Warsaw-based Expeditions, a leading early-stage investor in European security, has announced over €100 million committed of its Fund II, exceeding its initial target, and is reportedly on track for a full €150 million final close.
Dr Mikolaj Firlej, Co-founder and General Partner of Expeditions, said: “Europe no longer has the luxury of time or waiting on the sidelines. Our mission is to back the founders driving the economic and geopolitical renewal that will define Europe’s role in the 21st century.
“Expeditions backs the most high-potential founders at an early stage for the long-term, delivering patient capital and our team’s leading industry expertise. As threats to global security evolve, Europe is entering a golden age of innovation, and this fund will support the entrepreneurs driving it.”
Founded in 2021 by defence and technology experts, Expeditions backs European Founders at the intersection of security and DeepTech, including dual-use companies across sectors such as cybersecurity, defence and intelligence, autonomy, AI, quantum, privacy, communication solutions and space.
According to EU-Startups coverage, the fund is listed among backers of several European security and DeepTech ventures, including Project Q’s €7.5 million Seed round in Munich (2025), Labrys’ €17.5 million raise in London (2025), Proofs’ €2.4 million round in Warsaw (2024), and BotGuard’s €12 million Series A in Tallinn (2024).
These investments highlight Expeditions’ active deployment into cybersecurity, defence, and dual-use technology startups across Europe.
In 2025, fund-level activity across Europe reflects a rising institutional confidence in deep tech, cybersecurity, and adjacent strategic domains. The launch and closes of specific vehicles – from Omnes’ DeepTech fund and TIN Capital’s CyberTech fund to Keen Venture’s dedicated defence fund – mirror the thematic focus of Expeditions, situating it within a broader wave of capital directed toward security, dual-use, and technology sovereignty.
While many of these funds are substantial but still modest relative to generalist VC pools, the specificity of their mandates (defence, DeepTech, quantum, cybersecurity) indicates a maturing specialisation among European fund managers. Expeditions’ €100+ million raised places it among the more sizeable, thematic funds in Europe in 2025, especially when comparing with peers like Lunar Ventures’ €50 million or Omnes’ early close at €112 million.
While Europe undergoes a period of reindustrialisation and attempts to reestablish itself on the world stage, Expeditions says they are investing in the early-stage Founders who will define the future European economic and defensive security. The partners at Expeditions have also reportedly been involved in pushing the ecosystem of European security forward, encouraging policymakers, LPs, and industry to take a more active role in shaping its own defence and supporting innovation.
Expeditions is already a well-established defence investor, having launched its Fund I in 2021, before the current defence boom. The fund’s track record places it on a par with the top 0.01% of funds globally (benchmarked to Cambridge Associates’ data).
Fund I invested in a number of leading startups, including Alpine Eagle, Blackwall, Comand AI, Disruptive Industries, Labrys, and Nu Quantum. Fund II has already invested in seven companies, including Lendurai, Orasio, and Q.
In total, Expeditions has backed 30% of the top 30 most well-funded defence startups in Europe. LPs in Fund II include the NATO Innovation Fund, the Polish Development Fund, and early executives from Skype, Wise, Bolt, and Snowflake.
The final close of Fund II is scheduled for the end of 2025.
Expeditions is the leading early-stage investor in the future of European security. Founded in 2021 by a team of early researchers and pioneers in the future of warfare, Expeditions invests in leading startups at the intersection of security and deep tech. It is a champion for innovation in these crucial sectors, breaking down institutional resistance and driving the policy changes that will enable exceptional European founders to succeed.
Read the orginal article: https://www.eu-startups.com/2025/09/over-e100-million-raised-for-polish-expeditions-fund-ii-targeting-cybersecurity-ai-quantum-and-defence/
