PFR Ventures has invested €30 million (~PLN 130 million) in Expeditions II. The capital comes from the PFR Deep Tech program, launched by the Polish Development Fund (PFR) in May this year. Together with private investors’ contributions, the fund will initially amount to €100 million, with a target capitalization of €150 million by the end of 2025. The budget will be allocated to investments in advanced technology companies with dual-use potential.
Expeditions is a venture capital fund founded by Mikołaj Firlej and Stanisław Kastory, focused on startups developing technologies for security and defense. Through its first vehicle, launched in 2021, the fund backed companies such as Alpine Eagle, Blackwall, and Labrys, as well as Polish projects including Molecule.one, Nethone, and Oblivious. Some of these firms were also financed by other funds from the PFR Ventures portfolio.
The new fund will support the growth of around 30 companies. Its investment strategy targets projects applying artificial intelligence and other advanced technologies in defense, cybersecurity, quantum innovation, and the space sector.
“PFR Deep Tech is an investment in the future of the Polish economy. It is encouraging that the first funds from this program have already been contracted to Polish funds supporting breakthrough technology companies. This is capital that strengthens innovation and our strategic security,” said Andrzej Domański, Minister of Finance and Economy.
“The investment in Expeditions under PFR Deep Tech is a key step in implementing our flagship program. We are backing a fund with Polish founders, high-level expertise, and a focus on building value in companies developing the most advanced technologies. It is part of PFR’s broader strategy to mobilize additional private capital and create full conditions for breakthrough technologies to thrive in Poland. Rising defense spending across Europe creates a unique window of opportunity that we, as a state, must seize to build an ecosystem for Polish innovation,” said Mikołaj Raczyński, Vice President of the Polish Development Fund responsible for investments.
“Our long-standing experience in VC and PE fund investments allows us to quickly launch new programs. I am very pleased with the pace at which we are announcing the first deal under PFR Deep Tech. The capital we are allocating will accelerate the growth of Poland’s advanced technology market, and the combination with private investment ensures a precise selection of the most promising companies,” commented Aleksander Mokrzycki, Vice President of PFR Ventures. “We are also reviewing other proposals we have received from management teams and expect to announce at least one more investment under this program in the coming weeks.”
Since 2021, Expeditions has invested in early-stage technology companies in the security sector.
“In a short time, we have built a leading position in Europe. Our goal is to support the most ambitious entrepreneurs in developing products that will define the future of Europe’s defense sector and its new deterrence strategy. Poland has a chance to become a hub for dual-use technologies, and we are proud to be working with PFR to achieve this goal,” said Mikołaj Firlej, co-founder and managing partner at Expeditions.
The PFR Deep Tech program still has over half of its PLN 300 million budget available. This capital will be allocated to additional venture capital funds planning to invest in Polish advanced technology projects. Currently, the PFR Ventures portfolio includes 20 active VC funds, with capital sufficient to finance nearly 400 Polish companies.
Source: CEO.com.pl
