Expeditions Fund

Expeditions is a Warsaw-based early-stage venture capital firm founded in 2021, focused exclusively on European deep tech and security. The firm invests in dual-use startups across cybersecurity, defence and intelligence, autonomy, AI, quantum, privacy, communications, and space. Expeditions invests from pre-seed to Series A, with ticket sizes ranging from €250,000 to €5 million. At the seed stage, the average round size across its portfolio has been approximately $5.97M, and at Series A, approximately $17.8M. Fund II surpassed its initial target, raising over €100 million, and is targeting a final close at €150 million. LPs include the NATO Innovation Fund, the Polish Development Fund, and early executives from Skype, Wise, Bolt, and Snowflake. The firm operates from offices in Warsaw, London, and Luxembourg, and focuses on European founders. Expeditions has backed 30% of the top 30 most well-funded defence startups in Europe. Founders outside the defence and deep tech security space are unlikely to be a fit; the firm's mandate is tightly scoped to European sovereignty and security technology.