The fund was backed by new investors Lumina Foundation, Zanichelli, and PI Impact, alongside existing LPs.
The pre-seed round was backed by Daphni, Sake Bosch, better ventures, and Karaoke Club.
The fund is backed by the European Investment Fund and European Investment Bank.
The fund is supported primarily by the European Investment Fund (EIF) through the InvestEU Defence Equity Facility.
The round was co-led by HG Ventures and Suma Capital, with participation from Oetker Collection KG and the European Innovation Council Fund.
The new round saw support from Hartree Partners, Subutai Capital Partners, Space 4 Earth, Truffle Capital, the Luxembourg Future Fund, and OTB Ventures.
The fund was backed by entrepreneurs, family offices and industry leaders.
Balnord plans to invest in at least 22 companies out of its Fund I, with initial cheque sizes ranging from €500,000 to €3 million.