Warsaw-based Expeditions, an early-stage investor at the intersection of security and deep tech, has secured over €100M for its second fund, surpassing its original target as it eyes a €150M final close by the end of 2025.
Founded in 2021 by Dr. Mikolaj Firlej and Stanislaw Kastory, Expeditions focuses on dual-use technologies across cybersecurity, defence, AI, quantum computing, autonomy, privacy, communications, and space.
Since launch, Fund II has already backed seven companies, including Lendurai, Orasio, and Q—supporting nearly 30% of Europe’s top 30 defence startups. Its LP base includes the NATO Innovation Fund, the Polish Development Fund, and senior tech executives from Skype, Wise, Bolt, and Snowflake.
Co-founder and GP Dr. Mikolaj Firlej explained:
“Europe no longer has the luxury of 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 partners early with the highest-potential founders, offering patient capital and deep expertise. As threats evolve, Europe is entering a golden age of innovation, and this fund will accelerate the entrepreneurs shaping it.”
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A dual lens: defence and deep tech
Expeditions differentiates itself by combining defence-sector expertise with Silicon Valley-style technology investing. This enables the team to identify startups in sensitive but strategically crucial domains—from AI-driven cybersecurity to quantum technologies and autonomous systems—that traditional VCs might overlook.
The firm also plays an active role beyond capital, engaging with policymakers, building ecosystems, and shaping regulatory frameworks to ensure European startups can scale globally while strengthening sovereignty and security resilience.
Looking ahead
With its final close expected in late 2025, Expeditions Fund II is on track to become one of Europe’s most influential security-focused venture funds. By combining financial firepower with policy engagement and industry expertise, Expeditions aims to cement Europe’s role as a global hub for security innovation.
