Expansion
Pan-European Aerospace & Defence VC fund (Paris/Stockholm), launched 2023 by Audacia and Rymdkapital; participated in U-Space's €24M Series A (Nov 2025).
Pan-European venture fund dedicated to Sustainable Aerospace & Defence — space tech, sustainable aviation, and defense-adjacent deep tech — investing Pre-Seed through Series B to fill what its founders view as a European VC funding gap in the sector. Launched by French investment manager Audacia together with Rymdkapital (with Starburst Aerospace involved at launch).
Overview
- Firm
- Expansion
- Headquarters
- Paris, France
- Founded
- 2023
- AUM
- Target fund size €300M; first closing of €137M announced Dec 2024 (not yet fully closed)
- Stages
- Pre-Seed, Seed, Series A, Series B
- Thesis
- Pre-Seed through Series B, typical ticket €0.5M-2M, pan-European aerospace/defense/space focus.
Portfolio companies1
Partners4
- FounderCharles BeigbederAerospace engineer and serial entrepreneur (Self Trade, Poweo); Chairman/founder of French investment firm Audacia since 2006; co-founder and General Partner of Expansion, the pan-European Aerospace & Defence VC fund, alongside Ted Elvhage, Sandra Budimir, and Ulf Palmnäs.
- Founderted-elvhageCo-founder of Expansion, the pan-European Aerospace & Defence VC fund; founder of Nordic space-tech VC firm Rymdkapital (2021) and chair of EBAN's Space & Defence Executive Committee.
- Foundersandra-budimirCo-founder of Expansion, the pan-European Aerospace & Defence VC fund; co-founder of Starburst, the world's first business accelerator dedicated to aerospace and defense startups.
- Founderulf-palmnasSwedish space-industry veteran; co-founder of Rymdkapital (2021/2022), the first Nordic VC firm dedicated to European space technology, and co-founder of Expansion, the pan-European Aerospace & Defence VC fund, alongside Ted Elvhage, Sandra Budimir, and Charles Beigbeder.
Frequently asked
- What is Expansion?
- Pre-Seed through Series B, typical ticket €0.5M-2M, pan-European aerospace/defense/space focus.
- How much does Expansion manage?
- Expansion manages Target fund size €300M; first closing of €137M announced Dec 2024 (not yet fully closed) in assets, and was founded in 2023.
- What stages does Expansion invest at?
- Expansion invests at Pre-Seed, Seed, Series A, Series B.
Sources & citations4
Each claim links to its underlying source. Confidence reflects how directly the source supports the claim.
- 1
Expansion participated in U-Space's €24M Series A
EU-Startups: One satellite per week: that's the aim of France's U-Space with its new €24 million raiseVerified2025-11-12 - 2
Audacia and Starburst announce the launch of Expansion, a new investment fund dedicated to aerospace and defense start-ups
Actu IA: Audacia and Starburst announce the launch of ExpansionVerified2023-01-01 - 3
AUDACIA Expansion Ventures completes first closing of €137 million
GlobeNewswire: AUDACIA Expansion Ventures completes its first closing amounting to €137 millionVerified2024-12-27 - 4
Expansion Aerospace & Defence Ventures led U-Space's €24M Series A round
Payload Space: U-Space Raises €24M to Boost France's Sat ProductionVerified2025-11-12