Expedition Growth Capital (Expedition), a software-specialist growth equity firm, has raised its third fund of $375m, continuing its focus on partnering with growing companies from across Europe that have built high-quality products and customer bases, without venture capital.
The oversubscribed raise was completed in four months, with more than half of commitments from US investors, including leading endowments and foundations. Since its founding in late 2020, Expedition has built a portfolio of 17 software businesses from nine European countries, the majority already operating in North America.
Portfolio companies include Dougs, a Lyon-based AI-powered accounting solution used by over 30,000 businesses, epilot, a Cologne-based vertical AI solution driving digital workflows in the energy and utilities industry, Factbird, a Copenhagen-based software platform improving production efficiency at some of the world’s largest manufacturers, and Omilia, an Athens-based agentic AI solution for regulated enterprise contact centers.
Expedition specialises in supporting companies to grow from $5m+ ARR towards $50m+ with support in go-to-market expansion, strategic hires, and operations from the firm’s value creation team. Typical initial investments are $10-25m in size, providing capital for growth initiatives and shareholder liquidity.
Expedition uses a proprietary AI-powered sourcing platform to identify high-quality, non-venture-backed software companies. Two of the firm’s last three investments were identified through this platform.
Macfarlanes LLP and Carey Olsen Jersey LLP served as legal counsel to the fund.
