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§ Venture Capital · London, United Kingdom
growth equity firm investing €10-30m in bootstrapped European software companies scaling from €4-10m ARR.
Expedition Growth Capital is a growth equity firm based in London and Boston that invests as a minority shareholder in bootstrapped European software companies scaling their operations. The firm specifically targets software businesses generating between €4 million and €10 million in annual recurring revenue that are growing at annual rates of 50 to 100 percent. To support global expansion, the firm provides €10 million to €30 million investments that combine dedicated growth capital with secondary liquidity for entrepreneurs. Operating with over $500 million in total assets under management, the organization recently closed its third investment vehicle at a €325 million hard cap. The firm has backed 17 companies across nine European countries, building a portfolio that includes recognizable names such as Lempire, Ringover, Oktopost, and Rentman. Expedition Growth Capital was founded in 2020 by Oliver Thomas.
Key people at Expedition Growth Capital.
Expedition Growth Capital was founded in 2020 by Oliver Thomas (Founder and Managing Partner).
Key people at Expedition Growth Capital.
Expedition Growth Capital is a specialist growth equity firm focused on partnering with rapidly growing, founder-led, capital-efficient software companies across Europe. Its mission is to empower these companies to scale sustainably from around $5 million in Annualised Recurring Revenue (ARR) towards $50 million+, emphasizing ambition and durability over "growth at all costs" strategies. The firm typically invests between $10 million and $25 million, providing capital for growth initiatives and shareholder liquidity, alongside hands-on operational support in go-to-market expansion, strategic hiring, and operational excellence. Key sectors include enterprise AI, vertical SaaS, financial software, future of work, and customer engagement infrastructure. Expedition’s impact on the startup ecosystem lies in backing bootstrapped software leaders who have built high-quality products and customer bases without prior venture capital, helping them scale globally while preserving culture and customer focus[1][2][4].
Founded in late 2020 and based in London with an office in Boston, Expedition Growth Capital was established to serve a niche of European software companies that are founder-led and capital-efficient but seek growth capital and operational partnership rather than traditional venture capital. The firm’s founding partners and leadership have built a proprietary AI-powered sourcing platform to identify high-quality, non-venture-backed software companies, often becoming the first institutional investor to help these companies scale. Since inception, Expedition has built a portfolio of 17 companies from nine European countries, many already operating in North America, demonstrating a clear evolution towards supporting durable, founder-aligned growth[1][2][5].
Expedition Growth Capital rides the trend of supporting *bootstrapped, founder-led software companies* that have proven product-market fit but have traditionally lacked access to growth equity tailored to their needs. The timing is significant as European software companies increasingly seek to scale globally without diluting founder control or adopting unsustainable growth models. Market forces favor capital-efficient growth, especially in software sectors like AI, vertical SaaS, and financial software, where durable leadership and customer-centricity are critical. Expedition influences the broader ecosystem by validating and enabling a new growth equity model that balances ambition with sustainability, helping to diversify funding sources beyond traditional venture capital and private equity[1][4].
Looking ahead, Expedition Growth Capital is well-positioned to continue expanding its portfolio of high-quality, capital-efficient software companies across Europe and North America. Trends such as the rise of vertical AI applications, SaaS specialization, and the increasing importance of operational excellence in scaling software businesses will shape their journey. Their influence may grow as a preferred partner for ambitious founders seeking growth capital without sacrificing control or culture. The firm’s proprietary sourcing technology and hands-on support model suggest it will remain a distinctive player in growth equity, potentially setting new standards for founder-aligned investment in Europe’s software ecosystem[1][2][4].
Expedition Growth Capital was founded in 2020 by Oliver Thomas (Founder and Managing Partner).
Expedition Growth Capital has 1 tracked investment across 1 company. The latest tracked deal is $13.0M Series A in ThreatSpike in February 2025.
| Date | Company | Round | Lead Investor(s) | Co-Investor(s) |
|---|---|---|---|---|
| Feb 1, 2025 | ThreatSpike | $13.0M Series A | Expedition Growth Capital | — |
