Expeditions on track for €150M for Fund II for the future of European security

WARSAW/LONDON, 29 September 2025: Expeditions, the leading early-stage investor in European security, has announced over €100M committed of its Fund II, exceeding its initial target, and is on track for a full €150M final close.

Founded in 2021 by defence and technology experts, Expeditions backs the most ambitious European founders at the intersection of security and deep tech, including dual-use companies across sectors such as cybersecurity, defence and intelligence, autonomy, AI, quantum, privacy, communication solutions and space.

While Europe undergoes a period of reindustrialisation and attempts to reestablish itself on the world stage, Expeditions is investing in the early-stage founders who will define the future European economic and defensive security. The partners at Expeditions have also been involved in pushing the ecosystem of European security forward, encouraging policymakers, LPs, and industry to take a more active role in shaping its own defence and supporting innovation.

Expeditions is already a well-established defence investor, having launched its Fund I in 2021, before the current defence boom. The fund’s track record places it on a par with the top 0.01% of funds globally (benchmarked to Cambridge Associates’ data).

Fund I invested in a number of leading startups, including Alpine Eagle, Blackwall, Comand AI, Disruptive Industries, Labrys, and Nu Quantum. Fund II has already invested in seven companies, including Lendurai, Orasio, and Q. In total, Expeditions has backed 30% of the top 30 most well-funded defence startups in Europe. LPs in Fund II include the NATO Innovation Fund, the Polish Development Fund, and early executives from Skype, Wise, Bolt, and Snowflake.

Dr Mikolaj Firlej, co-founder and General Partner of Expeditions, said: “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. Expeditions backs the most high-potential founders at an early stage for the long-term, delivering patient capital and our team’s leading industry expertise. As threats to global security evolve, Europe is entering a golden age of innovation, and this fund will support the entrepreneurs driving it.”