Expeditions, a venture capital firm focused on European security, has successfully closed its second fund at €197 million, significantly exceeding its revised target. The fund attracted major new strategic investors, including defence giant BAE Systems and US software company Keysight Technologies. This capital injection is earmarked for founders developing technologies to address Europe's critical defence and sovereignty challenges.
Surpassing Expectations with Strategic Backing
The final closing amount of €197 million is a strong vote of confidence, surpassing the firm's updated goal of €150 million set in late 2025. This oversubscription was supported by returning limited partners such as the Polish Development Fund and the NATO Innovation Fund. The significant interest underscores a growing recognition of the need for private capital in the defence technology sector.
A New Era for European Defence Investment
The new fund is distinguished by the direct involvement of leading industrial companies, including a €25 million commitment from BAE Systems. This investment, part of BAE's Launchpad initiative, signifies a deeper collaboration between established defence primes and emerging startups. The European Investment Fund also joined as a backer, reinforcing the continent-wide strategic importance of this initiative.
David Ewing of BAE Systems highlighted that the partnership aims to bridge the gap between early-stage innovation and real-world military capability. Similarly, Eric Taylor from Keysight Technologies emphasized that agility and collaboration are fundamental to outmatching modern threats. Their participation reflects a shared belief that a cooperative ecosystem is essential for accelerating innovation and delivering meaningful impact.
Addressing a Critical Capability Gap
Co-founders Dr Mikolaj Firlej and Stanislaw Kastory stated that Europe has underinvested in its security for too long. They argue that the continent must now build, not assume, its security by deploying sovereign advanced capabilities within the next two years. The fund is therefore dedicated to backing founders who can deliver solutions at scale and speed.
Mr. Kastory noted that the conflict in Ukraine serves as proof that autonomous defence systems are fundamental to modern security. These advanced capabilities are urgently needed across Europe, where progress has been hindered by a lack of growth capital. Expeditions aims to fill this void by providing crucial funding to scale the technologies Europe needs.
Proven Track Record and Future Expansion
Investor appetite for Fund II was fueled by the exceptional performance of Expeditions' first fund. According to Cambridge Associates benchmark data, Fund I ranks among the top 0.01% of venture funds globally. Its portfolio includes notable startups like Alpine Eagle, Comand AI, and Nu Quantum, demonstrating the firm's ability to identify category-defining companies early.
With the new capital, Expeditions plans to expand its physical presence beyond its current offices in Warsaw and London. The firm intends to open new locations in Munich and Paris to strengthen its pan-European network. This expansion will enhance its ability to source and support the most promising defence technology startups across the continent.
The successful €197 million closing of Expeditions' Fund II marks a significant milestone for Europe's burgeoning defence technology sector. By securing capital from key industrial players and public institutions, the firm is well-equipped to advance its mission of bolstering continental security. This investment will empower a new generation of founders to develop the critical capabilities needed to ensure Europe's future sovereignty and resilience.