Prime Highlights:
- Mundi Ventures closes €750 million first round for Kembara Fund I, its largest fund to date, aimed at supporting Series B and C European deep tech and climate startups.
- The fund plans to provide both equity and non-dilutive financing to help startups scale globally while minimizing ownership dilution.
Key Facts:
- Kembara may invest up to €100 million per company to support manufacturing scale-up and international expansion.
- Focus sectors include climate tech, deep tech, dual-use, defense, quantum computing, semiconductors, and space technology, aiming to strengthen Europe’s technological independence.
Background:
Spain-based venture capital firm Mundi Ventures has completed a €750 million first close for Kembara Fund I, its largest fund to date, aimed at backing European deep tech and climate startups at the growth stage. The fund is designed to address one of Europe’s biggest innovation challenges, the shortage of capital for companies scaling beyond early rounds.
The first close follows a €350 million anchor commitment secured in 2024 from the European Investment Fund under the European Tech Champions Initiative. Regulatory filings in Spain indicate that Kembara could reach a final size of up to €1.25 billion, positioning it among the largest growth-stage deep tech funds in Europe.
Kembara is the fifth fund launched by Mundi Ventures, but it operates with a dedicated team and strategy. It is managed from offices in Madrid, London, Barcelona, and Paris. Mundi Ventures founder Javier Santiso has joined the fund as co-founder and general partner, alongside Kembara co-founder and general partner Yann de Vries. The senior leadership team also includes climate tech investor Robert Trezona, deep tech specialist Pierre Festal, and former Atomico partner Siraj Khaliq as a senior strategic advisor.
According to de Vries, reaching a €750 million first close within two years was challenging given current market conditions, particularly for first-time growth funds. However, strong individual track records among the partners helped attract institutional investors increasingly focused on strengthening Europe’s scale-up ecosystem.
Kembara will primarily target Series B and Series C investments, writing initial checks ranging from €15 million to €40 million across approximately 20 companies.
Besides equity, Kembara will offer non-dilutive financing like venture debt and structured capital, helping founders raise funds while keeping ownership. The fund will also work with investors who want to co-invest in later-stage companies.
Geopolitics is part of Kembara’s focus, with investments in climate tech, deep tech, dual-use, and defense, including quantum computing, semiconductors, and space tech, to support Europe’s technological independence.
Kembara supports European innovation with a global approach, attracting international investors to help startups grow worldwide. Its name, meaning “to wander,” reflects this goal.
