Kembara, a newly launched European deep-tech growth fund, announced a €750 million first close toward its €1 billion target, positioning itself as a dedicated vehicle for growth-stage deep-tech companies raising Series B and Series C rounds. After two years operating in stealth, the firm says it is now actively investing in science and engineering-led companies that need large growth checks to scale manufacturing, expand commercially, and compete globally.
The firm is pitching its debut fund as a response to what it calls a European “growth capital gap” in deep tech. Kembara says deep tech accounts for 28% of European venture investment, but most deep tech funds remain too small to lead €50 million to €100 million rounds required by capital-intensive businesses. The firm argues that the shortfall contributes to promising companies being acquired early, relocating, or failing to reach scale in Europe.
Kembara’s partnership includes veterans with backgrounds spanning Atomico, IP Group, Khazanah, Promus Ventures, and Mundi Ventures. Founder and General Partner Javier Santiso framed the moment as a “second Renaissance” for Europe, arguing that scaling deep tech now requires large, local growth-stage capital pools. Co-Founder and General Partner Yann de Vries emphasized that Kembara is not a generalist platform, describing the team as deeply specialized operators and investors across complex, regulated, and hardware-heavy sectors.
Kembara said it will invest at the Series B and C stages, with initial checks of €15 million to €40 million and up to €100 million of total investment per company across a roughly 20-company portfolio. The fund’s focus areas include applied AI systems, quantum and advanced semiconductors, robotics and automation, clean energy and sustainability, space tech, advanced and designed materials, and dual-use and defense technology aimed at European strategic autonomy.
The firm said the European Investment Fund is anchoring the fund with a €350 million commitment, alongside “tier-one European institutional investors.” Kembara also tied its thesis to declining costs across key enabling technologies over the past decade, alongside heightened geopolitical pressure for domestic capability in strategic sectors such as AI, quantum, space systems, and clean energy.
KEY QUOTES
“Europe is at the beginning of a second Renaissance. Just as the original had the Medici family to fund innovation, Europe’s deep tech champions today need significant local growth-stage capital at scale. With €750M committed, we’re backing Europe’s most ambitious founders leading this change.”
Javier Santiso, Founder And General Partner, Kembara
“We’re not a generalist fund trying to do deep tech. Each partner has spent 15-30 years exclusively in these sectors. We’ve been operators, we’ve built companies, we’ve taken them public. We know how to derisk complex hardware, navigate regulatory frameworks, and structure sophisticated financing.”
Yann de Vries, Co-Founder And General Partner, Kembara
“Kembara is uniquely positioned to generate outsize returns because we invest where deep tech economics are most asymmetric. At Series B and C, science risk has been largely removed, but upside remains uncapped. Combined with Europe’s world-class early-stage pipeline and over €1 trillion in new public and private capital targeting deep tech, this creates a generational opportunity.”
Javier Santiso, Founder And General Partner, Kembara
