Expeditions

About

Expeditions is a Warsaw and London-based early-stage defense technology venture firm founded in 2021 by Dr. Mikolaj Firlej and Stanislaw Kastory, both early researchers and pioneers in autonomous warfare and defense technology. The firm is one of Europe's most active investors in defense tech, having backed the majority of the most well-funded defense startups on the continent. Fund I's performance places Expeditions in the top 0.01% of venture funds globally based on Cambridge Associates benchmark data. Fund II closed at more than double its initial target.

Investment Focus

Expeditions invests in early-stage European defense technology companies building autonomous systems, AI-native command and control, sovereign cyber capability, advanced sensing, space, quantum, and dual-use deep tech, specifically targeting founders developing capabilities with immediate operational relevance for Europe's critical security gaps.

The firm focuses on technologies that can be deployed at scale within weeks or months rather than years, reflecting the speed required by modern defense procurement realities.

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Fund

Expeditions Fund II reached final close at $218M (€197M) in July 2026, more than double its initial target.

New LPs include BAE Systems (one of its first investments in a defense tech fund), European Investment Fund (through the InvestEU programme), Keysight Technologies, Kosciuszko Foundation, and Our Future Foundation.

Returning LPs include Polish Development Fund (PFR Ventures), NATO Innovation Fund, institutional investors, and early industrial family offices.

Expeditions plans to expand into Munich and Paris alongside the Fund II close.

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Other Information

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Leadership

Dr. Mikolaj Firlej is Co-Founder and General Partner.

‍Stanislaw Kastory is Co-Founder and General Partner.

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Investment Strategy

Expeditions invests at the earliest stages, pre-seed and seed, in European defense tech founders building sovereign capabilities across autonomous systems, AI-enabled command and control, quantum, space, and advanced sensing.

The firm leads rounds and stays with companies through growth, addressing what it identifies as Europe's critical shortage of growth capital in defense tech.

Its strategic LP base, including BAE Systems, NATO Innovation Fund, and the EIF, provides portfolio companies with direct pathways to procurement, partnership, and customer validation across European defense establishments.

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Notable Investments