Expeditions closes €197M Fund II for European defence tech, backed by BAE Systems and Keysight
What's the deal? ExpeditionsDealroom has a profile for this one. Try Dealroom → has closed its second fund at €197M to invest in European defence technology and startups building autonomous systems. The Warsaw- and London-based firm raised more than double its initial target.
Who's backing it? New limited partners include defence prime BAE SystemsDealroom has a profile for this one. Try Dealroom →, US defence software firm Keysight TechnologiesDealroom has a profile for this one. Try Dealroom →, and the European Investment Fund via the InvestEU programme. They join returning backers the Polish Development FundDealroom has a profile for this one. Try Dealroom → and the NATO Innovation FundDealroom has a profile for this one. Try Dealroom →.
Why now? Expeditions argues Europe's security will hinge on whether it can build and deploy sovereign advanced capabilities within two years, not on spending targets. "Europe is re-awakening to the reality that security must be built, not assumed," said co-founder and general partner Mikolaj FirlejDealroom has a profile for this one. Try Dealroom →.
What's the endgame? Founded in 2021 by Firlej and Stanislaw KastoryDealroom has a profile for this one. Try Dealroom →, the firm backs defence tech founders early and supplies the growth capital it says is scarce in Europe. It aims to address the continent's critical capability gaps and strengthen industrial resilience.
Where next? Expeditions plans to grow its network of European offices, starting with Munich and Paris, extending its reach beyond its Warsaw and London bases.
What could go wrong? The firm points to two persistent obstacles: a lack of growth capital and European fragmentation. Kastory said Europe "is not deploying new defence technologies at the pace needed to match the emerging threats we're facing."
The signal: BAE Systems' investment is one of its first in a defence tech fund, a sign that Europe's largest incumbents are now channelling money into early-stage capabilities. With institutions like the EIF building dedicated defence facilities, capital is increasingly flowing toward the sector Expeditions is targeting.
Read more: expeditionsfund.com, Tech Funding News
