Expedition Growth Capital has closed its third fund at $375 million, continuing its strategy of backing founder led software and AI companies that have grown without traditional venture funding.
The London and Boston based firm completed the oversubscribed raise in just four months, with more than half of commitments coming from major US endowments and foundations.
Investing in Capital Efficient European Software Leaders
Founded in 2020, Expedition focuses on European bootstrapped companies with strong products loyal customer bases and a use but not a need for capital.
Its portfolio includes 17 companies across nine countries, many already expanding in North America.
Notable investments include Dougs in Lyon an AI powered accounting platform used by over 30,000 businesses epilot in Cologne a vertical AI workflow solution for the energy sector Factbird in Copenhagen a production efficiency platform for global manufacturers and Omilia in Athens an agentic AI system for enterprise contact centers.
Expedition Growth Capital helps founders scale from $5 million or more in annualised recurring revenue toward $50 million and beyond providing hands on support in go to market strategy executive hiring and operational excellence.
Initial investments typically range from $10 million to $25 million supporting both growth initiatives and shareholder liquidity.
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AI Driven Sourcing Paired With Founder Focused Partnership
Expedition identifies high performing non venture backed companies using a proprietary AI sourcing engine which surfaced two of its last three deals.
The firm is often the first institutional investor and partners closely with founders to help them scale while preserving the culture and customer centricity that fueled their early success.
“We are grateful to our existing and new LPs for their trust and support,” says Oliver Thomas Founder and Managing Partner at Expedition Growth Capital. “They share our belief that Europe’s domain expert bootstrapped founders are uniquely positioned to build durable category leaders by combining software and AI with deep industry insight. The ambition and resilience of the founders we back is the foundation of everything we do.”
Macfarlanes LLP and Carey Olsen Jersey LLP served as legal counsel for the fund.
About Expedition Growth Capital
Expedition Growth Capital is a growth equity firm based in London and Boston partnering with ambitious software companies that have scaled with little or no external funding. The firm provides capital for expansion and liquidity along with operational support across go to market strategy leadership development and scaling execution helping founders build long term category leadership.
