London’s Expedition Growth Capital raises €323 million Fund III to back bootstrapped European companies

Expedition Growth Capital, a British software-specialist growth equity firm, today announced that it has raised its third fund of €323 million ($375 million), continuing its focus on partnering with European companies without venture capital.

The oversubscribed raise was completed in four months, with more than half of commitments from US investors. Typical initial investments are €8.6 million ($10 million) to €21.5 million ($25 million) in size

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.”

European funding activity in early 2025 shows steady movement across AI-enabled enterprise software and vertical SaaS, with several announcements relevant to Expedition’s focus on domain-specific, bootstrapped or efficiency-driven software firms.

Prague-based Bandits raised €400k to advance AI-powered workflow automation, while London startup Model ML secured €65 million to scale its AI operations platform for financial services. Barcelona- and London-based Dost added €6.7 million to expand its AI accounts-payable automation product into the UK, and Barcelona’s Uxia raised €1 million to develop synthetic-user testing tools for product teams.

In the Nordics, Stockholm’s Spiich Labs secured €600k for AI-driven CRM and sales-process automation, and Encube emerged from stealth with €19 million to build AI-supported design workflows for hardware and manufacturing teams.

Altogether, these rounds amount to roughly €91 million, indicating consistent – though mostly early-stage – investment momentum across Europe in software and AI platforms aligned with Expedition Growth Capital’s focus areas.

In this context, Expedition’s €323 million fundraise represents a significantly larger pool of growth-stage capital compared with the smaller, predominantly Seed and Series A rounds observed so far in 2025, positioning the firm to address the scaling gap faced by revenue-generating European software companies.

“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,” adds Thomas.

Founded in 2020, Expedition is a software specialist growth equity firm with offices in London and Boston that has built a portfolio of 17 bootstrapped software innovators from nine European countries, the majority already operating in North America.

Expedition specialises in supporting companies to grow from €4.3 million+ ($5 million+) ARR towards €43 million+ ($50 million+) with hands-on support in go-to-market expansion, strategic hires, and operational excellence from the firm’s value creation team, Expedition Operations Group.

They use 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.

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.
• Omilia, an Athens-based agentic AI solution for regulated enterprise contact centres.

EU-Startups has previously featured Expedition Growth Capital in several reports, including coverage of its investments into Xensam (2024), Rentman (2023) and epilot (2024), highlighting the firm’s ongoing role in funding European software and AI-driven scale-ups.

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