Expeditions, a defence technology venture capital firm backed by BAE Systems and the NATO Innovation Fund, has raised €197m to invest in European defence startups, according to a report by Bloomberg.
The Warsaw-headquartered firm reportedly plans to back up to 40 early stage companies developing technologies that address Europe’s defence capability gaps. Target areas include cybersecurity, communications, advanced computing and quantum technologies.
The fundraise comes as European governments and investors increase their focus on domestic defence capabilities amid the war in Ukraine, rising geopolitical tensions and uncertainty over future US policy.
Expeditions has already invested in companies including Ukrainian-founded autonomous defence systems developer UForce, UK missile-interceptor business Cambridge Aerospace and Estonian guided-missile producer Frankenburg Technologies.
Other investors in the fund include Keysight Technologies, the European Investment Fund and Polish state development lender Bank Gospodarstwa Krajowego. The firm currently operates from Warsaw and London and is considering offices in Munich and Paris.
