Expeditions Fund Raises Over €100 Million with Support from NATO Innovation Fund
Warsaw-based Expeditions Fund has raised more than €100 million for its second vehicle, which is expected to close at €150 million by the end of 2025. The firm’s first fund, launched in 2021, was just €15 million, highlighting the rapid growth of investor interest in European defence technology.
Founded by Mikolaj FirlejDealroom has a profile for this one. Try Dealroom → and Stanislaw KastoryDealroom has a profile for this one. Try Dealroom →, Expeditions was among the first European firms to focus on early-stage defence and security startups. Its latest fund has already invested in seven ventures, including Estonian company LenduraiDealroom has a profile for this one. Try Dealroom →, while earlier investments include the anti-drone startup Alpine Eagle.
Backers of Fund II include European and US institutions, family offices, and private investors, with the NATO Innovation FundDealroom has a profile for this one. Try Dealroom → among the limited partners. Firlej has stressed the need for Europe to develop its own resilient funding base, while also recognising the value of US capital in supporting the sector.
The fundraising comes amid a surge of capital into European defence innovation. Startups in the sector attracted €1.4 billion in the first seven months of 2025, compared with €30 million in 2020.
Sources:
Financial Times
Silicon Canals
EU Startups
Resilience Media
Tech Funding News
J.V.
