Expeditions closes €197M for Fund II to shape the future of European security

Expeditions closes €197M for Fund II to shape the future of European security 

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• Fund II is backed by leading European defence companies and institutions, including new Limited Partners (LPs) BAE Systems, the European Investment Fund, and Keysight Technologies, alongside existing LPs Polish Development Fund (PFR) and the NATO Innovation Fund
• Investments will focus on founders building the defining technologies of our time, with the mission to address Europe’s critical capability gaps, as well as strengthen economic and industrial resilience  
• Expeditions is planning to grow its network of offices in Europe, starting with Munich and Paris  

WARSAW / LONDON, 7 July 2026: Expeditions has announced the final close of its second fund at €197M. Expeditions’ Fund II is investing in the technologies and founders that are shaping the future of European defence and strengthening its sovereignty, helping to define Europe’s role in the world over the next century. 

Founded in 2021 by defence technology and autonomous warfare experts Dr Mikolaj Firlej and Stanislaw Kastory, Co-Founders and General Partners, Expeditions has raised more than double its initial target for Fund II. Expeditions believes that European security will be determined not by declarations or spending targets which still prioritise traditional defence, but by whether Europe can build and deploy sovereign advanced capabilities, especially autonomous systems, in the next two years. That means backing defence tech founders early and providing access to the growth capital that is sorely lacking in Europe to sustain the high growth momentum for their portfolio. 

Dr Mikolaj Firlej, Co-Founder and General Partner of Expeditions, said: “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.”

Stanislaw Kastory, Co-Founder and General Partner of Expeditions, said, “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.” 

Marjut Falkstedt, Chief Executive of the EIF, said: “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”.

New LPs in Fund II include Europe’s leading defence prime BAE Systems, the top defence prime with their investment representing one of its first in a defence tech fund. This final round also attracted Keysight Technologies, a major defence software prime in the US, the support of the European Investment Fund through the InvestEU programme, and the Polish Development Bank, which are actively investing in strengthening European defence and resilience, alongside the Kosciuszko Foundation and Our Future Foundation. 

Existing Fund II LPs include the Polish Development Fund (PFR), NATO Innovation Fund, other institutional investors, and early industrial family offices. 

David Ewing, Head of Technology Commercialisation, BAE Systems, said: “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.”

Aleksander Mokrzycki, Deputy CEO, PFR Ventures, said: “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.”

Patrick Schneider-Sikorsky, Partner at the NATO Innovation Fund, said: "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."

Eric Taylor, Keysight Technologies VP&GM Aerospace and Defense, said: “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.”

Across its portfolio, Expeditions has backed the majority of the most well-funded defence-tech startups in Europe, underscoring its ability to identify category-defining companies at the earliest stages. These include companies such as UForce, Orqa, Cambridge Aerospace, Frankenburg Technologies, and Orasio. Based on Cambridge Associates benchmark data, Fund I’s performance - which included leading startups such as Alpine Eagle, ComandAI, Blackwall, Horizon Quantum, and Nu Quantum - places Expeditions among the top 0.01% of venture funds globally, highlighting the strength of its early conviction and long-term approach. 

Fund II is focused on the founders building technologies with immediate operational relevance for Europe’s critical capability gaps.

Expeditions also plans to expand its footprint across Europe, opening offices in Munich and Paris. 

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ENDS

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About Expeditions

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Expeditions is the leading early-stage investor in the future of European security. Founded in 2021 by a team of early researchers and pioneers in the future of warfare, Expeditions invests in leading startups at the intersection of security and deep tech. It is a champion for innovation in these crucial sectors, breaking down institutional resistance to enable exceptional European founders to succeed.

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About European Investment Fund

The European Investment Fund (EIF) is part of the European Investment Bank Group. Its central mission is to support Europe’s micro, small and medium-sized enterprises (SMEs) by helping them to access finance. The EIF designs and develops venture and growth capital, guarantees and microfinance instruments which specifically target this market segment. In this role, the EIF fosters EU objectives in support of sustainability, innovation, research and development, entrepreneurship, growth and employment.

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