The NATO Innovation Fund has invested in Expeditions, a leading early-stage investor in European security, as part of its Fund II, which is on track for a €150M final close. Other LPs include the Polish Development Fund and early executives from Skype, Wise, Bolt, and Snowflake, among others.

Founded in 2021 by defence and technology experts, Expeditions backs ambitious European founders at the intersection of security and deep tech, including dual-use companies across cybersecurity, intelligence, autonomy, AI, quantum, communication solutions and space.

As Europe reindustrialises, Expeditions is investing in the early-stage founders who will define the future European economic and defensive security. The partners at Expeditions have also been involved in pushing the ecosystem of European security forward, encouraging policymakers, LPs, and industry to take a more active role in shaping its own defence and supporting innovation.

Expeditions is already a well-established defence investor, having launched its Fund I in 2021, which invested in a number of leading startups, including Alpine Eagle, Blackwall, Comand AI, Disruptive Industries, Labrys, and Nu Quantum.

Fund II has already invested in seven companies, including Lendurai, Orasio, and Q. In total, Expeditions has backed 30% of the top 30 most well-funded defence startups in Europe.

The final close of Fund II is scheduled for the end of 2025.