Expeditions Fund

Expeditions Fund is a venture capital firm based in Warsaw and London that invests in early-stage deep technology and dual-use startups across the security and defense sectors. The firm focuses on pre-seed through early Series A investment rounds, writing initial checks ranging from a few hundred thousand to five million euros for European founders building commercial and government applications. After launching its initial vehicle to back six companies, the firm raised over 100 million euros for its second fund by September 2025, targeting a final close of 150 million euros. Expeditions Fund receives capital from institutional limited partners including the NATO Innovation Fund and the Polish Development Fund, which it deploys into portfolio companies such as Nu Quantum, Comand AI, and Blackwall. The organization was officially founded in 2021 by Dr. Mikolaj Firlej and Stanisław Kastory.