Mundi Ventures Secures €750M First Close for Kembara Fund to Scale Europe’s Deep Tech Champions

Key Takeaways

1. Mundi Ventures has reached a €750M first close for Kembara Fund I, targeting ~€1B at final close.
2. The fund focuses on Series B and C investments in deep tech, climate, and industrial technology companies.
3. Kembara aims to address Europe’s persistent shortage of growth capital for technically complex companies scaling globally.

Why This Fund Matters

Europe has long been strong at early-stage deep tech creation but weaker at financing the scale phase. Many technically advanced companies are forced to seek late-stage capital outside the region just as they begin global expansion.

Kembara Fund I is structured specifically to close that gap. By targeting Series B and C rounds with large initial checks and meaningful follow-on capacity, the fund is designed to support companies through the most capital-intensive stage of growth.

For founders, this matters because scaling deep tech is fundamentally different from scaling software. Hardware, advanced computing, energy infrastructure, and industrial systems require sustained investment before they generate large revenues. Funds capable of writing large checks at this stage are still relatively rare in Europe.

Investment Strategy: Growth Capital for Technical Scale

Kembara Fund I focuses on companies that have moved beyond early validation but require significant capital to reach global leadership. Typical targets include businesses with:

1. proven technology
2. early commercial traction
3. strong engineering teams
4. large-scale deployment needs
5. and global expansion potential

Core themes include:

1. artificial intelligence and advanced computing
2. robotics and automation
3. clean energy and sustainability
4. advanced materials
5. space technologies
6. dual-use and infrastructure systems

The fund plans to build a concentrated portfolio of roughly twenty companies, allowing for significant capital allocation and long-term partnership with each.

What the Check Size Enables

With typical initial investments ranging from €15M to €40M and the capacity to invest up to ~€100M per company across rounds, Kembara positions itself as a lead or cornerstone investor in growth-stage deals.

This level of capital allows portfolio companies to:

1. scale manufacturing or infrastructure
2. expand internationally
3. accelerate product deployment
4. recruit senior leadership
5. and avoid fragmented fundraising across multiple small rounds

For deep tech founders, continuity of capital can be as important as the initial investment. Large follow-on reserves reduce the risk of stalled growth due to financing gaps.

A Strategic Gap in the European Ecosystem

Europe produces a high volume of technically sophisticated startups, but fewer scale-stage investors compared with the United States or parts of Asia. As a result, many companies relocate or rely heavily on foreign capital when entering their growth phase.

Funds like Kembara aim to keep scaling companies anchored in Europe while still enabling global expansion. This supports not only founders and investors, but also broader strategic goals around technology sovereignty and industrial capacity.

For founders, it means a growing pool of capital capable of supporting long development cycles and global ambitions without forcing early exits or relocations.

What This Signals for Founders Raising Now

The first close of Kembara Fund I sends several signals:

1. Growth-stage capital for deep tech in Europe is increasing.
2. Large multi-stage investors are willing to commit to technically complex companies.
3. Series B and C rounds for infrastructure and industrial technology are becoming more structured and competitive.
4. Investors are prioritizing long-term defensibility over short-term growth narratives.

For companies approaching scale stage in deep tech or climate, this type of fund can provide both capital and stability during expansion.

Conclusion

Mundi Ventures’ Kembara Fund I represents a significant addition to Europe’s growth-stage capital landscape. With a large first close and a focus on technically complex sectors, the fund is positioned to support companies that require substantial investment to reach global leadership.

For founders building in AI, robotics, energy, and industrial technology, access to large, committed scale-stage capital can determine whether a company becomes a regional success or a global category leader. Funds like Kembara aim to ensure more of those leaders scale from Europe.