Expeditions has closed its second fund at \u20ac197 million, surpassing the revised target of \u20ac150 million. Keysight Technologies is a new investor in this round.<\/p>\n
This closing confirms that BAE Systems\u2019 \u20ac25 million Launchpad investment, first reported by TFN in June, is included in the final fund.<\/p>\n
Cambridge Associates reports that Fund I\u2019s portfolio, which features Alpine Eagle and Nu Quantum, places Expeditions among the top 0.01% of funds worldwide.<\/p>\n
Expeditions<\/a>, which operates from Warsaw and London, closed its second fund at \u20ac197 million. This is more than twice its original target and above the revised \u20ac150 million goal set in September 2025. The closing brings two major industrial companies on board as limited partners, making them more than just customers of the fund\u2019s portfolio companies.<\/p>\n In June 2026, BAE Systems committed \u20ac25 million to Expeditions as part of the second phase of its Launchpad programme<\/a>. This investment is part of the final close, along with new commitments from Keysight Technologies, a US defence software company, and the European Investment Fund\u2019s Defence Equity Facility<\/a>, which supports European venture funds investing in defence SMEs.<\/p>\n David Ewing<\/a>, head of technology commercialisation at BAE Systems, said that Expeditions\u2019 focus on growing defence technology aligns with Launchpad\u2019s goal of linking early-stage innovation with real-world capability. He also said the partnership reflects a belief in working together across the defence and start-up sectors to make a difference.<\/p>\n Eric Taylor<\/a>, Keysight\u2019s vice president and general manager for aerospace and defence, notes that agility and teamwork are key in today\u2019s defence sector. He notes Expedition Shield\u2019s founders are changing defence capabilities for Western allies.<\/p>\n The actual closing of the fund is important. By September 2025, Expeditions had raised over \u20ac100 million and aimed for \u20ac150 million by the end of the year. The fund closed almost \u20ac50 million above this goal, with the Polish Development Fund and NATO Innovation Fund returning as backers.<\/p>\n Fund I\u2019s track record explains the appetite<\/p>\n Expeditions was founded in 2021 by Dr Mikolaj Firlej<\/a> and Stanislaw Kastory<\/a>. Fund I focused on early investments in Alpine Eagle, Comand AI, Blackwall, Horizon Quantum, and Nu Quantum.<\/p>\n