Expeditions Closes €197 Million Fund to Back Europe's Defense Technology Sector
Defense-focused venture capital firm Expeditions has completed a €197 million second fund to invest in early-stage European defense and dual-use technology companies. The fund will target technologies intended to strengthen Europe's industrial base.
Warsaw and London-based venture capital firm Expeditions has announced the final close of its second investment fund at €197 million, providing new capital for early-stage defense technology companies across Europe.
The fund significantly exceeded its original fundraising target and will focus on startups developing technologies with applications in defense, autonomy, artificial intelligence, cybersecurity, quantum technologies, communications, and space. According to the firm, investments will prioritize capabilities that address European security requirements while strengthening industrial resilience and technological sovereignty.
New limited partners include BAE Systems, the European Investment Fund (EIF), and Keysight Technologies. They join existing investors including the NATO Innovation Fund and the Polish Development Fund (PFR), reflecting growing institutional support for Europe's defense innovation ecosystem.
Founded in 2021 by Dr. Mikołaj Firlej and Stanisław Kastory, Expeditions has established itself as one of Europe's specialist defense technology investors. The firm plans to expand its presence with new offices in Munich and Paris as it increases investment activity across the continent.
Expeditions' portfolio includes companies developing autonomous systems, air defense technologies, command and control software, quantum technologies, and unmanned platforms. Among its investments are Croatia's Orqa, Estonia's Frankenburg Technologies, France's Comand AI, Ukraine's UForce, and Cambridge Aerospace.
The fund's launch comes as European governments accelerate defense spending and seek to strengthen domestic industrial capacity following lessons from the war in Ukraine. Venture investment has become an increasingly important source of financing for startups developing military and dual-use technologies, complementing traditional defense procurement and government-backed innovation programs.
