Investment thesis
Balnord is a Luxembourg-registered pre-seed and seed investor with offices in Gdansk and Berlin, backing dual-use and frontier technology companies in the Baltic Sea region and Northern Europe, including space, healthcare and supply chain. It writes €0.5 million to €3 million initially and can commit up to €12 million per company, deliberately backing fewer companies with more capital, focus and time from operator-investors.
Past investments
| Company | Round | Date | Round size |
|---|---|---|---|
| INLEAP Photonics Hannover, Germany | Seed | Sep 2026 | €20M |
| ATMOS Space Cargo Lichtenau, Germany | Series A | Apr 2026 | €25.7M |