Kembara is a European growth-stage venture capital platform created by Mundi Ventures to address one of Europe’s most persistent gaps: scaling deep tech and climate tech companies beyond early traction. Kembara was launched to provide the large, patient, and structurally sophisticated capital required for research-intensive companies to become global industrial champions, rather than stalling or exiting prematurely due to lack of growth funding.
Kembara Fund I closed a €750 million first close in February 2026, making it the largest fund ever raised by Mundi Ventures and one of the most significant deep tech and climate growth funds in Europe. The fund received a cornerstone €350 million commitment from the European Investment Fund under the European Tech Champions Initiative in 2024, reflecting strong institutional backing for building European technology champions. Regulatory filings indicate the fund may ultimately scale to as much as €1.25 billion at final close.
Kembara is designed to invest at the Series B and Series C stages, with initial checks ranging from €15 million to €40 million across an estimated 20 companies. The fund reserves substantial capital for follow-on investments, with total exposure per company potentially reaching up to €100 million to support manufacturing scale-up, infrastructure buildout, and global expansion. A distinctive feature of Kembara is its intent to complement equity with non-dilutive financing and structured capital solutions, helping founders optimize capital structure and reduce excessive dilution in capital-intensive growth phases.
Leadership
Kembara is led by a senior team with deep European and global venture experience. The general partners include Yann de Vries, co-founder of Kembara and former partner at Atomico and founder of Redpoint eVentures Brazil; Javier Santiso, founder of Mundi Ventures; Robert Trezona, a climate tech-focused investor; and Pierre Festal, a deep tech specialist. Former Atomico partner Siraj Khaliq serves as senior strategic advisor. The team operates as a dedicated platform within Mundi Ventures, with offices across Madrid, London, Barcelona, and Paris.
Investment Strategy
Kembara’s strategy is explicitly designed to solve Europe’s scale-up problem. The fund targets companies that have proven technical viability and early market traction but require large, sustained capital commitments to reach industrial scale. The team brings an operator-informed perspective shaped by prior successes and failures, including lessons from capital structure challenges in capital-heavy ventures. Kembara actively works with portfolio companies on financing strategy, industrial partnerships, global market access, and long-term independence, while remaining open to co-investment with strategic and sovereign partners.
Notable Investments
As a newly raised fund, Kembara’s portfolio is still forming, but its investment focus aligns with companies operating in quantum computing, semiconductors, aerospace, climate infrastructure, and advanced industrial systems emerging from Europe’s research and university ecosystems.
Notable Exits
Kembara has not yet recorded exits, as Fund I is newly launched and focused on growth-stage deployment.
Other
Kembara is particularly relevant for European founders building capital-intensive deep tech or climate tech companies that face manufacturing, infrastructure, or geopolitical constraints. The fund’s openness to blended financing, including non-dilutive capital, and its alignment with European industrial and sovereignty priorities make it a strong partner for companies aiming to scale globally while remaining anchored in Europe. Founders should expect a rigorous approach to capital planning and long-term scaling, not short-term financial engineering.
Spain
