Mundi Ventures has announced a €750 million first close for Kembara, described as Europe’s largest dedicated deep tech growth fund, as it works toward a €1 billion target. The fund is now actively investing in breakthrough deep tech science and engineering companies across the continent.
The announcement marks the first public reveal of Kembara’s full senior partnership, bringing together veteran investors with more than 100 years of combined deep tech investment experience across Atomico, IP Group, Khazanah, Promus, and Mundi Ventures. The team aims to address what it describes as a critical market failure, noting that only 3% of European deep-tech companies successfully raise Series B or C rounds, despite Europe accounting for 28% of global deep-tech innovation.
The firm said the fund arrives at a pivotal moment for Europe. Deep tech is emerging as a defining investment theme for the coming decade, particularly as geopolitical instability reshapes the global order. Companies that achieve strategic autonomy in critical technologies, including artificial intelligence, quantum computing, space systems, and clean energy, have the potential to become trillion-dollar businesses.
Kembara is anchored by a €350 million commitment from the European Investment Fund, alongside other tier one investors, and has built a strong pipeline toward final close. The fund is positioning itself as a leading European deep-tech platform to help the continent’s breakthrough innovations scale into global category leaders, rather than being acquired prematurely or relocating abroad.
Kembara will focus on Series B and Series C rounds, writing initial checks of €15 million to €40 million and investing up to €100 million per company, including follow-ons. The fund is targeting a portfolio of around 20 companies, with an average investment of €40 million.
Its sector focus includes artificial intelligence systems addressing critical industry challenges, quantum computing and advanced semiconductors, robotics and industrial automation, clean energy and sustainable materials, orbital infrastructure and satellite systems, advanced materials and nanotechnology, as well as dual-use and defense technologies aimed at protecting European sovereignty.
The company emphasized its belief that Europe has the talent and innovation required to solve the world’s biggest challenges and invited entrepreneurs, investors, and strategic partners to collaborate in shaping the future of deep tech across the region.
KEY QUOTES
“Europe is at the beginning of a second Renaissance. While the original had the Medici family to fund innovation, similarly Europe’s deep tech champions today also need significant local growth-stage capital at scale. Kembara’s mission is to catalyse this second Renaissance and, with €750M already committed, we’re now backing Europe’s most ambitious deep tech founders leading this change”.
Javier Santiso, founder and General Partner of Kembara, CEO and Founder of Mundi Ventures, and Former Member Of The Executive and Investment Committees of the then $50B AUM Malaysian Sovereign Wealth Fund Khazanah
