Expansion

Expansion invests strictly in European aerospace and defence companies, from pre-seed to Series B. Its mandate focuses on dual-use technologies that underpin what the firm calls Europe's technological sovereignty — spanning satellite systems, orbital infrastructure, C4ISR, AI defence systems, and autonomous platforms. The fund does not extend into general enterprise software, consumer tech, or other verticals.

The firm leverages its tri-location structure across Paris, Stockholm, and Luxembourg to tap Europe's core aerospace and defence clusters. Much of its sourcing likely runs through the partnership's direct networks, given the specialized, dual-use nature of its portfolio and the involvement of founding partner Charles Beigbeder, a known figure in French tech entrepreneurship. The portfolio companies themselves often depend on European Space Agency or national defence contracts, suggesting a strong public-procurement network.

Expansion lists eight named partners on its website — Charles Beigbeder, Sandra Budimir, David Dana, Ted Elvhage, Charles Gueudet, Ulf Palmnäs, Benjamin Pavie, and Maxime Rovere — operating across Paris, Stockholm, and Luxembourg. The lack of a traditional hierarchical structure with a single CEO or managing partner suggests a distributed decision-making model typical of specialized, consensus-driven VC teams. No individual CIO or investment committee chair is disclosed separately.

The firm targets both. It lists six investment sub-verticals: physical satellite platforms and constellations, space-derived data applications, in-orbit servicing and logistics, secure communications and C4ISR, AI-native defence capabilities, and robotics and autonomous systems. The portfolio reflects this mix — ReOrbit builds software-defined satellites, while Alta Ares develops AI identification software for UAVs, and Skynopy offers connectivity services.

Expansion defines its stage range as pre-seed to Series B. While the firm's website does not disclose specific cheque sizes or typical lead status, its portfolio includes companies at both the very early seed stage and those raising Series A rounds in the €20–30 million range, like Atmos Space Cargo's €25.7 million Series A. The firm's holding size and participation strategy are not publicly detailed.

Expansion operates as a standard venture capital firm, but its identity is intertwined with a public-policy posture. It brands itself around 'driving Europe's technological sovereignty,' positioning the fund and portfolio as a coordinated push into sectors where government procurement and regulation dictate market access. The firm has not disclosed a separate advisory or consulting arm, but its multi-city footprint in policy-heavy capitals serves the thesis.

The firm lists all three cities as locations on its contact page, with partners distributed across them. Stockholm gives Expansion proximity to Sweden's active space and defence startup cluster (including portfolio company ReOrbit), while Luxembourg is a major European space-financing and regulatory center, hosting the European Space Agency's joint telecom and applications initiatives. Paris anchors the fund — its headquarters — and taps the French aerospace prime-contractor and procurement ecosystem.