Balnord is an early-stage venture capital firm investing in frontier and dual-use technology companies across the Baltic Sea Region (Nordics, Baltics, Poland and Germany). It describes itself as a high-conviction pre-seed and seed investor backing the technological backbone of Europe's re-industrialisation, concentrating on space, healthcare and industrial resilience. Initial tickets run €0.5M-€3M with follow-on capacity up to €12M per company and roughly 60% of the fund reserved for follow-ons. The firm was founded by the team behind Black Pearls VC and is co-financed by the European Union's InvestEU Fund.
€70M (Fund I first close, 2025) AUM61/100 Power Score™2024 FoundedLuxembourg City, Luxembourg
Deep TechDefense TechSpaceHealthcareIndustrial Technology
Balnord founded by the team behind Black Pearls VC; registered as Balnord SARL in Luxembourg with offices in Gdansk and Berlin.
2025
Announces oversubscribed €70M first close of Balnord Fund I (November 2025), backed by the European Investment Fund, PFR Ventures and family offices across 12 countries; ~€13M deployed into 10 companies.
2026
Targeting a €100M final close for Fund I by mid-2026.