Kembara, DTCP and E2D target different paths to industrial scale
Kembara backs industrial scale-up, while DTCP and E2D pair growth capital with defence expertise and access to strategic customers.
A deep-tech company preparing to manufacture, deploy or sell into defence needs more than a large fund headline. Kembara, DTCP Defence Fund I and E2D offer three distinct combinations of investment stage, technical focus and industrial relationships.
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Capital and mandate
| Fund | Fundraising milestone | Investment focus |
|---|---|---|
| Kembara | €750m first close; €1bn target | European deep tech, Series B and C |
| DTCP Defence Fund I | €455m first close, announced September 24 | Defence and resilience, primarily Series B and later |
| E2D | €500m target; Airbus named anchor LP in July | European defence and dual-use growth companies |
Kembara: engineering at the point of scale
Kembara focuses on companies whose science is proven and whose next challenge is industrial expansion. Its mandate spans AI and computing, climate and energy, robotics, and space. For founders, that points toward financing factories, complex supply chains and commercial deployment, with a fund prepared to lead Series B and C rounds.
DTCP: dedicated defence execution
DTCP’s September first close brought together Deutsche Telekom, Porsche SE, EIFO, Danica and SmartCap. Its specialist team targets AI, autonomous systems, cyber defence, secure communications and space. Completed investments in Six Robotics and Kraken Technology Group illustrate the emphasis on deployable unmanned capabilities. Its Europe-led mandate also permits selected investments in NATO countries and close allies.
E2D: a route toward industrial customers
The Earlybird–AVP venture targets around 20 growth companies, with average investments of approximately €25 million. Airbus Defence and Space became its anchor LP in July, alongside the announcement of a first investment in Alta Ares. The proposition combines capital with relationships across military procurement and industrial primes. The €500 million figure remains a target in those announcements.
Match the next operating milestone
A company scaling a broad industrial technology has a different financing conversation from one integrating into defence procurement. Founders can use these mandates to frame the next measurable step: production capacity, field deployment or adoption by a strategic customer. The fund’s relevant operating relationships matter alongside the size of its commitments.