E2D European Defence & Dual-Use Fund

About E2D European Defence & Dual-Use Fund

Joint venture by AVP (formerly AXA Venture Partners) and Earlybird. Targeting €500M for European defence and dual-use technology growth-stage companies. ~€25M average tickets into ~20 companies across space, air, land, maritime and subsurface domains. Franco-German anchored. Led by Benoit Fosseprez (AVP GP) and Roland Manger (Earlybird co-founder). First close June 30, 2026.

Investment Focus

Location / RegionGermany

Funding StageGrowth

Industry Focus

Ai Ml

Deep Tech

Defense

Semiconductors

Space

Investor Signals Profile

active

Sweet Spot

Growth-stage European defence-tech founder with dual-use commercial path

european-defence

dual-use-tech

sovereignty-play

growth-stage

Franco-German-axis

Bullish Signals

€500M target, largest EU defence fundresearch

Franco-German institutional backing, NATO advisoryresearch

AVP + Earlybird combined platform powerresearch

Contrarian Signals

First close not yet complete (June 2026)research

Defence procurement cycles slow for VCresearch

Founder Do's

Build for European sovereignty mission

Show dual-use commercial viability

Target space, air, land or maritime domains

Have growth-stage traction already

Demonstrate modern operating model

Founder Don'ts

Pitch early-stage without revenue

Rely on single-country defence contracts

Ignore NATO/EU regulatory frameworks

Key GPs & Partners

Benoit Fosseprez

General Partner

metrics-drivenfast-moverthesis-driven

Roland Manger

Partner

patient-capitalthesis-drivenopinionated

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Fund Overview

Fund Size€500M

Saves0

Website

Key People

Benoit FosseprezGeneral Partner

Roland MangerPartner