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▶ 6:29 · $NEW-QUANTUM · $HORIZON-QUANTUM · Horizon Quantum, European quantum computing leader, recently went public at over $1B valuation
episode briefing
Scaling Europe

Expeditions back Europe's defence startups with €197m fund: Stanislaw Kastory and Mikolaj Firlej

2026-07-22 · 13 company · 14 thematic
sentiment
12 bull0 bear1 neu
speakers
stanislaw kastory

Stanislaw Kastory co-founded Expedition 5 years ago with Mikolaj Firlej. They started as first-time GPs raising a friends-and-family Fund I, then raised a €197M Fund II from 128 private investors and 6 institutions. He leads investment sourcing through outbound networks and focuses on defense tech, quantum, and cybersecurity.

mikolaj firlej

Mikolaj Firlej co-founded Expedition and led the Fund II raise, navigating institutional restrictions on defense investing. He directs research on European capability gaps (interviewing 50+ stakeholders), portfolio support for government go-to-market, and the firm's thesis on sovereign supply chains and the two-wave defense tech investment cycle.

seb johnson

Seb Johnson hosts the Scaling Europe podcast, interviewing European tech founders and investors at events like Slush in Helsinki.

quote
“Horizon Quantum which is the leader in quantum computing. We've backed both companies very early. In fact, we led the seed round of new quantum and then Horizon Quantum recently uh went public. They are now trading over1 billion US valuati…”
—stanislaw kastory
now playing · $NEW-QUANTUM · $HORIZON-QUANTUM
$LABRES-TECHNOLOGIESbullish· mediumstanislaw kastory
Expedition was first backer of Labres Technologies, a dual-use coordination platform for large teams at scale
Labres Technologies provides coordination for large teams at scale, starting with defense industry applications but with dual-use potential, and Expedition was among its first bac…
$BLACKWALLbullish· highstanislaw kastory
Blackwall growing 2x annually for four years with excellent unit economics, a hidden European cybersecurity gem
Blackwall protects websites against malicious bot traffic which represents over 50% of internet traffic, and has achieved consistent 2x yearly growth for four years with strong un…
$NEW-QUANTUMbullish· highstanislaw kastory
Expedition led seed round in New Quantum, the European leader in quantum networking
New Quantum is the leader in quantum networking and Expedition led its seed round, positioning it as a foundational European quantum infrastructure company.
$HORIZON-QUANTUMbullish· highstanislaw kastory
Horizon Quantum, European quantum computing leader, recently went public at over $1B valuation
Horizon Quantum leads in quantum computing and has achieved a public listing with a valuation exceeding $1 billion, validating Expedition's early backing.
$ALPINE-EAGLEbullish· medium· posstanislaw kastory
Alpine Eagle progressing well as Fund I defense tech champion
Alpine Eagle is a Fund I portfolio company in defense tech that is progressing very well, contributing to Expedition's track record that helped raise Fund II.
$PLTR···neutral· mediummikolaj firlej
Expedition sees need for European alternative to Palantir's data fusion platform
Europe needs a sovereign alternative to Palantir's data fusion platform for defense intelligence, surveillance, and reconnaissance (ISR), identified as a critical capability gap b…
$UFORCEbullish· mediumseb johnson
Uforce among fastest-growing defense companies in Europe
Uforce (Ukrainian/British) is one of the fastest-growing defense companies in Europe, demonstrating the pan-European reach of Expedition's Fund II portfolio.
$CAMBRIDGE-AEROSPACEbullish· mediumseb johnson
Cambridge Aerospace among fastest-growing European defense companies
Cambridge Aerospace (UK) is one of the fastest-growing defense companies in Europe, part of Expedition's Fund II portfolio showing pan-European geographic diversification.
$HELSINGbullish· mediumstanislaw kastory
Helsing identified as German candidate for novel defense prime contractor
Helsing is named as one of the German companies positioned to become a novel prime defense contractor, reflecting the trend of European nations developing domestic defense champio…
$STARKbullish· mediumstanislaw kastory
Stark identified as German candidate for novel defense prime contractor
Stark is named as one of the German companies positioned to become a novel prime defense contractor, reflecting the trend of European nations developing domestic defense champions.
$QUANTUM-SYSTEMSbullish· mediumstanislaw kastory
Quantum Systems identified as German candidate for novel defense prime contractor
Quantum Systems is named as one of the German companies positioned to become a novel prime defense contractor, reflecting the trend of European nations developing domestic defense…
$CAMBRIDGE-AEROSPACEbullish· mediumstanislaw kastory
Cambridge Aerospace positioned as UK candidate for novel defense prime contractor
Cambridge Aerospace is identified as a UK-based candidate to become a novel prime defense contractor, representing the trend of European countries developing domestic champions.
$ORCAbullish· highstanislaw kastory
Croatian drone company Orca critical for Europe due to sovereign supply chain free of Chinese components
Orca is a strategically important European defense company because it builds without Chinese components, meeting strict European procurement requirements unlike Ukrainian battlefi…