Expeditions Fund
Warsaw-based early-stage European venture fund investing in dual-use defense/deep-tech startups; backed by BAE Systems and the NATO Innovation Fund, closed a €197M Fund II in 2026. Participated in Uforce's $50M seed round.
Expeditions is a Warsaw-headquartered (with a London office) early-stage European venture capital firm, founded in 2021 by Dr Mikolaj Firlej and Stanislaw Kastory, investing in dual-use defense and deep-tech startups across cybersecurity, autonomy, AI, quantum, communications, and space. In July 2026 it announced the final close of its €197M ($225M) Fund II, backed by the NATO Innovation Fund, BAE Systems, the European Investment Fund (via InvestEU), Keysight Technologies, and the Polish Development Fund (PFR).
Overview
- Firm
- Expeditions
- Headquarters
- Warsaw, Poland
- Founded
- 2021
- AUM
- €197M Fund II (final close July 2026); ~€100M+ reported at first close
- Stages
- Pre-Seed, Seed, Series A, Growth
- Thesis
- "Closer civil-military collaboration is Europe's chance to spark a new industrial renaissance" — Fund II targets founders addressing Europe's critical capability gaps, building sovereign military technologies with immediate operational relevance.
Portfolio companies5
- CompanyUforceUkraine's first defense-tech unicorn — combat-proven unmanned systems and battlefield C2 software.
- CompanyLenduraiEstonian dual-use startup building autonomous UAV navigation for GPS-denied and jammed environments.
- CompanyOrqaCroatian FPV drone hardware maker (goggles, digital video transmission, and increasingly defense/security-oriented FPV drone electronics).
- CompanyComand AIFrench AI-powered command and control software for military operations.
- CompanyAlpine EagleEuropean air defense and counter-UAS systems developer.
Partners0
No linked records yet.
Frequently asked
- What is Expeditions Fund?
- "Closer civil-military collaboration is Europe's chance to spark a new industrial renaissance" — Fund II targets founders addressing Europe's critical capability gaps, building sovereign military technologies with immediate operational relevance.
- How much does Expeditions Fund manage?
- Expeditions Fund manages €197M Fund II (final close July 2026); ~€100M+ reported at first close in assets, and was founded in 2021.
- What stages does Expeditions Fund invest at?
- Expeditions Fund invests at Pre-Seed, Seed, Series A, Growth.
Sources & citations5
Each claim links to its underlying source. Confidence reflects how directly the source supports the claim.
- 1
The NATO Innovation Fund and BAE Systems backed Expeditions' €197M Fund II, closed July 2026, alongside the European Investment Fund, Keysight Technologies, and the Polish Development Fund.
NATO Innovation Fund: NATO Innovation Fund backs €197M Expeditions Fund II to champion defence tech foundersVerified2026-07-13 - 2
BAE Systems backed Expeditions' $197 million defense-tech venture fund.
Bloomberg: BAE-Backed Venture Capital Fund Raises $197 Million for Defense StartupsVerified2026-07-07 - 3
Expeditions is headquartered in Warsaw, Poland, founded in 2021 by Dr Mikolaj Firlej and Stanislaw Kastory.
Expeditions: AboutVerified2026-08-08 - 4
Expeditions participated in Uforce's $50M seed round, led by Lakestar and Shield Capital.
Vestbee: UForce raises $50MVerified2026-08-08 - 5
Expeditions closed its €197M Fund II in July 2026.
Vestbee: Expeditions closes €197M Fund IIVerified2026-07-01