- One of the most significant Franco-German dual-use and defence investment collaborations in the European tech ecosystem
- Investing across space, air, land, maritime and subsurface domains, backing technology businesses with modern operating models, rapid execution and clear mission focus across both defence-native and dual-use applications
- The fund is designed to help close European defence capability gaps and keep capital, talent, and IP on the continent, a prerequisite for genuine sovereignty
Berlin, Germany & Paris, France; 18 June, 2026 – Earlybird and AVP today announce the launch of E2D, a €500 million European dual-use and defence technology growth fund — one of the most significant Franco-German investment collaborations in the European tech ecosystem. The fund’s limited partners include large financial institutions and corporates, and its first close will take place on June 30th.
E2D launches at a moment of unprecedented political and strategic momentum. France has committed €76bn to defence, Germany €152bn, and the EU has outlined an €800bn European defence plan — the largest structural shift in European security spending in a generation. Yet, European defence and dual-use fast-growth companies have historically been forced to look to US investors to scale, leaving capital, talent, and IP outside the continent. E2D is designed to change that.
European defence is at a historic turning point, requiring a new generation of technology champions to safeguard sovereignty,” said Benoit Fosseprez, General Partner, AVP. “By partnering with Earlybird in this Franco-German alliance, we will be able to move fast and invest in the companies that will have the greatest potential impact. The best European defence companies need investors who bring real sector conviction and pan-European reach; that’s exactly what this partnership delivers.”
AVP and Earlybird contribute complementary strengths to the fund: AVP’s transatlantic investment platform and growth-stage expertise, and Earlybird’s long-standing track record in European deep tech. The fund’s partner team also includes investors who have invested in dual-use and defence technology for over a decade, well before most European funds could, given prevalent sector restrictions that LPs have only recently begun to lift. E2D arrives not only at the right moment, but with a team that has been doing this work all along.
E2D will be a growth-stage fund, targeting around 20 companies at an average ticket size of approximately €25M, with a dedicated team drawn from Earlybird and AVP working exclusively for the fund. Its investment focus spans across all critical domains — space, air, land, maritime, and subsurface — backing technology businesses with modern operating models, rapid execution, and clear mission focus across both defence-native and dual-use applications.
“We look forward to backing the best European high-growth, deep tech companies that will be instrumental in closing defence capability gaps while also addressing commercial markets, delivering decisive and persistent operational gains to European armed forces as well as primes. This will foster a more resilient and sovereign European ecosystem and ultimately unlock superior value for investors,” added Roland Manger, Co-Founder of Earlybird.
The alliance between Earlybird and AVP will provide capital at scale, unmatched insight from tech investors, operators, technologists and defence leaders, and direct access to military procurement and prime customers. A world-class international strategic committee supports the fund, comprising military and industrial leaders from the armed forces, NATO, and several leading European prime players.
About E2D
E2D is a new dual-use and defence technology growth fund with a target size of €500m. Providing capital at scale, it funds the next wave of technological innovation created by European growth-stage companies, fosters new technology adoption across the continent’s armed forces and strategic industries, and thus supports European sovereignty and economic growth. AVP and Earlybird serve as Advisors to E2D.
About AVP
AVP is an independent global investment platform dedicated to high-growth, tech (from deep-tech to tech-enabled) companies across Europe and North America, managing more than €2.5bn of assets across venture and growth strategies. Its multi-stage platform combines global research with local execution to drive investment. Since its establishment in 2016, AVP has invested in more than 60 technology companies. Beyond providing equity capital, its expansion team works closely with founders, providing the expertise, connections, and resources needed to unlock growth opportunities and create lasting value through meaningful collaborations. For more information, please visit: www.avpcap.com.
About Earlybird
Founded in 1997, pan-European VC Earlybird backs exceptional early-stage companies, supporting them through their growth and development phases and providing financial resources, strategic support, plus access to an international network and capital markets. Through two separate strategies, Earlybird focuses on tech-enabled businesses across software applications, infrastructure, and deep tech, while Earlybird Health focuses on life science breakthroughs accelerated by data-driven analytics and operations. Earlybird also has a pro-bono impact initiative, Vision Lab. With €2.5 billion under management across fund streams and a history of 9 IPOs and 41 trade sales, Earlybird is among Europe’s most established and active venture capital firms. Please visit: www.earlybird.com.
