Mundi Ventures has successfully secured €750 million for Kembara Fund I, setting its sights on a €1 billion target to close the Series B funding gap for deep tech and climate startups across Europe. This initial close marks Kembara as the largest dedicated deep tech growth fund in Europe, targeting Series B and C stage startups.
The fund, managed by Mundi Ventures, benefits from significant backing, including a €350 million commitment from the European Investment Fund and additional support from sovereign wealth funds. It aims to write initial checks ranging from €15 to €40 million, with the potential for follow-on investments reaching up to €100 million per company.
Kembara Fund I, led by experienced venture capitalists, including former partners from Atomico, seeks to provide a mix of equity and non-dilutive financing solutions. It will particularly focus on sectors such as clean energy, artificial intelligence, quantum computing, advanced materials, robotics, and space technology, all of which are critical for addressing climate challenges and technological advancements.
The fund’s mission is to assist European growth-stage companies in overcoming scale-up challenges, helping them expand manufacturing capabilities and enter global markets. By addressing the funding deficiencies at pivotal stages, Kembara aims to reinforce the European deep tech ecosystem and drive sustainable advancements.

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Mundi Ventures has raised €750 million for Kembara Fund I, Europe's largest dedicated deep tech growth fund, targeting Series B and C stage startups. The fund, backed by the European Investment Fund with €350 million and sovereign wealth funds, aims to reach €1 billion total. It will invest €15-40 million initially with potential follow-ons up to €100 million per company, focusing on clean energy, AI, quantum computing, advanced materials, robotics, and space technology to address the Series B funding gap in European deep tech and climate startups.

Kembara Fund I Secures €750M to Boost European Deep Tech and Climate Startups