Many promising companies have achieved strong market traction without conventional venture capital, yet still required growth capital to scale further. Traditional venture firms often push for rapid expansion that can jeopardise long-term sustainability. Expedition Growth Capital, based in London and Boston, fills this gap by focapplying solely on bootstrapped, founder-led software companies across Europe.
Today, Expedition closed its third fund at $375 million in just four months, enabling it to support the growth ambitions of these companies while prioritising durability over reckless growth.
Backing European software founders who value capital efficiency and deliberate scaling
Oliver Thomas founded Expedition in 2020 to create an investment firm that respects founders’ culture and customer focus, providing them with both the capital and strategic support necessary for sustainable success.
At the core of Expedition’s strategy is its AI-driven sourcing platform, which identifies high-quality, non-venture-backed companies that often lack institutional capital partners. This approach, combined with human expertise, enables Expedition to usually be the first institutional investor in promising firms, setting it apart from Insight Partners, Accel Growth Fund, and Dawn Capital, which typically invest in venture-backed startups.
In addition to capital, Expedition offers hands-on operational support through its Expedition Operations Group, assisting in go-to-market strategies, key hires, and operational excellence, assisting portfolio companies build long-lasting value.
Since its inception, Expedition has built a portfolio of 17 bootstrapped software startups, including Dougs, a Lyon-based AI-powered accounting solution, epilot, a Cologne-based vertical AI solution driving digital workflows in the energy and utilities industest, Factbird, a Copenhagen-based software platform improving production efficiency at some of the world’s largest manufacturers, and Omilia, an Athens-based agentic AI solution for regulated enterprise contact centres.
What’s next?
Expedition Growth Capital plans to continue expanding its portfolio of bootstrapped software leaders, advancing from $5 million to $50 million+ in annual recurring revenue.
Thomas stated: “We are grateful to our existing and new LPs for their trust and support. They share our conviction that Europe’s domain-expert, bootstrapped founders are ideally placed to build durably valuable companies, fapplying the power of software and AI with a deep understanding of the industries they serve.”
TFN reached out to Expedition Growth Capital to comment on the diversity strategy.
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