Expeditions Fund, founded 2021 by Dr Mikolaj Firlej & Stanislaw Kastory. Fund I complete; Fund II raised €100m+ (targeting €150m final close 2025). 16-person team (8 partners, 2 VPs). Portfolio: 24-26 companies incl. Nu Quantum, Lendurai, Orasio, Gambit Cyber, Labrys, Alpine Eagle. LPs: NATO Innovation Fund, Polish Development Fund, ex-Skype/Wise/Bolt/Snowflake execs. Top 0.01% by Cambridge Associates. 30% of EU's top 30 defence startups backed.
Investment Focus
Investment Thesis
DeepTech: cybersecurity, quantum, AI, autonomy, privacy, space, dual-use defence. Seed-Series A, £500k-£5m checks. Warsaw HQ, strong UK presence. Security/defence specialist expertise. Avoids non-strategic, non-EU focus. Patient capital, policy-engaged approach. Team incl. quantum specialist (NSSIF background), defence/AUKUS lead.
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