Warsaw- and London-based venture capital firm Expeditions has announced the final close of its €197 million Fund II, more than doubling its initial target. The fund will back early-stage founders building defence and dual-use technologies aimed at strengthening Europe's security, technological sovereignty, and industrial resilience.
- Founded in 2021 by Dr. Mikołaj Firlej and Stanisław Kastory, Expeditions invests in startups developing technologies across defence, AI, autonomy, cybersecurity, quantum, communications, space, and other dual-use sectors. The firm's portfolio includes Alpine Eagle, Blackwall, ComandAI, Horizon Quantum, Nu Quantum, UForce, Orqa, Cambridge Aerospace, Frankenburg Technologies, and Orasio.
- Last October, Vestbee reported on Expeditions' €100 million first close of Fund II, backed by the NATO Innovation Fund and the Polish Development Fund. Since then, the firm has nearly doubled the fund's size, exceeding its original fundraising target.
Details of the deal
- The final close attracted several new institutional and strategic LPs, including BAE Systems, the European Investment Fund (EIF) through the InvestEU programme, and Keysight Technologies. They join existing investors such as the NATO Innovation Fund (NIF), the Polish Development Fund (PFR), institutional investors, and industrial family offices.
- With Fund II, Expeditions will continue investing in startups developing technologies with immediate operational relevance for Europe's critical defence capabilities. The firm also plans to expand its presence across the continent by opening new offices in Munich and Paris.
"Europe is not deploying new defence technologies at the pace needed to match the emerging threats we're facing. Ukraine is now Europe’s strongest army and living proof that autonomous defence systems are fundamental to security. The next two years are critical, so we are doubling down on backing the technologies Europe needs to secure its future," said Stanisław Kastory, co-founder and General Partner at Expeditions.
