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Second Fund
Press Release

Expedition Closes Second Fund at €250 Million Hard Cap, Continuing Focus on Ambitious Bootstrapped Software Companies 

London, 4 April 2024: Expedition Growth Capital (“Expedition”), a leading software specialist growth equity firm, today announced the closing of its second fund, Expedition Growth Capital II (“Fund II”), at the hard cap of €250 million ($270 million). Fund II will continue Expedition’s strategy of partnering with ambitious, rapidly growing European software companies that have achieved significant traction without external funding. 

Oliver Thomas, Founder & Managing Partner, commented, “After closing our debut fund at the €174 million hard cap in 2021, the successful closing of our second fund is another important milestone for Expedition. We are grateful to our new and existing investment partners for their trust, and to our portfolio founders for their leadership.”

Expedition targets minority growth investments, providing shareholder liquidity and growth capital to highly resilient, founder-led software companies. Expedition companies are typically on a path to category leadership with use rather than a need for capital. The closing of Fund II follows strong operational developments of Expedition’s first fund portfolio, comprising 10 bootstrapped software companies that have, on average, more than doubled revenues in a capital efficient manner since Expedition’s initial investment.  

Commitments to Expedition Growth Capital II came from global investors including university endowments, charitable foundations, fund of funds, software entrepreneurs and family offices. 

Akin Gump Strauss Hauer & Feld and Carey Olsen served as fund counsel. 

About Expedition Growth Capital 

Expedition Growth Capital is a software specialist growth equity firm based in London. Expedition brings capital for growth and shareholder liquidity, highly relevant operational expertise, and a track record of respectfully partnering with ambitious, bootstrapped founders on their path to category leadership. For more information, please see or follow Expedition on LinkedIn.