Expeditions Closes €197M for Fund II to Shape the Future of European Security

Expeditions, investing in the future of European security, led by Mikołaj Firlej and Stanisław Kastory, has announced the final close of its second fund at €197M. Expeditions’ Fund II is investing in the technologies and founders that are shaping the future of European defence and strengthening its sovereignty, helping to define Europe’s role in the world over the next century. 

Founded in 2021 by defence technology and autonomous warfare experts Dr. Mikolaj Firlej and Stanislaw Kastory, Expeditions has raised more than double its initial target for Fund II.

The firm believes Europe’s security future depends on building sovereign advanced capabilities, particularly autonomous systems, rather than relying solely on traditional defence spending. Expeditions backs early-stage defence technology founders and provides the growth capital needed to scale critical technologies.

Expeditions Co-Founder and General Partner Dr. Mikolaj Firlej said Europe must move beyond traditional defence approaches and accelerate the development of deployable, sovereign technologies to address evolving security challenges.

Co-Founder and General Partner Stanislaw Kastory highlighted the urgent need for Europe to scale autonomous defence systems, noting that limited growth capital and market fragmentation have slowed adoption. Expeditions aims to support founders building the advanced capabilities required for Europe’s future security.

According to EIF Chief Executive Marjut Falkstedt, investing in European security and defence innovation is essential to strengthening resilience and safeguarding the future. Through its Defence Equity Facility with the European Commission, the EIF supports initiatives like Expeditions that help scale technologies critical to Europe’s security.

Fund II Investors.

New investors in Expeditions Fund II include leading defence and technology organizations such as BAE Systems, Keysight Technologies, the European Investment Fund through the InvestEU programme, and the Polish Development Bank, alongside the Kosciuszko Foundation and Our Future Foundation.

Existing limited partners include the Polish Development Fund, NATO Innovation Fund, institutional investors, and industrial family offices, reflecting broad support for European defence technology and resilience.

Investors highlighted Expeditions’ role in bridging the gap between early-stage defence innovation and real-world deployment.

BAE Systems’ David Ewing noted that the partnership supports founders developing next-generation defence technologies, while PFR Ventures’ Aleksander Mokrzycki emphasized the growing opportunity at the intersection of European rearmament and deep tech innovation.

The NATO Innovation Fund and Keysight Technologies also highlighted Expeditions’ focus on providing the conviction and capital needed to scale European defence technology companies.

Across its portfolio, Expeditions has backed many of Europe’s most well-funded defence technology startups, including companies such as UForce, Orqa, Cambridge Aerospace, Frankenburg Technologies, and Orasio.

The firm’s first fund, which invested in companies including Alpine Eagle, ComandAI, Blackwall, Horizon Quantum, and Nu Quantum, has delivered top-tier venture performance. Fund II will focus on founders developing technologies that address Europe’s critical defence capability gaps, while Expeditions expands its presence with new offices in Munich and Paris.