Mundi Ventures Closes €750M First Close for Kembara Fund I

Why It Matters

By supplying deep‑pocketed growth capital and innovative financing structures, Kembara directly addresses Europe’s Series B funding shortfall, enabling climate and deep‑tech firms to scale into global champions rather than exiting early.

Key Takeaways

• €750M first close targets Series B/C deep‑tech startups
• Fund aims €15‑40M checks, up to €100M per company
• Non‑dilutive financing model reduces founder equity dilution
• European sovereign wealth funds back growth‑stage climate tech
• Kembara focuses on dual‑use and defense tech for sovereignty

Pulse Analysis

Europe has poured billions into early‑stage climate and deep‑tech ventures, yet many companies stall before reaching Series B, creating a notorious “scale‑up gap.” Mundi Ventures’ Kembara Fund I, which closed its first round at €750 million and may swell to €1.25 billion, is designed to plug that void. By concentrating on Series B and C rounds, the fund targets the capital‑intensive phase where traditional VC pools are thin. The size of Kembara places it among the continent’s largest growth‑stage vehicles, signaling a shift toward deeper, later‑stage financing for European innovators.

Kembara plans to write initial checks between €15 million and €40 million, with the capacity to invest up to €100 million per portfolio company for follow‑on rounds. Beyond equity, the partnership intends to productize non‑dilutive financing, allowing founders to secure venture debt and preserve ownership while de‑risking future fundraising. The fund’s limited‑partner roster includes sovereign wealth funds, corporates and government‑backed investors who will also co‑invest directly in “winner” startups. Its sector thesis spans dual‑use technologies, defense, quantum computing and advanced manufacturing, aligning capital deployment with Europe’s strategic autonomy goals.

The emergence of Kembara reflects a broader geopolitical push to keep high‑impact deep‑tech firms on European soil. By offering sizable, flexible capital and debt solutions, the fund aims to prevent premature exits like DeepMind’s 2014 sale, fostering home‑grown champions that can compete globally. Competing vehicles such as Lazard Elaia Capital and Plural’s near‑billion‑dollar fund indicate that the market is rapidly scaling its growth‑stage capacity. If Kembara succeeds, it could reshape the European venture ecosystem, encouraging more institutional capital to move beyond seed stages and strengthening the continent’s strategic technology base.

Deal Summary

Mundi Ventures announced a €750 million first close for its Kembara Fund I, its largest deep‑tech and climate fund to date. The fund will target European deep‑tech and climate startups, writing checks of €15‑40 million at Series B and C stages, with the potential to reach €1.25 billion. The close follows a €350 million commitment from the European Investment Fund in 2024.