Balnord, a new early-stage venture capital firm founded by the team behind Black Pearls VC, has announced the launch of Balnord Fund I, an oversubscribed €70 million vehicle dedicated to investing in frontier and dual-use technology startups across the Baltic Sea region.
The fund, which is already on track to reach a final close of €100 million by mid-2026, aims to accelerate Europe’s technological reindustrialisation — backing companies building critical infrastructure and innovation in space, healthcare, industrial resilience, and defence-related technologies.
“We’re investing in the backbone of European industrialisation,” said Marcin P. Kowalik, General Partner at Balnord. “There has never been a stronger time for Europe to build resilient and enduring tech companies. The next wave of unicorns will emerge in this space.”
Balnord’s investment thesis centres on Europe’s growing need for technological autonomy amid global supply chain fragmentation and rising geopolitical uncertainty.
The firm has already deployed €13 million across 10 companies, with its first four portfolio firms raising €40 million in follow-on rounds and generating €35 million in revenues this year.
Its focus spans Nordics, the Baltics, Poland, and Germany, investing initial cheques between €500,000 and €3 million with the potential for follow-on investments of up to €12 million per company.
“We’re backing resilient entrepreneurs who are raising the bar on ambition,” said Aleksander Dobrzyniecki, General Partner at Balnord. “Our goal is to help founders build billion-euro companies that can make a GDP-level impact across the Baltic Sea region. We don’t just invest in companies — we back founders and help them build movements.”
Among Balnord’s early investments are:
• ATMOS Space Cargo (Germany), developing space-to-Earth logistics systems.
• Vitvio (Poland), a medtech company digitising operating rooms using computer vision and ambient sensing.
• Astrolight (Lithuania), creator of an undetectable laser communications link for NATO ships.
• Microamp and SATIM (Poland), both deep-tech ventures aligned with Europe’s defence innovation and 5G infrastructure goals.
Other portfolio companies are tackling challenges in industrial resilience, tech bio, and space infrastructure, positioning Balnord as one of the few early-stage funds bridging commercial and dual-use innovation in Europe.
Balnord’s core team, drawn from a decade of successful early-stage investing, includes General Partners Marcin P. Kowalik and Aleksander Dobrzyniecki, alongside Operating Partners Jarosław Pilarczyk, Wojciech Drewczyński, Hubert Szczołek, and Gabriele Poteliunaite. The firm operates from Gdańsk, Luxembourg, and Berlin.
The firm has also established a Founders Board to guide its portfolio companies, featuring Peter Bialo, co-founder of DocPlanner, and Davis Siksnans, founder and former CEO of Printful and now CEO of Mapon — two of the Baltic region’s most successful tech scale-ups.
“Working with Balnord feels like having a partner who truly gets it,” said Sebastian Klaus, CEO of ATMOS Space Cargo. “Their entrepreneurial experience means they understand the ups and downs of building a company. They’re not just investors — they’re builders.”
Limited Partners (LPs) include the European Investment Fund (EIF), PFR Ventures, and several European family offices and founders. The fund’s LP base spans three continents and 12 countries, with most previous investors reinvesting.
“Investing in Balnord enables us to contribute directly to the EU’s strategic objectives,” said Marjut Falkstedt, Chief Executive of the European Investment Fund. “This fund will drive innovation in key sectors such as defence and space, ensuring Europe remains at the forefront of technological development.”
Rozalia Urbanek, Board Member at PFR Ventures, added that Balnord’s model “goes well beyond investment, fostering a regional deep-tech ecosystem that founders can truly benefit from.”
Balnord’s mission reflects a broader shift in European venture capital towards frontier technologies with strategic and industrial applications — from satellite logistics and advanced manufacturing to sustainable healthcare systems.
As Europe accelerates efforts to achieve technological sovereignty and reindustrialisation, Balnord is positioning itself as a key early-stage backer for the companies building the continent’s next generation of strategic infrastructure.
