Expeditions announced the final close of its second fund at €197 million. The fund will invest in technologies and founders shaping the future of European defense, security, and sovereignty.
Fund II closed at more than double its initial target. The firm said the fund is designed to support companies addressing Europe’s critical capability gaps while strengthening economic and industrial resilience.
Expeditions was founded in 2021 by defense technology and autonomous warfare experts Dr. Mikolaj Firlej and Stanislaw Kastory. The firm believes Europe’s security will depend on its ability to build and deploy sovereign advanced capabilities, particularly autonomous systems, over the next two years.
The fund is backed by major European defense companies and institutions. New limited partners include BAE Systems, the European Investment Fund, and Keysight Technologies, alongside existing LPs such as the Polish Development Fund and the NATO Innovation Fund.
Other investors include the Polish Development Bank, the Kosciuszko Foundation, Our Future Foundation, institutional investors, and industrial family offices. BAE Systems’ commitment represents one of its first investments in a defense technology fund.
Expeditions said Fund II will focus on founders building technologies with immediate operational relevance. The firm is especially focused on areas where Europe needs faster deployment, more growth capital, and reduced fragmentation across the defense innovation ecosystem.
The firm has backed several European defense-tech startups, including UForce, Orqa, Cambridge Aerospace, Frankenburg Technologies, and Orasio. Its first fund included investments in companies such as Alpine Eagle, ComandAI, Blackwall, Horizon Quantum, and Nu Quantum.
Expeditions said Fund I’s performance places the firm among the top 0.01% of venture funds globally based on Cambridge Associates benchmark data. The firm attributed this performance to early conviction and a long-term approach to backing category-defining companies.
The final close also supports Expeditions’ plans to expand its European footprint. The firm is planning to grow its office network, starting with Munich and Paris.
KEY QUOTES:
“For too long, Europe mistook stability for permanence and restraint for strength. The result was years of underinvestment in the capabilities that underpin security. That period is ending. Europe is re-awakening to the reality that security must be built, not assumed. We need to champion the founders that can deploy at scale and in weeks or months, not years. That will give Europe its strategic advantage to face constantly evolving threats.”
Dr. Mikolaj Firlej, Co-Founder and General Partner of Expeditions
“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. These advanced capabilities are urgently needed across the continent, and a lack of growth capital and European fragmentation has hindered progress to date. The next two years are critical, so we are doubling down on backing the technologies Europe needs to secure its future.”
Stanislaw Kastory, Co-Founder and General Partner of Expeditions
“Investing in European security and defence innovation is not just a strategic imperative; it’s an essential commitment to safeguarding our future. This is why we have developed a dedicated Defence Equity Facility with the European Commission. By supporting initiatives in this sector such as Expeditions, we empower businesses and new technologies that enhance our resilience, innovative drive and keep us safe.”
Marjut Falkstedt, Chief Executive of the EIF
“We’re delighted to be partnering with Expeditions as an LP in Fund II. Their focus on rapidly scaling innovative defence technologies closely aligns with the ambitions of our Launchpad initiative to help bridge the gap between early-stage innovation and real-world capability. By working together, we can support founders in bringing forward the next generation of technologies that will be critical to Europe’s future security. This partnership reflects our belief that collaboration across the defence and start-up ecosystem is essential to accelerate innovation and deliver meaningful impact.”
David Ewing, Head of Technology Commercialisation at BAE Systems
“The defence sector is attracting growing interest from LPs, who see a direct connection between Europe’s rearmament needs and the business potential of deploying new, deep tech technologies. For the same reasons, we invested in Expeditions Fund II. We believe this is a team with the expertise to identify the most promising projects and support them in their growth.”
Aleksander Mokrzycki, Deputy CEO of PFR Ventures
“Europe does not lack ideas but smart capital with the conviction to scale them. Expeditions has built their entire thesis around closing that gap for European defence tech – finding founders early and staying with them through the growth that follows as they turn innovation to real world capabilities. That’s exactly the kind of conviction NIF wants to back, and exactly what Europe needs more of.”
Patrick Schneider-Sikorsky, Partner at the NATO Innovation Fund
“In the modern era of defense, agility and collaboration are fundamental. Outmatching evolving threats means accelerating innovation and leveraging the best of commercial technology. Expeditions shares that same conviction. They back the innovative founders who are redefining defense and security capabilities for Western allies, and we’re proud to support that mission as an LP in Fund II.”
Eric Taylor, VP and GM of Aerospace and Defense at Keysight Technologies
