Luxembourg’s Balnord raises €70M dual-use tech fund
Balnord has announced that it has oversubscribed its €70million fund target and is well on its way to achieving a final close of €100million by mid-2026.
01/12/2025
The new high-conviction early stage investor based in Luxembourg is dedicated to backing companies from the Baltic region at the forefront of European technological reindustrialisation. The fund will invest in frontier and dual-use technologies with a special focus on space, healthcare and industrial resilience.
Europe is undergoing the most significant wave of industrialisation in decades, and European frontier-tech dual-use technology companies are poised to define the next generation of winners. It is estimated that €1 trillion is ready to be invested annually across the continent, solving the most complex problems and tackling reindustrialisation - Balnord believes that the next wave of unicorns will emerge in this space.
Balnord wants to support Europe in rebuilding its technological autonomy - laying the foundation for Europe’s reindustrialisation across space, healthcare, industrial resilience and more.
The new fund will invest in at least 22 companies and can make significant follow-on investments. Initial investments will range from €500,000 to €3million, with follow-on investments up to €12million per company.
Balnord’s partners have a proven track record, having built four early-stage specialist funds that have delivered top-tier returns over the past 10 years. The Balnord team is split between Gdansk, Luxembourg and Berlin.
