European defence tech continues to attract record levels of venture capital. Warsaw-based VC Expeditions has announced the final close of its second fund at €197 million, exceeding its original €150 million target and positioning itself as one of the continent’s largest specialist investors in defence innovation.
The new vehicle, Expeditions Fund II, will invest in up to 40 early-stage startups developing technologies designed to strengthen Europe’s defence capabilities. The fund focuses on areas including AI, cybersecurity, autonomous systems, quantum technologies, communications, intelligence, and space—sectors increasingly viewed as critical to Europe’s strategic autonomy.
The oversubscribed fund received a significant boost from BAE Systems, which committed €25 million as part of its Launchpad initiative. The programme is designed to connect one of Europe’s largest defence contractors with emerging startups, helping commercialise new technologies while giving founders access to BAE’s industrial expertise and customer network.
Founded in 2021 by Dr. Mikołaj Firlej and Stanisław Kastory, Expeditions has quickly established itself as one of Europe’s most active defence-focused investors. The firm says it has backed nearly 30% of the continent’s 30 best-funded defence startups, with portfolio companies including Alpine Eagle, Comand AI, Nu Quantum, and Labrys.
"Our security can no longer be assumed; it has to be built,"
Beyond BAE Systems, the fund is backed by an impressive group of institutional and private investors, including the NATO Innovation Fund, Polish Development Fund (PFR), and several early executives behind European tech success stories such as Skype, Wise, Bolt and Snowflake.
The fund closes as European defence investment reaches unprecedented levels. According to Dealroom and the NATO Innovation Fund, startups focused on defence, security and resilience raised $8.7 billion in 2025, nearly twice as much as the previous year, reflecting a dramatic shift in investor sentiment following Russia’s invasion of Ukraine.
The geopolitical landscape has transformed defence from a niche investment category into one of Europe’s fastest-growing venture sectors. Governments across the continent are increasing military spending, while initiatives such as the EU’s ReArm Europe programme are expected to mobilise hundreds of billions of euros for defence capabilities over the coming years.
Expeditions has already begun deploying capital from the new fund, backing startups including Lendurai and Orasio. With nearly €200 million now available for investment, the firm is positioning itself to support founders building technologies that could define Europe’s future defence infrastructure.
For Expeditions, the successful raise marks another milestone in a sector that has rapidly evolved since the firm launched in 2021. The next challenge will be helping portfolio companies turn cutting-edge technologies into solutions that governments and defence organisations adopt at scale—a market that is growing faster than ever.
