Software program-focused development fairness agency Expedition Progress Capital has introduced that it has raised a 3rd funding fund, price $375m (£283.8m).
Based in 2020, the London and Boston-based investor counts 17 software program companies in its portfolio throughout 9 European international locations. Based on Expedition, it favours backing founders with a “use” however not a “want” for capital.
The fund will goal companies already pulling as much as $5m in annualised recurring income with investments between $10m – $25m with the objective of rising its portfolio firms’ income in direction of $50m+.
“We’re grateful to our present and new LPs for his or her belief and help,” stated Oliver Thomas, founder and managing associate at Expedition.
“They share our conviction that Europe’s domain-expert, bootstrapped founders are ideally positioned to construct durably useful firms – fusing the ability of software program and AI with a deep understanding of the industries they serve.
“The drive, creativity and resilience of the founders we work with is on the coronary heart of what we’re constructing as a agency—we thank them for selecting Expedition as their associate.”
The vast majority of commitments to the fund’s oversubscribed increase got here from US traders. Expedition holds a robust US presence, with nearly all of its European portfolio companies having expanded to North America.
