The London-based growth equity firm, Expedition Growth Capital, has closed its third investment fund at $375 million (£283.8 million), marking a significant milestone for the firm which focuses exclusively on bootstrapped, founder-led software companies across Europe.
Founded in 2020, Expedition completed the oversubscribed raise in just four months, with more than half of those commitments coming from major US endowments and foundations.
The firm counts 17 software companies in its portfolio across nine European countries, including the London cybersecurity startup, ThreatSpike.
Expedition’s Fund III will target firms already generating up to $5 million in annualised recurring revenue, with investments ranging between $10 million and $25 million. The goal is to grow its portfolio companies’ revenue towards $50 million and beyond, supporting both growth initiatives and shareholder liquidity.
Oliver Thomas, Founder and Managing Partner at Expedition Growth Capital, said:
“We are grateful to our existing and new LPs for their trust and support. They share our conviction that Europe’s domain-expert, bootstrapped founders are ideally placed to build durably valuable companies – fusing the power of software and AI with a deep understanding of the industries they serve.”
Outside the UK, Expedition’s portfolio includes 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 centres.
At the core of Expedition’s strategy is its AI-driven sourcing platform, which identifies high-quality, non-venture-backed companies that often lack institutional capital partners. The firm’s proprietary AI sourcing engine surfaced two of its last three deals, enabling Expedition to usually be the first institutional investor in promising firms.
This approach, combined with human expertise, sets Expedition apart from traditional growth equity firms which typically invest in venture-backed start-ups.
In addition to capital, Expedition offers hands-on operational support through its Expedition Operations Group, assisting portfolio companies with go-to-market strategies, key hires and operational excellence, helping them build long-lasting value.
Expedition holds a strong US presence, with almost all of its European portfolio firms having expanded into North America.
Macfarlanes LLP and Carey Olsen Jersey LLP served as legal counsel for the fund.
