London’s Expedition Growth Capital Closes €323M Fund III to Support Bootstrapped European Companies

The oversubscribed fundraise was completed in just four months, with over half of commitments coming from US investors. Typical initial investments range from €8.6 million ($10 million) to €21.5 million ($25 million).

Oliver Thomas Founder of 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 momentum across AI-enabled enterprise software and vertical SaaS, with several rounds aligning with Expedition Growth Capital’s focus on domain-specific, bootstrapped or efficiency-driven software firms.

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Prague-based Bandits raised €400k to advance AI-powered workflow automation, 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 into the UK, and Barcelona’s Uxia raised €1 million to develop synthetic-user testing tools.

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

Together these rounds total roughly €91 million, reflecting consistent early-stage investment momentum across Europe in software and AI platforms aligned with Expedition’s strategy. In this context Expedition’s €323 million fundraise represents a substantially larger pool of growth-stage capital, positioning the firm to bridge the scaling gap for 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-focused growth equity firm with offices in London and Boston. The firm has built a portfolio of 17 bootstrapped software innovators across nine European countries, most of which are already operating in North America.

Expedition specializes in helping companies scale from €4.3 million+ ($5 million+) ARR to €43 million+ ($50 million+) ARR, providing hands-on support in go-to-market expansion, strategic hiring, and operational excellence through its value creation team, Expedition Operations Group.

The firm leverages a proprietary AI-powered sourcing platform to identify high-quality, non-venture-backed software companies, with two of its last three investments sourced through this technology.

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

About Expedition Growth Capital

Expedition Growth Capital is a software-focused growth equity firm with offices in London and Boston. It partners with rapidly growing, minimally funded software companies, providing capital for expansion and liquidity, operational expertise, and a founder-focused approach to help businesses scale, achieve category leadership, and maximize long-term value.