Expeditions has closed its second fund at €197 million, surpassing the revised target of €150 million. Keysight Technologies is a new investor in this round.
This closing confirms that BAE Systems’ €25 million Launchpad investment, first reported by TFN in June, is included in the final fund.
Cambridge Associates reports that Fund I’s portfolio, which features Alpine Eagle and Nu Quantum, places Expeditions among the top 0.01% of funds worldwide.
Expeditions, which operates from Warsaw and London, closed its second fund at €197 million. This is more than twice its original target and above the revised €150 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’s portfolio companies.
In June 2026, BAE Systems committed €25 million to Expeditions as part of the second phase of its Launchpad programme. 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’s Defence Equity Facility, which supports European venture funds investing in defence SMEs.
