London-based Expedition Growth Capital has announced its third fund, closing at $375 million. This milestone comes as a beacon for bootstrapped SaaS entrepreneurs across Europe, particularly those who have avoided traditional VC funding until now. The firm’s philosophy of “capital as a tool, not a necessity” aligns well with its sharp focus on sustainable business growth.
I can speak to this personally. As a female founder and bootstrapped entrepreneur myself, I know how limiting it can feel when early-stage funding seems out of reach without accepting terms that don’t align with your vision. Expedition Growth Capital’s approach might be the smarter way forward for founders looking to scale without sacrificing ownership or culture. Let’s unpack the details.
Breaking Down Expedition’s Strategy
Expedition Growth Capital stands out for its deliberate focus on founder-led SaaS companies, specifically those generating up to $5 million in annual recurring revenue (ARR). Their investment tickets range from $10 million to $25 million, positioning them as growth partners rather than financial overlords. They help founders scale towards $50 million+ in ARR , a significant milestone for any SaaS business.
The founders they back are often domain experts who have built resilient, niche-focused businesses without chasing external capital early on. Take Cologne-based epilot, for example, a platform helping utilities navigate energy transitions, or French SaaS solution Dougs for automated accounting. These companies don’t just grow; they dominate their verticals by staying true to their focus areas.
You don’t need to reinvent yourself to attract these investors. Expedition prioritizes sustainable growth, profitability, and deliberate scaling , a concept every bootstrapping founder will find familiar.
Why This Funding Model Resonates with Bootstrapped Founders
Bootstrapped doesn’t mean stagnant; it means intentional. I bootstrapped two startups before launching Fe/male Switch, a game designed to promote more women in STEM entrepreneurship. The challenges pushed me to learn smarter ways to balance limited resources with maximum business impact. Let’s highlight why Expedition’s method could be a game-changer for bootstrappers:
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No “growth-at-all-costs” pressure
Many VCs demand rapid scaling, which often derails a business’s original purpose. Expedition’s focus on businesses with ARR below $5 million signals patience to help founders scale at a manageable pace. -
Operational value
Expedition isn’t a silent partner. Founders receive mentorship for go-to-market strategies, revenue operations, and even hiring decisions. This aligns them with growth-stage challenges instead of applying generic solutions. -
Respect for founders’ independence
Unlike many Silicon Valley-style VCs who push for majority stakes, Expedition often partners as a minority shareholder. This structure enables founders to maintain their vision.
If you’re a female entrepreneur, finding an investment partner who respects your autonomy while providing essential growth support can unlock huge possibilities. Expedition’s model proves there are alternatives to the “standard VC playbook.”
Opportunities for European SaaS Founders
The European SaaS landscape is maturing fast. Across markets, bootstrapped SaaS businesses are thriving by solving highly specific problems. For example:
- Factbird (Denmark): An industrial software business focused on improving efficiency in production lines.
- Omilia (Greece): A SaaS aimed at enhancing customer experiences in regulated industries through AI-powered contact centers.
What these businesses have in common is a focus on sustainable, customer-oriented growth instead of vanity metrics like user acquisition “at any cost." With $375 million to deploy, Expedition is clearly betting on this type of approach becoming the norm in Europe.
This brings a crucial lesson for founders: successful scaling doesn’t require billion-dollar dreams. Instead, it thrives on solid fundamentals and long-term thinking.
Lessons for Female Entrepreneurs
As a serial entrepreneur, I’ve noticed patterns among female founders, particularly in bootstrapping. Here are the trends and how Expedition’s fund could fit:
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Women-led businesses often prioritize profitability early on.
Expedition’s respect for capital efficiency complements this approach. -
Women may avoid VC funding due to culture misalignment.
Expedition sets itself apart with its founder-first ethos , an approach based on support rather than domination. -
Scaling support is vital.
Many women founders feel unseen when it comes to operational scaling. Expedition addresses this gap with targeted mentorship.
What we need to unlearn as women is the idea that slow, steady growth isn’t valuable. Venture-backed hyper-growth is not the only path to build a great business. Expedition’s track record proves this belief wrong.
How to Position Yourself for This Type of Funding
If you’re looking to join the ranks of Expedition-backed companies, here are a few steps to consider:
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Focus on ARR growth and a defined niche
Before even approaching funds like Expedition, your revenue model should prove market traction. If you’re building a SaaS company, ensure your ARR is not just predictable but steadily climbing. -
Own your story
Your bootstrap journey is a strength, not a weakness. Highlight how you’ve balanced profitability with innovation. -
Prepare a sustainable scaling plan
Hypothetical billion-dollar growth projections won’t impress these investors. Instead, focus on achievable goals and thoughtful scaling.
Pitfalls to Avoid
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Don’t compromise your business model for investor appeal.
You don’t have to pretend to be something you’re not. Expedition looks at strong operational models and founder-driven resilience. -
Avoid generalist pitches.
Expedition’s focus on SaaS and AI means they’re looking for specific solutions in these domains. If your business overlaps with other industries, emphasize the SaaS application side. -
Skipping due diligence before approaching a growth fund.
Always research the profiles of firms you pitch. In this case, study Expedition’s portfolio companies to position yourself effectively.
Takeaways for Entrepreneurs
Expedition Growth Capital’s $375 million fund demonstrates that significant opportunities exist outside the typical VC hype cycle. For European SaaS founders, this fund represents not just financial fuel but also strategic support tailored to capital-efficient scaling.
If I can leave you with one thought, it’s this: say no to compromises that don’t feel right for you and your company. With partners like Expedition, you don’t need to trade independence for growth. Instead, you can build a SaaS business that respects both your vision and the numbers it puts on the board. Brave doesn’t always mean fast; it means purposeful.
For more insights, explore Expedition Growth Capital on its website or check out its differentiators through stories about investments in Dougs or epilot. It’s never too late to forge your path.
FAQ
1. What is Expedition Growth Capital's recent announcement?
Expedition Growth Capital recently closed its $375 million third fund, which is focused on supporting bootstrapped SaaS and AI founders across Europe. Learn more about Expedition Growth Capital's $375M fund
2. What types of companies does Expedition Growth Capital target?
Expedition Growth Capital targets bootstrapped, founder-led B2B software and AI companies, especially those with annual recurring revenue (ARR) up to $5 million.
3. What is Expedition Growth Capital's investment philosophy?
Expedition focuses on businesses with a "use for capital, not a need for it," prioritizing sustainable scaling and profitability over hyper-growth. Discover Expedition’s values
4. What types of checks does Expedition Growth Capital write?
The firm invests $10 million to $25 million in growth capital, primarily as minority stakes in founder-led companies.
5. Can you name companies backed by Expedition Growth Capital?
Expedition has backed companies like Dougs (AI-powered accounting), epilot (energy transition platform), Factbird (software for production efficiency), and Omilia (AI for contact centers). Explore Expedition's portfolio
6. How does Expedition support its portfolio companies beyond financial investment?
Expedition provides operational support in areas like go-to-market strategies, revenue operations, and hiring decisions, ensuring sustainable growth for its portfolio companies.
7. Why is this funding model appealing to bootstrapped founders?
The model allows founders to scale without giving up majority ownership or compromising their company culture, offering an alternative to traditional VC approaches.
8. What is the goal for companies partnering with Expedition?
Expedition aims to help companies grow their ARR from ~$5 million to over $50 million, building durable and market-leading businesses. Learn about Expedition’s growth plans
9. What markets does Expedition Growth Capital focus on?
Expedition primarily targets the European market, with a focus on niche, capital-efficient, and customer-driven SaaS businesses.
10. How can founders position themselves for Expedition's funding?
Founders should demonstrate ARR growth, a clear niche focus, sustainability in operations, and a compelling story of capital-efficient scaling. Check out how Expedition evaluates startups
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.
