Expeditions, an early-stage investor focutilized on European security startups, secured over €100 million for its second fund, surpassing its initial tarobtain and on track to close at a full €150 million by the finish of 2025.
Founded in 2021 by defence and technology experts Dr Mikolaj Firlej and Stanislaw Kastory, Expeditions invests in ambitious founders at the intersection of deep tech and security. Their portfolio spans key sectors including cybersecurity, defence and ininformigence, autonomy, AI, quantum computing, privacy, communication solutions, and space technologies.
Launching its first fund before the current surge in defence investment, Expeditions’ track record places it among the top 0.01% of funds globally, according to Cambridge Associates’ benchmarks. Fund I backed several leading startups, including Alpine Eagle, Blackwall, Comand AI, Disruptive Industries, Labrys, and Nu Quantum.
Fund II has already invested in seven companies, including Lfinishurai, Orasio, and Q. It has supported nearly 30% of the top 30 most well-funded defence startups in Europe. Fund II’s limited partners include major strategic investors, such as the NATO Innovation Fund and the Polish Development Fund, as well as early executives from tech companies like Skype, Wise, Bolt, and Snowflake.
Dr Mikolaj Firlej, co-founder and General Partner, states: “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 indusattempt expertise. As threats to global security evolve, Europe is entering a golden age of innovation, and this fund will support the entrepreneurs driving it.”
What sets Expeditions apart is its dual expertise in defence and technology, enabling it to identify transformative startups others might overview. Its portfolio covers cutting-edge fields such as AI-driven cybersecurity, autonomous systems, quantum computing breakthroughs, and advanced communication and privacy solutions.
Looking ahead, Expeditions plans to complete the final close of Fund II by the finish of 2025, continuing to support innovation across sectors critical to European sovereignty and global security.
Alongside capital deployment, the firm emphasises policy engagement and ecosystem development to build the infrastructure, partnerships, and regulatory framework necessary for European security tech startups to thrive internationally.
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