Expedition Growth Capital just announced its latest milestone, raising $375 million to fund and support bootstrapped, founder-led software businesses across Europe. This is not just another fund launch, but a turning point for entrepreneurs who have grown companies without relying on traditional venture capital. And as someone who has bootstrapped ventures myself throughout Europe, I immediately see the transformative potential of this initiative.
Bootstrapping is not for the faint-hearted. It demands financial efficiency, laser-focused decision-making, and a deep personal connection to the product. But once growth skyrockets, companies often hit a crossroads: continue scaling with limited resources or seek external help while risking the DNA of their business. Expedition Growth Capital taps into this critical growth phase, offering a rare lifeline without the aggressive expectations of traditional VCs.
What Stands Out About This Fund?
Expedition is not looking for the unicorns of tomorrow. Instead, they’re targeting scale-ups achieving between €4 million and €10 million in annual recurring revenue (ARR), often overlooked by VC firms obsessed with billion-dollar valuations. These companies may not have billion-dollar goals, but they operate in niche markets where they excel, grow fast, and tend to exhibit steady profitability.
The fund’s founder, Oliver Thomas, stressed that their focus is entirely on businesses that have scaled through bootstrapping. Unlike traditional VC firms that might push risky growth at any expense, Expedition operates on a simple promise: growth capital done thoughtfully. This means providing funds alongside practical operational expertise to ensure sustainable growth.
The Numbers Behind Expedition Growth Fund
- Total Capital Raised: $375 million.
- Headquarters: London and Boston, ensuring a bi-continental presence to tap both markets.
- Portfolio Companies: Includes European leaders like Dougs, an AI-powered accounting platform from France, Factbird of Denmark, which improves manufacturing processes, and several others in the SaaS domain.
- Annual Growth Target: Helping companies with 50-100% year-over-year growth trajectories.
All these numbers point to something significant, this isn’t a gamble, it’s a calculated bet on proven companies already making waves in their industries.
Why This Fund Resonates with Bootstrapped Founders
Traditional VCs often present conflicting incentives for bootstrapped entrepreneurs. Accepting their funding can lead to aggressive scaling, loss of company culture, and, worst of all, founders losing control of decision-making. This is where Expedition fundamentally differs. They favor minority ownership stakes and emphasize partnering with founders rather than overpowering them.
This fits the mindset of founders who’ve bootstrapped their way to success. These entrepreneurs value control, independence, and gradual scaling on their own terms. Expedition Growth Fund equips them to maintain autonomy while having the liquidity to accelerate hiring, R&D, market expansion, or acquisitions.
Lessons For Founders Considering Growth Capital
- Understand When to Level Up Financially: If your ARR exceeds €4 million, yet growth is constrained by limited resources, consider whether external investment makes sense.
- Partner With Investors Who Understand Scalability Needs: Not all money is created equal. Look for funds like Expedition, built on mutual respect for what you’ve already achieved, rather than enforcing drastic changes.
- Keep Control Over Decision-Making: The best investors offer advice, not directives. Retain majority control unless you’re certain about your funding partner.
- Focus on Long-Term Market Gains: Don’t fall for flashy revenue targets. Ask, "Will this scaling improve our competitive strength five years from now?"
Common Pitfalls to Avoid
- Rushing into Agreements: Some founders jump at capital injections without understanding the terms fully. Always review the shareholder agreements to avoid hidden clauses that dilute equity faster.
- Forgetting Cultural Fit: Founders often overlook whether their investor’s perspective aligns with their own.
- Scaling Too Quickly: Even with access to funds, growth has its natural pace. Companies that stretch too fast often experience employee burnout and quality control issues.
Bootstrapped companies thrive through grit and determination. Losing that ethos under financial influence can weaken a brand value you’ve painstakingly built.
Practical Steps to Prepare for Funding
Before approaching investors like Expedition, get your house in order:
- Audit Your Financials: Ensure ARR figures are accurate and justify your valuation.
- Polish Your Pitch Deck: Highlight your growth to-date, market potential, and clear plans on how this funding will impact operations.
- Have a Growth Plan Ready: Demonstrating how you’ll use the investment assures investors of its effective deployment.
- Seek Legal Advice Sooner Rather Than Later: If you lack in-house legal expertise, consult lawyers familiar with funding deals.
The Takeaway
Expedition Growth Fund isn’t just introducing another capital vehicle, it’s rewriting the way bootstrapped companies grow past their tipping points. For entrepreneurs like me who have lived the bootstrapped journey, the launch of this fund signals hope. Finally, there’s a path that supports responsible scaling without sacrificing company DNA.
Whether you’re running a SaaS solution for robotics, AI logistics tools, or specialty fintech software, keep an eye on this fund. As a founder myself, I know the temptation to “go without external help" is strong, but calculated funding, like what Expedition offers, could very well be the boost that propels your business into a long, sustainable future of growth.
If you are one of those founders looking for smart capital partners, start doing your homework now. Who knows? Expedition might just be your ideal co-pilot for the next phase of your entrepreneurial journey.
FAQ
1. What does Expedition Growth Capital focus on?
Expedition Growth Capital focuses on providing growth capital for bootstrapped, founder-led software businesses in Europe and the US that have achieved significant traction without traditional venture funding. Learn more about Expedition Growth Capital
2. How much capital did Expedition Growth Capital recently raise?
Expedition Growth Capital recently raised $375 million for its third fund to support bootstrapped SaaS businesses. Check out Expedition’s fund announcement
3. What types of companies does the fund target?
The fund targets software companies that are bootstrapped, founder-led, and achieving between €4 million and €10 million in annual recurring revenue (ARR). Companies must demonstrate 50-100% year-over-year growth. Read about their investment criteria
4. How does Expedition Growth Capital differ from traditional VCs?
Unlike traditional VCs, Expedition Growth Capital focuses on offering minority ownership stakes and emphasizes thoughtful growth over aggressive scaling, ensuring founders retain control of their businesses. Learn more about Expedition’s approach
5. Where is Expedition Growth Capital based?
The firm operates out of London and Boston, positioning it to engage with markets in both Europe and the United States. Discover more about their locations
6. Can you name some companies funded by Expedition Growth Capital?
Portfolio companies include Dougs from France (AI-powered accounting), Factbird from Denmark (manufacturing efficiency software), and epilot from Germany (workflow solutions for utilities). Explore Expedition’s portfolio
7. What is the fund’s growth target for portfolio companies?
Expedition aims to support businesses with year-over-year growth rates of 50-100%, helping them scale sustainably and effectively.
8. Why is Expedition a good option for bootstrapped founders?
Expedition Growth Capital respects the independence and ethos of bootstrapped companies, offering smart funding and operational expertise without demanding aggressive scaling or control of the business. Learn why Expedition resonates with founders
9. What are the common pitfalls bootstrapped founders should avoid?
Founders should avoid rushing into capital agreements without fully understanding terms, prioritizing cultural alignment with investors, and over-scaling beyond their natural growth pace.
10. How can founders prepare for funding from Expedition Growth Capital?
Founders should audit their financials, create a clear growth plan, refine their pitch deck, and seek legal advice to ensure readiness for partnering with Expedition Growth Capital. Get tips on preparing for funding
About the Author
Violetta Bonenkamp, also known as MeanCEO, is an experienced startup founder with an impressive educational background including an MBA and four other higher education degrees. She has over 20 years of work experience across multiple countries, including 5 years as a solopreneur and serial entrepreneur. Throughout her startup experience she has applied for multiple startup grants at the EU level, in the Netherlands and Malta, and her startups received quite a few of those. She’s been living, studying and working in many countries around the globe and her extensive multicultural experience has influenced her immensely.
Violetta Bonenkamp's expertise in CAD sector, IP protection and blockchain
Violetta Bonenkamp is recognized as a multidisciplinary expert with significant achievements in the CAD sector, intellectual property (IP) protection, and blockchain technology.
CAD Sector:
- Violetta is the CEO and co-founder of CADChain, a deep tech startup focused on developing IP management software specifically for CAD (Computer-Aided Design) data. CADChain addresses the lack of industry standards for CAD data protection and sharing, using innovative technology to secure and manage design data.
- She has led the company since its inception in 2018, overseeing R&D, PR, and business development, and driving the creation of products for platforms such as Autodesk Inventor, Blender, and SolidWorks.
- Her leadership has been instrumental in scaling CADChain from a small team to a significant player in the deeptech space, with a diverse, international team.
IP Protection:
- Violetta has built deep expertise in intellectual property, combining academic training with practical startup experience. She has taken specialized courses in IP from institutions like WIPO and the EU IPO.
- She is known for sharing actionable strategies for startup IP protection, leveraging both legal and technological approaches, and has published guides and content on this topic for the entrepreneurial community.
- Her work at CADChain directly addresses the need for robust IP protection in the engineering and design industries, integrating cybersecurity and compliance measures to safeguard digital assets.
Blockchain:
- Violetta’s entry into the blockchain sector began with the founding of CADChain, which uses blockchain as a core technology for securing and managing CAD data.
- She holds several certifications in blockchain and has participated in major hackathons and policy forums, such as the OECD Global Blockchain Policy Forum.
- Her expertise extends to applying blockchain for IP management, ensuring data integrity, traceability, and secure sharing in the CAD industry.
Violetta is a true multiple specialist who has built expertise in Linguistics, Education, Business Management, Blockchain, Entrepreneurship, Intellectual Property, Game Design, AI, SEO, Digital Marketing, cyber security and zero code automations. Her extensive educational journey includes a Master of Arts in Linguistics and Education, an Advanced Master in Linguistics from Belgium (2006-2007), an MBA from Blekinge Institute of Technology in Sweden (2006-2008), and an Erasmus Mundus joint program European Master of Higher Education from universities in Norway, Finland, and Portugal (2009).
She is the founder of Fe/male Switch, a startup game that encourages women to enter STEM fields, and also leads CADChain, and multiple other projects like the Directory of 1,000 Startup Cities with a proprietary MeanCEO Index that ranks cities for female entrepreneurs. Violetta created the "gamepreneurship" methodology, which forms the scientific basis of her startup game. She also builds a lot of SEO tools for startups. Her achievements include being named one of the top 100 women in Europe by EU Startups in 2022 and being nominated for Impact Person of the year at the Dutch Blockchain Week. She is an author with Sifted and a speaker at different Universities. Recently she published a book on Startup Idea Validation the right way: from zero to first customers and beyond, launched a Directory of 1,500+ websites for startups to list themselves in order to gain traction and build backlinks and is building MELA AI to help local restaurants in Malta get more visibility online.
For the past several years Violetta has been living between the Netherlands and Malta, while also regularly traveling to different destinations around the globe, usually due to her entrepreneurial activities. This has led her to start writing about different locations and amenities from the POV of an entrepreneur. Here’s her recent article about the best hotels in Italy to work from.
About the Publication
Fe/male Switch is an innovative startup platform designed to empower women entrepreneurs through an immersive, game-like experience. Founded in 2020 during the pandemic "without any funding and without any code," this non-profit initiative has evolved into a comprehensive educational tool for aspiring female entrepreneurs.The platform was co-founded by Violetta Shishkina-Bonenkamp, who serves as CEO and one of the lead authors of the Startup News branch.
Mission and Purpose
Fe/male Switch Foundation was created to address the gender gap in the tech and entrepreneurship space. The platform aims to skill-up future female tech leaders and empower them to create resilient and innovative tech startups through what they call "gamepreneurship". By putting players in a virtual startup village where they must survive and thrive, the startup game allows women to test their entrepreneurial abilities without financial risk.
Key Features
The platform offers a unique blend of news, resources,learning, networking, and practical application within a supportive, female-focused environment:
- Skill Lab: Micro-modules covering essential startup skills
- Virtual Startup Building: Create or join startups and tackle real-world challenges
- AI Co-founder (PlayPal): Guides users through the startup process
- SANDBOX: A testing environment for idea validation before launch
- Wellness Integration: Virtual activities to balance work and self-care
- Marketplace: Buy or sell expert sessions and tutorials
Impact and Growth
Since its inception, Fe/male Switch has shown impressive growth:
- 5,000+ female entrepreneurs in the community
- 100+ startup tools built
- 5,000+ pieces of articles and news written
- 1,000 unique business ideas for women created
Partnerships
Fe/male Switch has formed strategic partnerships to enhance its offerings. In January 2022, it teamed up with global website builder Tilda to provide free access to website building tools and mentorship services for Fe/male Switch participants.
Recognition
Fe/male Switch has received media attention for its innovative approach to closing the gender gap in tech entrepreneurship. The platform has been featured in various publications highlighting its unique "play to learn and earn" model.