Mundi Ventures secures €750M first close for Kembara deep tech and climate fund
What’s the deal? Mundi Ventures has closed a €750M first close for Kembara Fund I, its largest fund to date, targeting deep tech and climate startups at the growth stage. The Spain-based firm says the fund could reach up to €1.25B at final close, according to regulatory filings.
Kembara is managed by a dedicated team within Mundi Ventures and will focus on Series B and C rounds. It plans to write initial cheques of €15M to €40M, with total exposure per company potentially reaching €100M through follow-on investments.
Why now? European investors have poured billions into early-stage climate and deep tech startups, but many struggle to raise growth capital and stall before scaling. Kembara aims to fill that gap as demand rises for funds able to back capital-intensive technologies beyond Series A.
The fund builds on momentum from 2024, when the European Investment Fund committed €350M to the vehicle under the European Tech Champions Initiative. Since then, market pressure to keep promising European companies independent has only intensified.
What could go wrong? Writing large cheques into deep tech and climate companies carries high risk, as long development cycles and heavy capital needs can delay returns. Even a €750M fund may struggle if portfolio companies require more funding than expected to reach scale.
There is also competition from a new wave of large European growth funds targeting similar stages. Kembara will need to prove it can deploy capital selectively while supporting complex scale-ups across manufacturing, regulation, and global expansion.
The signal: Kembara’s first close underscores a shift in European venture toward fewer but much larger funds focused on growth-stage deep tech. Investors are increasingly betting that scale-up capital, not startup creation, is Europe’s biggest bottleneck.
The fund also reflects growing geopolitical interest in building European champions in areas such as climate, industrial tech, and dual-use technologies. For Mundi Ventures, it marks a push to play a central role in that next phase.
Sources:
TechCrunch
TFN
A.M.
