Europe’s industrial transformation is picking up speed. As the continent pushes to rebuild its industrial base, reclaim technological sovereignty, and strengthen its defences, one truth has become clear: the future belongs to the companies that can bridge innovation with resilience. Yet too often, frontier and dual-use startups struggle to find early investors to back them through the uncertainty of early growth.
Balnord is stepping in to change that. Based in Gdansk, the early-stage venture capital firm has just announced the oversubscription of its debut €70 million Balnord Fund I. So far, it has deployed €13 million across ten startups, whose combined revenues this year reached €35 million and who have already raised €40 million in follow-on rounds.
Aleksander Dobrzyniecki, General Partner at Balnordm, told TFN: “We’re backing founders who want to build movements. Our €70M fund is designed to power the next generation of frontier and dual-use technologies that will shape Europe’s future, from space to industrial resilience. It is already oversubscribed and on course for €100M.”
Rebuilding Europe’s technological backbone
Founders Marcin P. Kowalik and Aleksander Dobrzyniecki have worked together for nearly a decade and share a belief that Europe can’t rely solely on foreign innovation. With backgrounds as operators and entrepreneurs, they’ve created Balnord as a hands-on partner for founders tackling Europe’s biggest industrial and technological 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 back founders and help them build movements,” said Aleksander Dobrzyniecki, General Partner at Balnord.
Balnord’s early portfolio already signals ambition. ATMOS Space Cargo in Germany is reshaping satellite logistics with its space-to-Earth cargo system. Poland’s Vitvio is reimagining the operating room through computer vision and sensing, turning real-time surgical data into actionable insights. Lithuania’s Astrolight has developed a laser communication system that keeps NATO ships connected when radio networks are jammed or denied.
Dobrzyniecki told TFN, :What makes Balnord different is that we’ve been in the founders’ shoes. We understand the grind, the risk, and the ambition it takes to scale from this region. We want to build enduring, billion-euro companies that enable Europe to enhance its technological autonomy for decades to come.”
The firm has also brought together a “Founders Board” that includes DocPlanner co-founder Peter Bialo and Printful founder Davis Siksnans, both unicorn builders who provide direct mentorship to portfolio companies.
Balnord regularly co-invests with Europe’s leading deep-tech funds, such as Expansion, Matterwave, APEX Ventures, and Seraphim, creating a collaborative ecosystem where early founders can access top-tier capital and partnership networks.
What’s next?
Over the next few years, Balnord plans to invest in at least 22 startups, with initial tickets starting at €500,000 and the flexibility to follow on with up to €12 million per company. Their goal is to establish the Baltic Sea region as a globally recognised hub for dual-use and frontier innovation, connecting ecosystems from the Nordics and Baltics to Poland and Germany.
“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,” said Marjut Falkstedt, EIF Chief Executive.
