Warsaw- and London-based Expeditions, an early-stage venture firm focused on European security and deep tech, has secured over €100 million for its second fund, surpassing its initial target. The firm is on course for a €150 million final close by year’s end.
Founded in 2021, Expeditions backs founders working in defence, intelligence, autonomy, AI, quantum, privacy, communications, and space. The fund has already made seven investments from Fund II, including Lendurai, Orasio, and Q, adding to a portfolio that covers nearly a third of Europe’s top 30 most well-funded defence startups.
“Europe no longer has the luxury of time or waiting on the sidelines. Our mission is to back the founders driving the economic and geopolitical renewal that will define Europe’s role in the 21st century,” said Dr. Mikolaj Firlej, co-founder and General Partner of Expeditions. “As threats to global security evolve, Europe is entering a golden age of innovation, and this fund will support the entrepreneurs driving it.”
Expeditions launched its first fund before the current boom in defence investing. That early move has paid off, with Fund I ranking among the top 0.01% of funds worldwide, according to Cambridge Associates benchmarks. Its portfolio includes Alpine Eagle, Blackwall, Comand AI, Disruptive Industries, Labrys, and Nu Quantum.
LPs in Fund II include the NATO Innovation Fund, the Polish Development Fund, and executives from Skype, Wise, Bolt, and Snowflake.
The Expeditions team combines venture capital experience with first-hand military, academic, and policy expertise. Its partners have advised European governments, shaped international regulation on autonomous weapons, and held senior roles in defence operations, finance, and law.
The final close of Fund II is scheduled for late 2025.
