Expedition Growth Capital has closed its third fund at $375 million as the London and Boston-based growth equity firm continues to invest in capital-efficient, founder-led software and AI companies across Europe. The oversubscribed raise was completed in four months, with more than half of the commitments coming from U.S. investors, including leading endowments and foundations.
Founded in late 2020, Expedition has built a portfolio of 17 bootstrapped software companies across nine European countries, many of which already operate in North America. Portfolio companies include Dougs, a Lyon-based AI-based accounting solution used by more than 30,000 businesses; epilot, a Cologne-based vertical AI platform powering digital workflows for the energy and utilities sector; Factbird, a Copenhagen software platform boosting production efficiency for global manufacturers; and Omilia, an Athens-based agentic AI solution for regulated enterprise contact centers.
Expedition’s model centers on founders building high-quality products and durable customer bases without relying on venture capital. The firm targets companies generating more than $5 million in annualized recurring revenue and helps them grow to $50 million and beyond, providing hands-on support for go-to-market expansion, strategic hiring, and operational excellence through the Expedition Operations Group. Initial investments typically range from $10 million to $25 million, providing capital for growth initiatives and shareholder liquidity.
The firm also leverages its proprietary AI-powered sourcing platform to identify high-performing, non-venture-backed software companies. Two of Expedition’s last three investments were discovered through this system. Expedition often serves as the first institutional investor, helping founders scale while preserving culture and customer trust.
Support: Macfarlanes and Carey Olsen Jersey served as legal counsel to the fund.
KEY QUOTE:
“We are grateful to our existing and new LPs for their trust and support. They share our conviction that Europe’s domain-expert, bootstrapped founders are ideally placed to build durably valuable companies—fusing the power of software and AI with a deep understanding of the industries they serve.”
“The drive, creativity and resilience of the founders we work with is at the heart of what we are building as a firm—we thank them for choosing Expedition as their partner.”
Oliver Thomas, Founder and Managing Partner, Expedition Growth Capital
