Fund III is Expedition’s third consecutive fund closed at the hard cap
The London and Boston-based firm specialises in minority growth equity investments in domain-expert software & AI companies with a use but not a need for capital

Expedition Growth Capital (“Expedition”), a software-specialist growth equity firm, today announced that it has raised its third fund of $375 million, continuing its focus on partnering with rapidly 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 bootstrapped software leaders 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.

Backing Europe’s bootstrapped leaders

Expedition focuses on Europe’s founder-led, capital-efficient software companies with a use, but not a need, for capital. Its mission is to empower portfolio companies to scale with ambition and durability, rather than pursuing “growth at all costs” strategies.

Expedition specialises in supporting companies to grow from $5m+ Annualised Recurring Revenue towards $50m+ with hands-on support in go-to-market expansion, strategic hires, and operational excellence from the firm’s value creation team, Expedition Operations Group. Typical initial investments are $10-25m in size, providing capital for growth initiatives and shareholder liquidity.

Technology-enabled sourcing, human-led partnership

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. Expedition is typically the first institutional investor, helping founders to evolve their organization for scale, while keeping culture and customers at the heart of their journey.

Oliver Thomas, Founder and Managing Partner at Expedition, 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. The drive, creativity and resilience of the founders we work with is at the heart of what we are building as a firm - we thank them for choosing Expedition as their partner.”

Macfarlanes LLP and Carey Olsen Jersey LLP served as legal counsel to the fund.

About Expedition Growth Capital

Expedition is a software specialist growth equity firm with offices in London and Boston. Expedition partners with ambitious, rapidly growing software companies that have achieved significant traction with little or no external funding. The firm brings capital for growth initiatives and shareholder liquidity, highly relevant operational expertise, and a trusted track record of respectfully partnering with founders on their path to category leadership. For more information, visit Expedition.capital.

Notes to editors:

Expedition’s 17 portfolio companies are located across Cologne, Copenhagen, Athens, Prague, Lyon, Paris, Stockholm, Utrecht, London, and Jersey, among other hubs.

View source version on businesswire.com: https://www.businesswire.com/news/home/20251202332909/en/

Gina Dyce - gina@burlington.cc

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