# France and Germany's AVP and Earlybird launch E2D, a €500m European defence and dual-use growth fund
> About US$585m for roughly 20 companies at ~€25m tickets across space, air, land, maritime and subsurface; first close June 30, pitched at keeping European defence startups off US cap tables

**Meta:** type: event · date: 2026-06-18 · heads: 谁的钱, 长远之局 · 6 takes · 2 lenses · 5 regions

## Summary

French-American platform AVP and German deep-tech firm [Earlybird](/zh/entity/earlybird) launched E2D, a €500m (about US$585m) growth-stage fund for European [defence and dual-use technology](/zh/entity/defence-tech), on 18 June 2026, reaching a first close on 30 June. The fund targets roughly 20 companies at an average ticket of about €25m across space, air, land, maritime and subsurface domains, overseen by a strategic committee including NATO officials and European defence executives. LPs are described as major financial institutions and corporates but were not named. The launch follows France's €76bn and Germany's €152bn defence commitments and the [EU's](/zh/entity/european-union) €800bn rearmament plan.

## The split

European tech and defence press treats E2D as a structural fix: a growth-stage vehicle to stop European defence startups from raising later rounds in the US, as [Anduril](/zh/n/anduril-series-h-2026) and [Mach](/zh/n/mach-industries-series-c-2026) have shown American capital dominates the category. The GPs frame it as sovereignty. Coverage is entirely European, itself the point, a continent trying to build the funding rails it lacks rather than a story the US venture press tracks.

## By the numbers

- €500m (~US$585m), fund size.
- ~20, target companies at ~€25m average tickets.
- June 30, 2026, first close.
- €76bn France, €152bn Germany, €800bn EU, the backdrop commitments.
- Space, air, land, maritime, subsurface, the target domains.

## Why it matters

Europe funds early defence startups but loses them at growth stage to US investors, capping its sovereign capability. A €500m growth fund with NATO-linked governance is a direct attempt to close that scaling gap, part of the same rearmament wave reshaping European industrial policy after Ukraine.

## What to watch

- Named LPs and E2D's first growth-stage deals.
- Whether European defence startups now stay on European cap tables.
- Whether other EU managers launch competing dual-use growth vehicles.

## Regional takes (batched by bias / lens)

### unlabelled
- **Earlybird** (Germany, en) — The co-manager's launch release: €500m, roughly 20 companies at ~€25m average tickets, a first close set for June 30, and a strategic committee including NATO and European defence figures.
  > "AVP and Earlybird launch E2D, a €500M European Dual-Use and Defence Growth Fund."
  Source: https://earlybird.com/perspectives/avp-and-earlybird-launch-e2d-a-%E2%82%AC500m-european-dual-use-and-defence-growth-fund
- **AVP** (France, en) — Co-manager AVP's release, positioning the fund as combining its transatlantic growth-stage reach with Earlybird's deep-tech track record on a €2.5bn-plus platform.
  > "A €500M European Dual-Use and Defence Growth Fund."
  Source: https://avpcap.com/avp-and-earlybird-launch-e2d-a-e500m-european-dual-use-and-defence-growth-fund/
- **EU-Startups** (European Union, en) — 
  Source: https://www.eu-startups.com/2026/06/new-e500-million-growth-vehicle-e2d-aims-to-close-europes-defencetech-scaling-gap/
- **Tech Funding News** (United Kingdom, en) — 
  Source: https://techfundingnews.com/avp-earlybird-e2d-500m-fund-european-defence-startups-us-vc/
- **The Next Web** (Netherlands, en) — 
  Source: https://thenextweb.com/news/avp-earlybird-e2d-500m-european-defence-fund

### European tech
- **Tech.eu** (European Union, en) — Confirms the June 30 first close and names GPs Benoit Fosseprez and Roland Manger, situating the fund against France's, Germany's and the EU's rearmament commitments.
  > "The fund achieved first close on June 30, 2026."
  Source: https://tech.eu/2026/06/18/earlybird-and-avp-launch-e2d-a-eur500m-defence-and-dual-use-growth-fund/

## Across the graph
- Related: [[anduril-series-h-2026]], [[mach-industries-series-c-2026]], [[defense-tech-funding-record-2026]]
- Entities: Dry Powder, Defence Tech, Avp, Earlybird, France, Germany, European Union

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Canonical: https://rbtfl.xyz/zh/n/e2d-europe-defence-fund-2026