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 pioneering and dual-use technology startups across the Baltic region.
The fund, which is already well on its way to reaching a final volume of 100 million by mid-2026.
“We are investing in the backbone of European industrialization,” said Marcin P. Kowalik, General Partner at Balnord. “There has never been a better time for Europe to build resilient and lasting technology companies. The next wave of unicorns will emerge in this space.”
Balnord’s investment thesis focuses on Europe’s growing need for technological autonomy amid global supply chain fragmentation and increasing geopolitical uncertainty.
The company has already invested €13 million in ten companies, with the first four portfolio companies raising €40 million in subsequent rounds and generating sales of €35 million this year.
The focus is on Scandinavia, the Baltics, Poland and Germany, with initial investments ranging between 500,000 and 3 million euros, with the potential for follow-on investments of up to 12 million euros per company.
“We support resilient entrepreneurs who raise the bar of ambition,” said Aleksander Dobrzyniecki, General Partner at Balnord. “Our goal is to help founders build multi-billion dollar companies that can have an impact on GDP across the Baltic region. We don’t just invest in companies – we support founders and help them build movements.”
Balnord’s early investments include:
• ATMOS Space Cargo (Germany), development of space-to-earth logistics systems.
• Vitvio (Poland), a medical technology company that digitizes operating rooms using computer vision and environmental awareness.
• Astrolight (Lithuania), developer of an undetectable laser communications link for NATO ships.
• Microamp and SATIM (Poland), both deep tech companies focused on Europe’s defense innovation and 5G infrastructure goals.
Other portfolio companies address challenges in industrial resilience, engineered bio and space infrastructure, positioning Balnord as one of the few early-stage funds combining commercial and dual-use innovation in Europe.
Balnord’s core team, which comes from a decade of successful early-stage investments, includes general partners Marcin P. Kowalik and Aleksander Dobrzyniecki, as well as operating partners Jarosław Pilarczyk, Wojciech Drewczyński, Hubert Szczołek and Gabriele Poteliunaite. The company operates from Gdansk, Luxembourg and Berlin.
The company has also established a founding board to lead its portfolio companies, which includes Peter Bialo, co-founder of DocPlanner, and Davis Siksnans, founder and former CEO of Printful and now CEO of Mapon – two of the most successful tech scale-ups in the Baltics.
“Working with Balnord feels like having a partner who really gets it,” said Sebastian Klaus, CEO of ATMOS Space Cargo. “Because of their entrepreneurial experience, they understand the ups and downs of building a business. They’re not just investors – they’re builders.”
The 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.
“By investing in Balnord we can contribute directly to the EU’s strategic goals,” said Marjut Falkstedt, Managing Director of the European Investment Fund. “This fund will drive innovation in key sectors such as defense and space and ensure that Europe remains at the forefront of technological development.”
Rozalia Urbanek, board member at PFR Ventures, added that Balnord’s model “goes well beyond investments and fosters a regional deep tech ecosystem that founders can truly benefit from.”
Balnord’s mission reflects a broader shift in European venture capital towards cutting-edge technologies with strategic and industrial applications – from satellite logistics and advanced manufacturing to sustainable healthcare systems.
As Europe accelerates its efforts to achieve technological sovereignty and reindustrialization, Balnord is positioning itself as a key early-stage supporter of the companies building the continent’s next generation of strategic infrastructure.
