Europe’s deep tech scene is entering a new era of momentum, and Baltic VC firm Balnord is positioning itself at the center of it. Based in Gdańsk, the early-stage venture capital firm has raised an oversubscribed €70 million debut fund, with plans to reach €100 million, to back the next generation of frontier and dual-use technology startups shaping Europe’s industrial future.
The announcement comes at a pivotal time for Europe, as the continent doubles down on rebuilding its industrial base, reclaiming technological sovereignty, and strengthening its defense capabilities. For years, frontier innovators, especially those working in dual-use technologies like space, energy, and defense, have struggled to attract early investors willing to take the long view. Balnord aims to close that gap.
General Partner Aleksander Dobrzyniecki explained that the firm is backing founders who “want to build movements.” He added that Balnord’s mission is to power the next wave of frontier and dual-use technologies that will define Europe’s future industrial landscape.
The fund has already deployed €13 million across ten startups, collectively generating €35 million in annual revenue and securing €40 million in follow-on rounds.
The firm was founded by Marcin P. Kowalik and Dobrzyniecki, who have worked together for nearly a decade. Both bring deep operational and entrepreneurial experience, united by a belief that Europe can’t rely solely on imported innovation. Instead, they’re building a venture platform designed to give European founders the capital, mentorship, and resilience to scale globally.
Balnord’s portfolio reflects that mission. ATMOS Space Cargo in Germany is reinventing satellite logistics through a space-to-Earth cargo system, Vitvio in Poland is transforming surgical operations with computer vision and real-time sensing, and Astrolight in Lithuania has created a laser communication network that keeps NATO ships connected even when radio signals fail. These companies represent the kind of high-impact innovation Balnord believes can elevate Europe’s global competitiveness.
According to Dobrzyniecki, what sets Balnord apart is that the team has “been in the founders’ shoes.” He emphasized that they understand the grind, risk, and ambition needed to scale from the Baltic region and are committed to helping founders build enduring billion-euro businesses that strengthen Europe’s technological autonomy for decades to come.
The fund has also assembled a Founders Board featuring experienced unicorn builders like DocPlanner’s Peter Bialo and Printful’s Davis Siksnans, who mentor portfolio founders directly. This network of operators and investors gives startups early access to high-caliber insights, growth strategies, and co-investment opportunities.
Balnord regularly partners with top European deep-tech investors such as Expansion, Matterwave, APEX Ventures, and Seraphim, fostering a collaborative ecosystem that connects frontier founders to global capital and industrial partnerships.
Looking ahead, Balnord plans to back at least 22 startups over the next few years, with initial investments starting at €500,000 and follow-on commitments of up to €12 million per company. Its broader goal is to turn the Baltic Sea region into a globally recognized hub for dual-use and frontier innovation, linking ecosystems from the Nordics and Baltics through Poland and Germany.
Marjut Falkstedt, Chief Executive of the European Investment Fund (EIF), said the initiative aligns directly with the EU’s mission to strengthen Europe’s technological capacity and strategic independence. “Investing in Balnord enables us to contribute to the EU’s objectives by ensuring that Europe remains at the forefront of innovation and capable of meeting future challenges,” Falkstedt noted.
With its mix of capital, community, and conviction, Balnord’s debut fund signals a defining moment for the region’s deep tech landscape, one where European founders are not just competing on a global stage but setting the pace for the industries that will shape the next century.
Europe’s deep tech scene is entering a new era of momentum, and Baltic VC firm Balnord is positioning itself at the center of it.
Based in Gdańsk, the early-stage venture capital firm has raised an oversubscribed €70 million debut fund, with plans to reach €100 million, to back the next generation of frontier and dual-use technology startups shaping Europe’s industrial future.
The announcement comes at a pivotal time for Europe, as the continent doubles down on rebuilding its industrial base, reclaiming technological sovereignty, and strengthening its defense capabilities. For years, frontier innovators, especially those working in dual-use technologies like space, energy, and defense, have struggled to attract early investors willing to take the long view. Balnord aims to close that gap.
General Partner Aleksander Dobrzyniecki explained that the firm is backing founders who “want to build movements.” He added that Balnord’s mission is to power the next wave of frontier and dual-use technologies that will define Europe’s future industrial landscape. The fund has already deployed €13 million across ten startups, collectively generating €35 million in annual revenue and securing €40 million in follow-on rounds.
The firm was founded by Marcin P. Kowalik and Dobrzyniecki, who have worked together for nearly a decade. Both bring deep operational and entrepreneurial experience, united by a belief that Europe can’t rely solely on imported innovation. Instead, they’re building a venture platform designed to give European founders the capital, mentorship, and resilience to scale globally.
Balnord’s portfolio reflects that mission. ATMOS Space Cargo in Germany is reinventing satellite logistics through a space-to-Earth cargo system, Vitvio in Poland is transforming surgical operations with computer vision and real-time sensing, and Astrolight in Lithuania has created a laser communication network that keeps NATO ships connected even when radio signals fail.
These companies represent the kind of high-impact innovation Balnord believes can elevate Europe’s global competitiveness.
According to Dobrzyniecki, what sets Balnord apart is that the team has “been in the founders’ shoes.” He emphasized that they understand the grind, risk, and ambition needed to scale from the Baltic region and are committed to helping founders build enduring billion-euro businesses that strengthen Europe’s technological autonomy for decades to come.
The fund has also assembled a Founders Board featuring experienced unicorn builders like DocPlanner’s Peter Bialo and Printful’s Davis Siksnans, who mentor portfolio founders directly. This network of operators and investors gives startups early access to high-caliber insights, growth strategies, and co-investment opportunities.
Balnord regularly partners with top European deep-tech investors such as Expansion, Matterwave, APEX Ventures, and Seraphim, fostering a collaborative ecosystem that connects frontier founders to global capital and industrial partnerships.
Looking ahead, Balnord plans to back at least 22 startups over the next few years, with initial investments starting at €500,000 and follow-on commitments of up to €12 million per company. Its broader goal is to turn the Baltic Sea region into a globally recognized hub for dual-use and frontier innovation, linking ecosystems from the Nordics and Baltics through Poland and Germany.
Marjut Falkstedt, Chief Executive of the European Investment Fund (EIF), said the initiative aligns directly with the EU’s mission to strengthen Europe’s technological capacity and strategic independence. “Investing in Balnord enables us to contribute to the EU’s objectives by ensuring that Europe remains at the forefront of innovation and capable of meeting future challenges,” Falkstedt noted.
With its mix of capital, community, and conviction, Balnord’s debut fund signals a defining moment for the region’s deep tech landscape, one where European founders are not just competing on a global stage but setting the pace for the industries that will shape the next century.
