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Expansion is a pan-European venture capital fund that specializes in early-stage investments within the aerospace and defense sectors. Launched in 2022, the fund is headquartered across Paris, Stockholm, and Luxembourg. Expansion aims to support entrepreneurs from pre-seed to Series B stages, focusing on the critical need for technological sovereignty in Europe.
The fund has a target size of €300 million, with a first close of €137 million achieved in December 2024. This initial capital includes significant backing from the European Investment Fund (EIF) and Audacia, a French investment management company. Expansion positions itself as a key player in the European market, particularly in sustainable aerospace and defense technologies.
As of now, Expansion has made 19 investments and aims to grow its portfolio to approximately 30 companies. The firm is recognized for its commitment to fostering innovation in sectors that are vital for European security and technological independence.
Expansion primarily invests in the aerospace and defense technology sectors, with a specific emphasis on areas such as satellite systems, space data applications, in-orbit services, C4ISR, AI-driven defense systems, and robotics. The fund operates exclusively within Europe, targeting companies that contribute to technological sovereignty.
Investment sizes typically range from €0.5 million to €2 million, allowing Expansion to support startups at various stages of their development. The firm seeks to back entrepreneurs who are developing sustainable aviation technologies and unmanned systems, aligning with its thesis of promoting European strategic autonomy.
Expansion's investment strategy is designed to navigate complex industrial environments, providing not just capital but also strategic guidance and access to a network of industry contacts. This approach helps portfolio companies accelerate their growth and innovation.
Expansion's portfolio includes a diverse range of companies focused on aerospace and defense technologies. Notable portfolio companies include:
Additionally, the fund has recorded a notable exit with The Exploration Company, which specializes in in-orbit services and propulsion. This exit highlights Expansion's ability to identify and support high-potential startups in the aerospace sector.
Charles Beigbeder: General Partner and co-founder, Charles has a background as a French entrepreneur and investor, previously associated with Audacia.
Sandra Budimir: General Partner and co-founder, Sandra is an aerospace expert with extensive experience in the sector.
David Dana: General Partner, David brings a wealth of knowledge in venture capital and technology investments.
Ted Elvhage: General Partner and co-founder, Ted is a veteran in the aerospace and defense sectors, based in Stockholm.
Maxime Rovere: Investment Director, Maxime focuses on sourcing and managing investments within the portfolio.
Filip Kocian: Investment Advisor, Filip provides strategic insights and guidance to portfolio companies.
Ulf Palmnäs: Venture Partner and co-founder, Ulf has significant experience in aerospace and defense.
Benjamin Pavie: Associate, Benjamin supports the investment team in deal sourcing and analysis.
Charles Gueudet: Analyst, Charles assists in research and due diligence for potential investments.
To pitch to Expansion, founders should use the online submission portal at Submit your company. The pitch deck should include a comprehensive overview of the business model, market analysis, and financial projections. Expansion prefers detailed submissions that clearly outline the startup's vision and growth strategy.
Response times can vary, but founders should expect to hear back within a few weeks. Warm introductions are beneficial but not mandatory.
In December 2024, Expansion completed its first closing, raising €137 million to support its investment strategy in sustainable aerospace and defense technologies. This funding round included significant contributions from the European Investment Fund (EIF) and Audacia.
As of late 2024, Expansion has made 19 disclosed investments, focusing on early-stage companies in the aerospace and defense sectors. The firm has also recorded a notable exit with The Exploration Company, which specializes in in-orbit services.
Expansion continues to be recognized as one of the few dedicated defense and aerospace investors in Europe, positioning itself strategically to capitalize on the growing demand for technological sovereignty in the region.
What are Expansion's investment criteria?
Expansion focuses on early-stage companies in the aerospace and defense sectors, particularly those involved in satellite systems, AI-driven defense technologies, and robotics. The firm typically invests between €0.5 million and €2 million.
How can I pitch my startup to Expansion?
Founders can submit their companies through the online portal available at Submit your company. The submission should include a detailed business plan and financial projections.
What makes Expansion different from other VCs?
Expansion combines deep expertise in aerospace and defense with a strong network of industry contacts. The firm provides strategic guidance that goes beyond capital, helping startups navigate complex industrial environments.
What is the geographic focus of Expansion?
Expansion operates exclusively within Europe, emphasizing the importance of technological sovereignty in the region. The firm is committed to supporting European startups that contribute to national and regional security.
What is the typical follow-on investment behavior?
Expansion is known for its active involvement post-investment, providing ongoing support and guidance to portfolio companies. This includes potential follow-on investments as companies progress through their growth stages.
What is the fund size and how many companies do you plan to invest in?
The fund has a target size of €300 million and aims to invest in approximately 30 companies across its lifecycle. As of now, it has made 19 investments.
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