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E2D European Defence & Dual-Use Fund

Germany
Growth
Share

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 EU defence-tech founder with dual-use commercial path

european-defence
dual-use-tech
sovereignty-play
growth-stage
Franco-German-axis
cybersecurity-infrastructure
AI-data-ops

Bullish Signals

€500M target, largest EU defence fundresearch
Franco-German institutional backing, NATO advisoryresearch
AVP + Earlybird combined platform powerresearch
$25M co-led Abstract round, 380% ARR growthexternal
Portfolio company 264% NRR, scale-readyexternal

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
Achieve 200%+ NRR & rapid ARR growth
Own your data, not platforms

Founder Don'ts

Pitch early-stage without revenue
Rely on single-country defence contracts
Ignore NATO/EU regulatory frameworks

Key GPs & Partners

BF
Benoit Fosseprez
General Partner
metrics-drivenfast-moverthesis-driven
RM
Roland Manger
Partner
patient-capitalthesis-drivenopinionated
MA
Manish Agarwal
General Partner
data-infrastructureAI-forwardplatform-builder

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Fund Overview

Fund Size€500M
Saves0
Website
LinkedIn

Key People

Benoit FosseprezGeneral Partner
Roland MangerPartner
Manish AgarwalGeneral Partner

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