Expedition Growth Capital

What Expedition Growth Capital does

Expedition Growth Capital is a London-headquartered growth equity firm founded in 2020 that makes minority investments of typically $10–25 million in bootstrapped European software and AI companies scaling from $5M+ ARR toward $50M+ ARR. The firm positions itself as a specialist partner for founders with "a use for capital, not a need for it"—typically the first institutional investor—and provides growth capital alongside shareholder liquidity and operational support through a transatlantic team. Its core technology is a proprietary AI-powered sourcing platform that identifies high-quality non-venture-backed software companies, supplemented by an operational workflow partnership with Model ML for AI-driven due diligence and founder outreach. The firm has built a portfolio of 17 companies across nine European countries (UK, Germany, France, Denmark, Sweden, Netherlands, Czech Republic, Greece), with reported portfolio revenue having more than doubled on average since investment under Fund II.

The firm's business model is standard fund management: management fees on committed/invested capital plus carried interest on realized returns above the preferred return threshold. Expedition has raised three consecutive funds at hard cap—€174M (2021), €250M (April 2024), and $375M (December 2025)—with Fund III oversubscribed and raised in four months, more than half from US investors including endowments and foundations. The team comprises seven partners led by Founder and Managing Partner Oliver Thomas (former Grafton Capital), Will Sheldon (ex-Accel/Summit Partners), Steve Twomey (ex-Summit Partners, Boston), plus eight operating advisors drawn from senior executive ranks at HubSpot, Darktrace, Unit4, SAP SuccessFactors, Anaplan, Netskope, Blue Prism, Board International, Gong, IFS, and Copperleaf, providing functional expertise across go-to-market, product, people, finance, and CRO-level execution. The firm is FCA-authorised (registration 931840), registered in England as Expedition Growth Capital Limited (company number 12564080), and operates from London (14 Golden Square) and Boston (131 Dartmouth Street).

Name

Expedition Growth Capital

Legal name

Expedition Growth Capital Limited

Website

https://expedition.capital

Company type

Private

Founded year

2020

Operating status

Operating

Headcount range

11–50 employees

Short description

Expedition Growth Capital is a London-based growth equity firm founded in 2020 that makes $10–25M minority investments in bootstrapped European software and AI companies scaling from $5M+ toward $50M+ ARR, providing growth capital, shareholder liquidity, and operating support to founders.

Ownership category

akta.pro rank

Product category

Growth Equity / Private Equity Investing

NAICS

Portfolio Management and Investment Advice (523940)

SIC

Investment Advice (6282)

akta.pro primary industry

Technology & Software Growth Equity (FSANACAA)

Keywords

• Growth equity investing
• Minority software investments
• Bootstrapped founder capital
• Venture capital partnerships
• Private equity funds

Headquarters

HQ city

London

HQ country

United Kingdom

HQ region

Europe

Offices3 records

Markets served

GTM type

B2B

Offering type

Services

Cost components

Personnel, Operations, Technology or R&D, Marketing or Sales, Others

Revenue model

1. Management Fees: Standard growth equity fund management fee structure charged on committed capital during investment period and on invested cost thereafter.
2. Carried Interest: Performance-based carried interest (carry) on investment returns above the preferred return threshold, typically 20% of profits.

Pricing tiers

Go-to-market motion2 records

Distribution channels4 records

Marketing channels5 records

Core offering

Expedition Growth Capital is a specialist growth equity firm that makes minority investments of $10–25 million in bootstrapped software and AI companies. The firm provides growth capital and shareholder liquidity to founder-led software companies scaling from $5M+ ARR toward $50M+ ARR, paired with operational expertise through its Expedition Operations Group and network of operating advisors.

Product overview

Expedition Growth Capital is a growth equity investment firm specializing in partnering with bootstrapped software and AI companies. The firm provides growth capital, shareholder liquidity, and operational expertise to ambitious founders scaling toward category leadership. The company does not offer software products or technology platforms for external use.

Differentiator

Problem solved

Functional benefit

Products and services

• Expedition Growth Capital Fund I
• Expedition Growth Capital Fund II
• Expedition Growth Capital Fund III
• Minority Growth Equity Investments

Quantifiable outcome

• 17 bootstrapped software leaders from 9 European countries in portfolio
• +2 more outcomes

Named customers17 records

Segments2 records

Ideal customer profiles1 record

Technology focussed No

API detail

Has API

No

API docs

API detail

Core technology

AI maturity

App detail

Feature1 record

Partnerships

One partnership is on record.

• Model MLcoreTechnology or Integration · 1 January 2024Expedition Growth Capital partnered with Model ML since 2024 to automate due diligence, improve document review, and streamline personalized email outreach for founder engagement. The firm reports significant efficiency gains, faster IC memo creation, and improved data accuracy through Model ML's AI with high-quality data integrations. Expedition plans to further integrate Model ML's API into their automated tech stack to expand operational workflows.

Scale indicators6 records

Recent moves9 records

Expansion highlights6 records

Regional players

• Atomico: European tech investment firm with a software/SaaS focus, primarily earlier-stage than Expedition but overlapping at growth. Comparable European founder-friendly software mandate.

Broad incumbents

• General Atlantic: Global growth equity investor with significant European software exposure. Comparable minority-growth approach in SaaS but at much larger scale and across many sectors.
• EQT Growth: European growth equity platform within EQT targeting scale-up software and tech-enabled companies. Comparable European growth-equity mandate but typically larger tickets and broader sector remit.
• Insight Partners: Large-scale global software investor covering venture, growth, and buyout. Overlaps with Expedition at the growth-equity stage but operates at far larger AUM and broader stage range.
• Summit Partners: Global growth equity firm with a long-standing software focus and the prior employer of multiple Expedition partners. Overlaps in B2B software growth equity but at much larger scale and broader geography.

Direct peers

• Notion Capital: European VC/growth firm focused on B2B SaaS and enterprise software, often partnering with bootstrapped UK and European founders. Closely comparable geography and software-only focus.
• PSG Equity: Growth equity firm specialising exclusively in software and SaaS companies, often as a minority partner to founders. Comparable software-only thesis, founder-respecting approach, and growth-stage ticket sizes.
• Grafton Capital: UK-based growth equity firm investing in bootstrapped, profitable European software companies with £5M-£50M+ revenue. Near-identical mandate to Expedition, including founder Thomas's prior affiliation.
• Five Elms Capital: Software-focused growth equity investor partnering with founder-led SaaS businesses globally. Closely comparable niche focus on capital-efficient, bootstrapped software companies and similar minority growth cheques.
• Kennet Partners: European-headquartered growth equity firm focused on bootstrapped, capital-efficient B2B SaaS and tech-enabled businesses. Highly comparable mandate, ticket size, and founder-friendly minority approach.

Market position

Strengths4 records

Weaknesses4 records

Competitive moat5 records

Key risks5 records

Key highlights7 records

Customer concentration

• YouTubeyoutube.com/watch?v=7QM6pGLJXuc
• LinkedInlinkedin.com/company/expeditiongrowthcapital

Compliance1 record

Revenue estimate

Valuation estimate

Number of profiles

Profiles13 records

Funding overview

Funding rounds

Investors

Funding detail is available on the Subscription and Enterprise plan.Contact sales →

M&A

Investments20 records

M&A and investment is available on the Subscription and Enterprise plan.Contact sales →

Frequently asked questions about Expedition Growth Capital