepreneurial and operational backgrounds. This experience is intended to help portfolio companies scale from the earliest funding rounds through exit. Balnord plans to invest in at least 22 companies, with initial investments ranging from €500,000 to €3 million and follow-on capital of up to €12 million per company.
The firm has already deployed approximately €13 million into 10 startups. The first four portfolio companies went on to raise €40 million in subsequent financings and are collectively expected to achieve €35 million in revenue this year. Balnord believes that European frontier and dual-use technology companies are well-positioned to become major industrial players during a period of large-scale reinvestment in core capabilities across the continent.
Balnord’s investing footprint will include companies in the Nordics, Baltics, Poland, and Germany. The team consists of General Partners Marcin P. Kowalik and Aleksander Dobrzyniecki, and Operating Partners Jarosław Pilarczyk, Wojciech Drewczyński, Hubert Szczołek, and Gabriele Poteliunaite. The firm operates across Gdansk, Luxembourg, and Berlin. It has also formed a founders board that includes leaders who have built regional unicorns.
Current portfolio companies include German company ATMOS Space Cargo, which focuses on space-to-Earth logistics, Polish company Vitvio, which applies computer vision and sensing technologies in operating rooms, and Lithuanian company Astrolight, which has developed a laser-based communications link used in environments where radio communications are disrupted. Other investments are advancing innovations in space, industrial resilience, and biotechnology.
Balnord is investing alongside funds such as Expansion, Matterwave, APEX Ventures, Seraphim, OTB, Inventure, Voima Ventures, and Bek Ventures. Limited partners backing Balnord Fund I include the European Investment Fund, PFR Ventures, European family offices, and private investors across twelve countries. Many investors from prior funds have committed again, and the new group of limited partners includes founders of companies from Balnord’s earlier portfolio.
KEY QUOTES:
“We’re investing in the backbone of European industrialization. We have already invested around €13M in 10 companies. The first four of them raised €40M in subsequent investment rounds, generating revenues of €35 million this year.”
“There has never been a stronger time for Europe to build resilient and enduring tech companies. We’ve never seen a more significant and liquid opportunity to create and build technologies that will shape the modern world in the coming decade.”
Marcin P. Kowalik, General Partner at Balnord
“As a team, we’ve been working together for nine years already, putting together a like-minded group of mission-driven investors and operators with the sole intention of helping founders with their toughest challenges. 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.”
Aleksander Dobrzyniecki, General Partner at Balnord
“Working with Balnord feels like having a partner who truly gets it. 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.”
Sebastian Klaus, CEO of ATMOS Space Cargo
“This fund will help drive innovation in key sectors such as defence and space, directly supporting the EU’s commitment to addressing pressing challenges. Investing in Balnord enables us to further contribute to the EU’s strategic objectives, ensuring that Europe remains at the forefront of technological innovation and capable of meeting future demands.”
Marjut Falkstedt, Chief Executive, European Investment Fund
“Balnord is already putting its raised capital to work, supporting entrepreneurs. Among them are the Polish founders of Microamp, a deep tech project focused on 5G connectivity that previously took part in NATO’s DIANA accelerator, and SATIM, which has recently established partnerships with ICEYE and local armaments companies. We’re also seeing the fund’s strong commitment to fostering the regional deep-tech ecosystem, going well beyond its investment activity. I believe that founders will truly benefit from this approach, and it’s one of the reasons we felt confident allocating our capital to Balnord Fund I.”
Rozalia Urbanek, Board Member of PFR Ventures
