Luxembourg’s Balnord raises €70M dual-use tech fund
Balnord, a high conviction early stage investor based in Luxembourg, has announced that it has oversubscribed its €70M fund target and is well on its way to achieving a final close of €100M by mid-2026.
01/12/2025
The new early-stage investor is dedicated to backing companies from the Baltic region at the forefront of European technological reindustrialization. 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 industrialization 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 reindustrialization - 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 reindustrialization 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 €500K to €3M, with follow-on investments up to €12M 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.
