Software-focused growth equity firm Expedition Growth Capital has announced that it has raised a third investment fund, worth $375m (£283.8m).
Founded in 2020, the London and Boston-based investor counts 17 software firms in its portfolio across nine European countries. According to Expedition, it favours backing founders with a “use” but not a “need” for capital.
The fund will target firms already pulling up to $5m in annualised recurring revenue with investments between $10m – $25m with the goal of growing its portfolio companies’ revenue towards $50m+.
“We are grateful to our existing and new LPs for their trust and support,” said Oliver Thomas, founder and managing partner at Expedition.
“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.”
The majority of commitments to the fund’s oversubscribed raise came from US investors. Expedition holds a strong US presence, with almost all of its European portfolio firms having expanded to North America.