Kembara closes €750M first close to fuel growth of European deep tech startups
Europe’s largest dedicated deep tech growth fund has taken a major step forward after closing the first tranche of its fundraising effort at €750 million.
The fund, known as Kembara Fund I and managed by Spain-based Mundi Ventures, is aiming for a €1 billion target. It will invest in European companies developing breakthrough technologies in areas such as clean energy, AI, quantum computing, advanced materials, robotics, and space tech.
A cornerstone of the fundraising so far is a €350 million commitment from the European Investment Fund, part of the EU’s attempt to strengthen local growth capital. Additional backing comes from tier-one institutional investors from across Europe.
Kembara was launched in 2023 by Yann de Vries and Javier Santiso, who now lead the fund’s team alongside experienced investors in climate and deep technology.
The leadership team also includes climate tech investor Robert Trezona, deep tech expert Pierre Festal, and former Atomico partner Siraj Khaliq as a strategic advisor. Their combined experience in scaling technology ventures was central to attracting large institutional commitments.
The fund’s strategy targets Series B and C stage rounds, typically a difficult funding stage for deep tech startups in Europe.
Initial checks are planned in the range of €15 million to €40 million per company, with the ability to support follow-on financing that could total up to €100 million per portfolio company.
Europe produces a significant share of global deep tech innovations, but many companies struggle to secure later-stage capital and scale internationally.
Fund managers have described this gap as one of the main obstacles holding back local companies from becoming global leaders. Kembara aims to fill that gap by deploying growth capital at scale and offering support through later rounds.
With €750 million now committed, the fund is actively seeking opportunities to back European startups ready to grow manufacturing, expand abroad, and compete on the global stage.
If the effort reaches its full €1 billion goal, it would mark one of the largest dedicated deep tech funds in the region.
