Expeditions is a venture capital firm based in Warsaw and London, founded in 2021 by defence and technology experts Dr Mikolaj Firlej and Stanislaw Kastory. The firm was created to back European founders building at the intersection of security and deep tech, with a particular focus on dual-use technologies that can serve both commercial and government markets.
Expeditions invests in European security and deep tech companies across sectors such as cybersecurity, defence and intelligence, autonomy, artificial intelligence, quantum, privacy, communication solutions, and space.
The firm backs founders developing breakthrough technologies with the potential to transform industries and strengthen European technological sovereignty.
In September 2025, Expeditions announced it had raised over 100 million euros for Fund II, with a final close target of 150 million euros by the end of the year.
LPs include the NATO Innovation Fund, the Polish Development Fund, and early executives from Skype, Wise, Bolt, and Snowflake. Fund II has already made seven investments, including Lendurai, Orasio, and Q.
The fund builds on the track record of Fund I, launched in 2021, which invested in pioneering companies such as Alpine Eagle, Blackwall, Comand AI, Disruptive Industries, Labrys, and Nu Quantum.
Leadership
The firm is led by co-founders and general partners Dr Mikolaj Firlej and Stanislaw Kastory. Firlej brings expertise in European defence, technology policy, and entrepreneurship, while Kastory adds deep experience in venture capital and scaling technology companies. Together, they position Expeditions as a leading investor in dual-use and security-focused innovation in Europe.
Investment Strategy
Expeditions’ strategy centers on dual-use technology, meaning innovations that have both civilian and military or government applications. By combining capital with access to strategic partners, government stakeholders, and international networks, the firm supports founders navigating complex security and regulatory environments. The firm positions itself as an early-stage investor that can help companies scale across European and global markets in critical sectors.
Notable Investments
Fund II has invested in seven companies to date, including Lendurai, Orasio, and Q, with additional announcements expected as the portfolio develops. From its first fund, Expeditions backed Alpine Eagle, Blackwall, Comand AI, Disruptive Industries, Labrys, and Nu Quantum, establishing a footprint across cybersecurity, AI, quantum, and defence technologies.
Notable Exits
As a young firm with funds launched in 2021 and 2025, Expeditions has not yet reported notable exits.
Other
Expeditions’ involvement with high-profile LPs such as the NATO Innovation Fund underscores its positioning at the nexus of European security and innovation. Founders backed by Expeditions gain access not only to capital but also to strategic alignment with government and defence priorities in Europe.
