Expedition Growth Capital Raises $375 Million Fund III in First and Final Close

Expedition Growth Capital, a growth equity firm empowering bootstrapped
software founders, led by Oliver Thomas, Will Sheldon, Steve Twomey, David Olsson, and others, has raised its third fund of $375 million, continuing its focus on partnering with rapidly growing companies from across Europe that have built high-quality products and customer bases, without venture capital.

Since launching in late 2020, Expedition has assembled a portfolio of 17 bootstrapped software leaders across nine European countries, many of which already operate in North America. Its investments include Dougs, an AI-driven accounting platform serving over 30,000 businesses; epilot, a Cologne-based vertical AI workflow solution for energy and utilities; Factbird, a Copenhagen platform improving production efficiency for major manufacturers; and Omilia, an Athens-based agentic AI solution for regulated enterprise contact centers.

Expedition invests in Europe’s founder-led, capital-efficient software companies, businesses that can grow without capital but accelerate with it. The firm helps companies scale from $5m+ to $50m+ in Annualised Recurring Revenue through hands-on support in go-to-market, strategic hiring, and operational excellence via the Expedition Operations Group. Typical initial investments range from $10–25 million, funding growth, and providing shareholder liquidity.

Expedition uses a proprietary AI-driven sourcing platform to identify high-quality, non-venture-backed software companies, with two of its last three investments originating from this system. As the first institutional investor in most cases, the firm helps founders scale while preserving culture and customer focus.

Oliver Thomas, Founder and Managing Partner, noted that Europe’s bootstrapped, domain-expert founders are uniquely positioned to build durable, industry-shaping software companies.

Macfarlanes LLP and Carey Olsen Jersey LLP advised the fund.