Warsaw-based venture capital firm Expeditions has announced the first close of Fund II, with €100 million committed and a target of €150 million. The fund has received backing from the NATO Innovation Fund and the Polish Development Fund, with the final close scheduled for the end of 2025.
- Expeditions is an early-stage European venture fund, founded in 2021 by experts in defense and future warfare, that invests in dual-use deep tech startups at the intersection of security and technology.
- The firm focuses on sectors such as cybersecurity, defense & intelligence, autonomy, AI, quantum, privacy, communications solutions, and space, with a portfolio that includes Alpine Eagle, Blackwall, Comand AI, Disruptive Industries, Labrys, and Nu Quantum.'
- Expeditions has offices in Warsaw, London, and Paris. The firm invests from pre-seed to Series A, with ticket sizes ranging from €250,000 to €5 million, and provides hands-on support in areas such as partnerships, HR, customer acquisition, financial structuring, M&As, exits, and proofs-of-concept within its portfolio.
“Expeditions backs the most high-potential founders at an early stage for the long-term, delivering patient capital and our team’s leading industry expertise. As threats to global security evolve, Europe is entering a golden age of innovation, and this fund will support the entrepreneurs driving it," explains Dr Mikolaj Firlej, co-founder and General Partner of Expeditions.
- With Fund II, the firm aims to support promising founders with patient capital and industry expertise, helping them grow while strengthening Europe’s technological and defense capabilities.
- The €100 million fund has already invested in companies such as Lendurai, Orasio, and Q, and was backed by the NATO Innovation Fund, the Polish Development Fund, and early executives from Skype, Wise, Bolt, and Snowflake.
