Expedition Growth Capital, a software-specialist growth equity firm, announced the successful close of its third fund at $375 million, continuing its strategy of investing in rapidly growing, founder-led software companies across Europe that have achieved significant traction without prior venture capital funding. The oversubscribed fundraise was completed within four months, with over half of the commitments originating from US investors, including prominent endowments and foundations. Since its inception in late 2020, Expedition has cultivated a portfolio of 17 bootstrapped software leaders spanning nine European countries, with the majority already operating in North America. Expedition focuses on Europe’s founder-led, capital-efficient software companies that can leverage, but do not depend on, external capital. The firm’s objective is to enable portfolio companies to scale with ambition and durability, prioritizing sustainable growth over “growth at all costs” approaches. Expedition specializes in assisting companies to grow from over $5 million in Annualized Recurring Revenue (ARR) towards over $50 million, providing hands-on support in go-to-market expansion, strategic hires, and operational excellence through its value creation team, Expedition Operations Group. Initial investments typically range from $10 million to $25 million, allocated for growth initiatives and shareholder liquidity. The firm utilizes a proprietary AI-powered sourcing platform to identify high-quality, non-venture-backed software companies, with two of its last three investments being identified through this platform. Expedition frequently serves as the first institutional investor, aiding founders in evolving their organizational structures for scale while preserving their core culture and customer focus. Oliver Thomas, Founder and Managing Partner at Expedition, stated, “We are grateful to our existing and new LPs for their trust and support. 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.” Expedition’s portfolio companies include Dougs, a Lyon-based AI-powered accounting solution used by over 30,000 businesses; epilot, a Cologne-based vertical AI solution that drives digital workflows in the energy and utilities industry; Factbird, a Copenhagen-based software platform designed to improve production efficiency for major manufacturers globally; and Omilia, an Athens-based agentic AI solution tailored for regulated enterprise contact centers. These 17 portfolio companies are situated across various European hubs, including Cologne, Copenhagen, Athens, Prague, Lyon, Paris, Stockholm, Utrecht, London, and Jersey. Expedition Growth Capital operates with offices in London and Boston, partnering with rapidly growing software companies that have achieved substantial traction with minimal or no external funding. The firm provides capital for growth initiatives and shareholder liquidity, alongside operational expertise, and a track record of partnering with founders on their path to category leadership. Macfarlanes LLP and Carey Olsen Jersey LLP provided legal counsel to the fund.