Balnord is an early-stage venture capital firm investing in frontier and dual-use technologies across the Baltic Sea region. The firm focuses on companies driving Europe’s technological reindustrialisation, with a mandate spanning space technologies, healthcare innovation and industrial resilience. Balnord positions itself as a mission-driven investor supporting founders from first institutional round through exit, leveraging a decade-long collaboration among its partners and deep operator experience. The fund aims to catalyse billion-dollar companies capable of producing GDP-level impact across Northern and Eastern Europe.
Balnord invests in frontier-tech and dual-use innovations that enhance European technological autonomy. Its focus includes space systems, advanced industrial technologies, critical infrastructure, healthcare applications and cross-sector innovations contributing to industrial resilience.
The firm targets early-stage companies across the Baltic Sea region that demonstrate transformative potential and the ambition to redefine European industrial capacity.
Balnord has launched a new investment vehicle that has already surpassed its initial 70 million euro target and is on track for a final close of 100 million euros by mid-2026. This fund supports Europe’s technological reindustrialisation by backing early-stage frontier and dual-use startups in sectors such as space, industrial technology and healthcare.
The firm has already invested 13 million euros in 10 companies, with the first four portfolio companies raising 40 million euros in follow-on rounds and generating 35 million euros in revenue this year. With a plan to invest in at least 22 companies, Balnord deploys initial investments between 500,000 and 3 million euros and follow-on allocations of up to 12 million euros per company.
The fund is supported by prominent limited partners including the European Investment Fund, PFR Ventures and various European family offices, founders and private investors, reinforcing its strategic importance in advancing regional technological autonomy.
Leadership
Balnord is led by General Partners Marcin P. Kowalik and Aleksander Dobrzyniecki, who bring nine years of collaboration as investors and operators. Their experience spans entrepreneurship, frontier technologies, operational scaling and deep involvement in European industrial and technological ecosystems. The leadership team is united by a mission-driven approach to backing resilient founders and supporting companies through their most complex challenges.
Investment Strategy
Balnord employs a thesis-driven strategy centered on dual-use technologies capable of supporting Europe’s industrial resilience and technological sovereignty. The firm supports founders from early validation through scaling, actively participating with operational sparring, deep technical knowledge and long-term capital.
Balnord favors companies with ambitious visions, defensible innovation and the potential to reach large-scale impact across the Baltic Sea region. Its strategy emphasizes financial support combined with company-building expertise, helping founders transform emerging technologies into industrial-scale solutions.
Notable Investments
Balnord has invested in 10 companies to date, including:
Many of these companies operate in space technology, industrial resilience and dual-use innovation, reflecting the firm’s commitment to frontier-tech development in the region.
Notable Exits
As an early-stage fund still deploying its latest vehicle, Balnord has not yet disclosed notable exits. Its portfolio consists of high-growth companies still in active development, with several already securing significant follow-on funding rounds.
Other
Balnord is deeply aligned with Europe’s urgency to strengthen technological autonomy and industrial resilience. The firm’s focus on dual-use and frontier technologies makes it particularly relevant for startups operating in space, advanced industrial systems, sensing, defence-adjacent technologies and healthcare infrastructure. Balnord frequently co-invests with leading European deep-tech funds such as Expansion, Matterwave, APEX Ventures, Seraphim, OTB, Inventure, Voima Ventures and Bek Ventures, offering strong syndication support.
Its partners emphasize resilience, ambition and the ability to build movement-driven companies rather than merely scaling products.
The fund’s geographic focus on the Baltic Sea region aligns with its vision to create billion-dollar companies capable of producing structural economic impact.
Poland
