Fund structure and target portfolio

E2D is structured as a growth-stage vehicle designed to provide meaningful capital to companies that have moved beyond early-stage development:

• Target size: €500 million
• Average ticket size: Approximately €25 million per investment
• Target portfolio: Around 20 growth-stage companies
• Sectors covered: Technologies spanning space, air, land, maritime, and subsurface domains, with specific priorities including semiconductors, AI, New Space, drones, directed energy, and broader dual-use defence capabilities

The fund's capital is aimed at companies at the stage where "capital, industrial access, and execution capacity become decisive," according to Dr. Hendrik Brandis, co-founder of Earlybird Venture Capital .

First investment: Alta Ares

E2D announced its first investment in Alta Ares, a French defence technology company that develops AI-powered hardware and software for intelligence, surveillance, reconnaissance (ISR), and counter-unmanned aerial systems (counter-UAS) .

This investment runs in parallel with a separate memorandum of understanding between Airbus Defence and Space and Alta Ares to co-develop next-generation European counter-UAS capabilities integrated into Airbus's battle management suite . The dual structure — fund investment and industrial partnership — reflects the E2D model of combining financial backing with operational and industrial access from its anchor LP.

Strategic goals: Scale, speed, and sovereignty

E2D pursues three interconnected strategic objectives:

Accelerate European defence innovation and scale. The fund provides growth capital to European deep-tech and dual-use companies so they can scale within the continent rather than moving capital, talent, or IP outside Europe . Michael Schoellhorn, CEO of Airbus Defence and Space, framed the urgency directly: "European defense is facing a reality that requires scale and speed" .

Close critical capability gaps. E2D backs technologies that address operational shortfalls in European armed forces, particularly in AI, ISR, counter-drone systems, and multi-domain operations . The first investment in Alta Ares directly targets the rapidly evolving counter-UAS domain.

Reinforce continental sovereignty and strategic autonomy. By strengthening Europe's defence industrial base, the fund aims to reduce dependency on non-European suppliers and keep strategic technologies under European control .

What E2D means for the European defence ecosystem

The E2D fund represents a structural shift in how European defence innovation is financed. Rather than relying solely on government procurement or small early-stage venture rounds, the fund provides growth-stage capital — the most critical and often missing layer in the European defence tech stack. Airbus's involvement as anchor LP gives portfolio companies direct access to one of Europe's most important industrial and defence ecosystems, including potential routes to integration and procurement .

With a target of approximately 20 investments at roughly €25 million each, E2D is positioned as one of the largest dedicated dual-use growth funds in Europe . The fund's Franco-German structure also signals a deepening cross-border collaboration in defence technology at a time when European nations are seeking to build more self-reliant capabilities.

Fund structure and target portfolio

E2D is structured as a growth-stage vehicle designed to provide meaningful capital to companies that have moved beyond early-stage development:

• Target size: €500 million
• Average ticket size: Approximately €25 million per investment
• Target portfolio: Around 20 growth-stage companies
• Sectors covered: Technologies spanning space, air, land, maritime, and subsurface domains, with specific priorities including semiconductors, AI, New Space, drones, directed energy, and broader dual-use defence capabilities

The fund's capital is aimed at companies at the stage where "capital, industrial access, and execution capacity become decisive," according to Dr. Hendrik Brandis, co-founder of Earlybird Venture Capital .

First investment: Alta Ares

E2D announced its first investment in Alta Ares, a French defence technology company that develops AI-powered hardware and software for intelligence, surveillance, reconnaissance (ISR), and counter-unmanned aerial systems (counter-UAS) .

This investment runs in parallel with a separate memorandum of understanding between Airbus Defence and Space and Alta Ares to co-develop next-generation European counter-UAS capabilities integrated into Airbus's battle management suite . The dual structure — fund investment and industrial partnership — reflects the E2D model of combining financial backing with operational and industrial access from its anchor LP.

Strategic goals: Scale, speed, and sovereignty

E2D pursues three interconnected strategic objectives:

Accelerate European defence innovation and scale. The fund provides growth capital to European deep-tech and dual-use companies so they can scale within the continent rather than moving capital, talent, or IP outside Europe . Michael Schoellhorn, CEO of Airbus Defence and Space, framed the urgency directly: "European defense is facing a reality that requires scale and speed" .

Close critical capability gaps. E2D backs technologies that address operational shortfalls in European armed forces, particularly in AI, ISR, counter-drone systems, and multi-domain operations . The first investment in Alta Ares directly targets the rapidly evolving counter-UAS domain.

Reinforce continental sovereignty and strategic autonomy. By strengthening Europe's defence industrial base, the fund aims to reduce dependency on non-European suppliers and keep strategic technologies under European control .

What E2D means for the European defence ecosystem

The E2D fund represents a structural shift in how European defence innovation is financed. Rather than relying solely on government procurement or small early-stage venture rounds, the fund provides growth-stage capital — the most critical and often missing layer in the European defence tech stack. Airbus's involvement as anchor LP gives portfolio companies direct access to one of Europe's most important industrial and defence ecosystems, including potential routes to integration and procurement .

With a target of approximately 20 investments at roughly €25 million each, E2D is positioned as one of the largest dedicated dual-use growth funds in Europe . The fund's Franco-German structure also signals a deepening cross-border collaboration in defence technology at a time when European nations are seeking to build more self-reliant capabilities.