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The Venture Codex

Balnord

2, Place de Strasbourg, Luxembourg, 2562

Overview

Long-term investment and strategic thinking for growth.

Deals · 12mo

8

Links

WebsiteLinkedIn

Stage focus

Seed
Series A

Geographic focus

Denmark
Germany
Lithuania
Singapore
...

Sector focus

—

Investment portfolio

9rounds
NAMEDATESIZE
Osavul
Oct 2026Participated
$10 MSeries A
INLEAP Photonics
Sep 2026Participated
$23 MSeed
ATMOS Space Cargo
Apr 2026Led
$30 MSeries A
Sapient Perception
Apr 2026Led
$2 MSeed
Avenue Biosciences
Jan 2026Led
$6 MSeed
Infinite Orbits
Nov 2025Participated
$46 MOther Equity
Skycore Semiconductors
Nov 2025Participated
$6 MSeed
VitVio
Oct 2025Participated
$8 MSeed
Astrolight
May 2025Led
$3 MSeed
Osavul
Oct 2026Participated
$10 MSeries A
INLEAP Photonics
Sep 2026Participated
$23 MSeed
ATMOS Space Cargo
Apr 2026Led
$30 MSeries A
Sapient Perception
Apr 2026Led
$2 MSeed
Avenue Biosciences
Jan 2026Led
$6 MSeed
Infinite Orbits
Nov 2025Participated
$46 MOther Equity
Skycore Semiconductors
Nov 2025Participated
$6 MSeed
VitVio
Oct 2025Participated
$8 MSeed
Astrolight
May 2025Led
$3 MSeed
9
Items
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Insights

Time horizon

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Deal Distribution

Balnord: 9 funding rounds are recorded in the selected participation categories.All available history.
Balnord: 9 funding rounds are recorded in the selected participation categories. All available history
Round typeLed dealsParticipated deals
Seed33
Series A11
Other Equity01

Monthly Deal Activity

Balnord: 9 deals are recorded across 18 months.All available history.
Balnord: 9 deals are recorded across 18 months. All available history
MonthDeals
May '251
Jun '250
Jul '250
Aug '250
Sep '250
Oct '251
Nov '252
Dec '250
Jan '261
Feb '260
Mar '260
Apr '262
May '260
Jun '260
Jul '260
Aug '260
Sep '261
Oct '261

Sector Breakdown

Balnord: Space & Frontier Tech is the largest displayed sector by deal count (5 deals).All available history.

A deal can appear in multiple sectors, so sector totals may overlap. Capital represents disclosed total round sizes, not fund cheque sizes.

Balnord: Space & Frontier Tech is the largest displayed sector by deal count (5 deals). All available history
SectorDeals
Space & Frontier Tech5
Networks, Cloud & Communication3
AI & Machine Learning3
Hardware & Robotics2
Enterprise Software2
Manufacturing2
Cybersecurity & Privacy2
Health & Life Sciences2
Government & Defense1
Clean Energy & Sustainability1
Data, Analytics & IT1

Deal Size Distribution

Balnord: 9 rounds have a disclosed size in the displayed size bands.All available history.

Undisclosed round sizes are excluded. Capital represents total round sizes, not fund cheque sizes.

Balnord: 9 rounds have a disclosed size in the displayed size bands. All available history
Round size band (USD)Deals
<$5M2
$5M-$10M4
$10M-$25M1
$25M-$50M2
$50M-$100M0
$100M-$250M0
$250M-$500M0
$500M-$1B0
$1B+0

Deals By Geography

Balnord: Europe has the largest recorded deal count among the displayed regions (6 deals).All available history.

Top 2 of 2 regions; European countries are grouped as Europe.

Balnord: Europe has the largest recorded deal count among the displayed regions (6 deals). All available history
RegionDeals
Europe6
United States3
Balnord: 20 co-investors are shown, with High-Tech Grunderfonds sharing 2 recorded deals.All available history.

Co-Investors

Bubble size = shared deals

Click a bubble to open that fund in a new tab.

Shows up to 20 co-investors ranked by shared deals. Deals may be shared with multiple funds, so rows overlap. Capital is total round size, not fund cheque size.

Balnord: 20 co-investors are shown, with High-Tech Grunderfonds sharing 2 recorded deals. All available history
Co-investorShared deals
High-Tech Grunderfonds2
Mätch VC2
33N1
3NGLS1
42CAP1
Amadeus1
APEX Ventures1
Coinvest Capital1
Dimerent1
E2MC1
Earlybird Digital East1
EIC Fund1
EIFO1
European Innovation Council1
Expansion VC1
Faber Ventures1
First Momentum Ventures1
FORWARD.one1
G+D Ventures1
Inventure1

Investment Strategy

Balnord: Led accounts for 44% and participating for 56% of round participation.All available history.
Balnord: Led accounts for 44% and participating for 56% of round participation. All available history
CategoryDeals (count)Share (%)
Led444%
Participating556%
Balnord: Single-lead accounts for 25% and co-led for 75% of lead dynamics.All available history.
Balnord: Single-lead accounts for 25% and co-led for 75% of lead dynamics. All available history
CategoryDeals (count)Share (%)
Single-lead125%
Co-led375%

Team

Aleksander Dobrzyniecki

Partner

Gabrielė Poteliūnaitė
Jarek Pilarczyk