One of Europe’s biggest venture capital firms focused on defence technology has raised more than €100mn towards its second fund, as investors continue to pour money into the nascent sector since Russia’s war in Ukraine.

Expeditions, founded in 2021 to invest in technology start-ups, said the fund was on track to close at €150mn by the end of the year and had the backing of European and US private investors and family offices, as well as institutional investors. Its first fund raised close to €15mn.

The Warsaw-based company’s fundraising shows investor appetite for European defence technology start-ups is undiminished more than three years after Russia’s full-scale invasion of Ukraine, and as US President Donald Trump has pushed the continent to take more responsibility for its security.