Balnord is an early-stage venture capital firm headquartered in Luxembourg, investing in frontier and dual-use technology startups across the Baltic Sea Region. The firm focuses on deep tech sectors including SpaceTech, healthcare, AI, and supply chain, writing initial cheques of €500K–€3M.
38% of their portfolio is in Defense & Space. Deal activity increased 50% year-over-year (3 deals in the last 12 months). Their most common stage is seed (69% of deals).
Portfolio
11
Fund Size
$75M
Top Stage
Seed
Last 12 Mo
3
Team
Davis Siksnans
Co-Founder & ex-CEO at Printful
Peter Bialo
Co-Founder & CFO at DocPlanner
Tomasz Woźniak
Tech & Automation Lead
Portfolio Breakdown
Stage Distribution
Sector Distribution
Investment Activity
Portfolio
13 investments
| Company | Round | Amount | Date |
|---|---|---|---|
| SSkycore Semiconductors | Seed | — | Nov 2025 |
 Skycore Semiconductors | Seed | — | Nov 2025 |
 Infinite Orbits | Growth | — | Nov 2025 |
 Astrolight | Seed | — | May 2025 |
 Avenue Biosciences | Seed | — | Jan 2025 |
| Skycore Semiconductors | Seed | — | Jan 2025 |
| SSkycore Semiconductors | Seed | — | Jan 2025 |
 Skycore Semiconductors | Seed | — | Jan 2025 |
 Satim | Unknown | — | Sep 2024 |
 Regent Craft | Series B | — | Mar 2023 |
 Skycore | Seed | — | — |
 INLEAP Photonics | Seed | — | — |
 Sapient Perception | Pre-Seed | — | — |
Top Co-Investors
Amadeus APEX Technology Fund6 shared
First Momentum Ventures6 shared
APEX Ventures2 shared
Matterwave Ventures1 shared
+ND Capital1 shared
Newfund1 shared
European Commission1 shared
IRDI Capital Investissement1 shared
Wind1 shared
University of Helsinki1 shared
Tesi1 shared
Dimerent1 shared
Stanford's StartX Fund1 shared
Voima Ventures1 shared
Kima Ventures1 shared
Reinventure Group1 shared
Techstars1 shared
Cultivation Capital1 shared
Verissimo Ventures1 shared
Last updated: 20 October 2026