Fund profile / Spain

Kembara

Geography: Spain
Stage: Series B
Fund size: €750M
Focus: AI/ML, Climate & Sustainability, Deep Tech and Defense
Signals: Published

N°01 / About

About Kembara

Europe's largest dedicated deeptech growth fund, anchored by €350M from EIF under ETCI. Targets the 'Series B cliff' where only 3% of European deeptech companies secure growth capital.

N°02 / Thesis

Investment Focus

Location / RegionSpain

Funding StageSeries B

Industry Focus

AI/ML

Climate & Sustainability

Deep Tech

Defense

Energy Tech

Robotics & Automation

Space

Investor Signals Profile

active

Sweet Spot

Series B/C deep tech founder scaling globally from Europe

deep tech

climate tech

insur tech

retail tech

structural change sectors

early-stage + scale-up

anomaly tracking

pre-consensus conviction

Bullish Signals

€750M first close, targeting €1Bblog

Up to €100M per company reservedblog

Concentrated portfolio, ~20 companies onlyblog

Portfolio co lands Visa partnership (EU)linkedin

Backing embedded insurance infra at scalelinkedin

NEAT Protect: 25M+ cardholders reachedlinkedin

Portfolio expanding across France + Europelinkedin

AI-powered personalization in portfolio productlinkedin

Backs founders building alongside global leaderslinkedin

Fully digital claims journey in portfoliolinkedin

EMXYS ESA asteroid mission €10M contractlinkedin

Portfolio leading European space autonomylinkedin

Don Quijote asteroid landing 2029linkedin

EMXYS leads GMV + GomSpace consortiumlinkedin

Apophis mission visible to 2B+ peoplelinkedin

Spain leading first-tier international spacelinkedin

Europe's tech autonomy reinforced via portfoliolinkedin

Kembara: dedicated growth-stage fund launchedwebsite

Multi-stage strategy: early, growth, scale-upwebsite

Presence in Madrid, Paris, London, Barcelona, Zurich, NYCwebsite

Alma Mundi early-stage conviction vehiclewebsite

Disciplined selection, high-conviction long-term supportwebsite

Insight + timing drive structural change outcomeswebsite

Contrarian Signals

No named GPs, team opaqueblog

€1B fund, very few winners backedblog

First fund — unproven track recordblog

Fintech bet — outside core deep tech thesislinkedin

Retail tech addition dilutes focuswebsite

Founder Do's

Have proven tech + early commercial traction

Need €15M–€100M to scale globally

Building in AI, robotics, energy, space, industrial

Strong engineering team, large deployment needs

Plan global expansion from European base

Operate in sectors undergoing structural change

Show early signals others overlook

Founder Don'ts

Pre-revenue or early validation stage

Pure software, no technical complexity

Need seed or Series A capital

39 signals on Kembara

23 bullish · 5 contrarian · 7 pitch do's · 3 don'ts · 1 GP profile, each with its source. From €9/month, cancel anytime.

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Facts

Fund Overview

Fund Size€750M

Saves0

Website

People

Key People

Yann de Vries, Javier Santiso

Mundi Ventures TeamGeneral Partner

N°04 / See also

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