Expedition Growth Capital Closes $375M Fund for European Software & AI
December 4, 2025, 3:32 pm
Expedition Growth Capital secured $375M for its third fund. The firm backs European software and AI companies. Focus is on bootstrapped, founder-led businesses. Over half the commitments came from U.S. investors.
London and Boston-based Expedition Growth Capital has closed its third fund. The fund totals $375 million. It will invest in European software and AI firms. The focus remains on capital-efficient companies. These companies are often founder-led.
The fund was oversubscribed. It closed in just four months. U.S. investors accounted for over half the commitments. These included major endowments and foundations.
Expedition was founded in late 2020. It has built a portfolio of 17 bootstrapped software companies. These companies span nine European countries. Many already operate in North America.
Portfolio companies include Dougs. Dougs is an AI-based accounting solution in Lyon. It serves over 30,000 businesses. Epilot is another portfolio company. It is a Cologne-based vertical AI platform. Epilot powers digital workflows. It serves the energy and utilities sector. Factbird is also in the portfolio. Factbird is a Copenhagen software platform. It boosts production efficiency for manufacturers globally. Omilia is an Athens-based company. It provides agentic AI solutions. It focuses on regulated enterprise contact centers.
Expedition's model targets founders. These founders build strong products. They create durable customer bases. They do this without venture capital. The firm seeks companies generating over $5 million in annual recurring revenue (ARR). It helps them grow beyond $50 million.
Expedition offers hands-on support. This includes go-to-market expansion. It also involves strategic hiring. The firm uses its Expedition Operations Group for operational excellence.
Initial investments range from $10 million to $25 million. This provides capital for growth. It also offers shareholder liquidity.
The firm uses an AI-powered platform. This platform identifies high-performing software companies. These companies are not venture-backed. Two of Expedition's last three investments came from this system. Expedition often acts as the first institutional investor. It helps founders scale their companies. It also preserves their culture and customer trust.
European funding activity shows movement. This is across AI-enabled enterprise software. It also includes vertical SaaS. Several announcements align with Expedition's focus. These are on domain-specific, bootstrapped, or efficiency-driven software firms.
Prague-based Bandits raised €400k. This will advance AI-powered workflow automation. London startup Model ML secured €65 million. They will scale their AI operations platform. This is for financial services. Dost, based in Barcelona and London, added €6.7 million. They will expand their AI accounts-payable automation. This is into the UK. Barcelona’s Uxia raised €1 million. They will develop synthetic-user testing tools. These tools are for product teams.
In the Nordics, Stockholm’s Spiich Labs secured €600k. They focus on AI-driven CRM and sales-process automation. Encube emerged with €19 million. They will build AI-supported design workflows. This is for hardware and manufacturing teams.
These rounds total roughly €91 million. This indicates consistent investment momentum. The momentum is mostly early-stage. It's across Europe. The focus is on software and AI platforms. These platforms align with Expedition Growth Capital's areas.
Expedition’s €323 million fundraise is significant. It's a larger pool of growth-stage capital. This is compared to smaller Seed and Series A rounds. The firm can address the scaling gap. This gap faces revenue-generating European software companies.
Expedition specializes in supporting companies. They help them grow from €4.3 million+ ARR towards €43 million+. They offer hands-on support. This is in go-to-market expansion and strategic hires. They also provide operational excellence. This support comes from the Expedition Operations Group.
Expedition has previously invested in Xensam, Rentman, and epilot. This highlights the firm's role in funding European software. They also fund AI-driven scale-ups."
Expedition Growth Capital Fuels European Software & AI with $375M Fund
London and Boston-based Expedition Growth Capital has closed its third fund. The fund totals $375 million. It will invest in European software and AI firms. The focus remains on capital-efficient companies. These companies are often founder-led.
The fund was oversubscribed. It closed in just four months. U.S. investors accounted for over half the commitments. These included major endowments and foundations.
Expedition was founded in late 2020. It has built a portfolio of 17 bootstrapped software companies. These companies span nine European countries. Many already operate in North America.
Portfolio companies include Dougs. Dougs is an AI-based accounting solution in Lyon. It serves over 30,000 businesses. Epilot is another portfolio company. It is a Cologne-based vertical AI platform. Epilot powers digital workflows. It serves the energy and utilities sector. Factbird is also in the portfolio. Factbird is a Copenhagen software platform. It boosts production efficiency for manufacturers globally. Omilia is an Athens-based company. It provides agentic AI solutions. It focuses on regulated enterprise contact centers.
Expedition's model targets founders. These founders build strong products. They create durable customer bases. They do this without venture capital. The firm seeks companies generating over $5 million in annual recurring revenue (ARR). It helps them grow beyond $50 million.
Expedition offers hands-on support. This includes go-to-market expansion. It also involves strategic hiring. The firm uses its Expedition Operations Group for operational excellence.
Initial investments range from $10 million to $25 million. This provides capital for growth. It also offers shareholder liquidity.
The firm uses an AI-powered platform. This platform identifies high-performing software companies. These companies are not venture-backed. Two of Expedition's last three investments came from this system. Expedition often acts as the first institutional investor. It helps founders scale their companies. It also preserves their culture and customer trust.
European funding activity shows movement. This is across AI-enabled enterprise software. It also includes vertical SaaS. Several announcements align with Expedition's focus. These are on domain-specific, bootstrapped, or efficiency-driven software firms.
Prague-based Bandits raised €400k. This will advance AI-powered workflow automation. London startup Model ML secured €65 million. They will scale their AI operations platform. This is for financial services. Dost, based in Barcelona and London, added €6.7 million. They will expand their AI accounts-payable automation. This is into the UK. Barcelona’s Uxia raised €1 million. They will develop synthetic-user testing tools. These tools are for product teams.
In the Nordics, Stockholm’s Spiich Labs secured €600k. They focus on AI-driven CRM and sales-process automation. Encube emerged with €19 million. They will build AI-supported design workflows. This is for hardware and manufacturing teams.
These rounds total roughly €91 million. This indicates consistent investment momentum. The momentum is mostly early-stage. It's across Europe. The focus is on software and AI platforms. These platforms align with Expedition Growth Capital's areas.
Expedition’s €323 million fundraise is significant. It's a larger pool of growth-stage capital. This is compared to smaller Seed and Series A rounds. The firm can address the scaling gap. This gap faces revenue-generating European software companies.
Expedition specializes in supporting companies. They help them grow from €4.3 million+ ARR towards €43 million+. They offer hands-on support. This is in go-to-market expansion and strategic hires. They also provide operational excellence. This support comes from the Expedition Operations Group.
Expedition has previously invested in Xensam, Rentman, and epilot. This highlights the firm's role in funding European software. They also fund AI-driven scale-ups."