MUNDI VENTURES CLOSES ON €750m FOR KEMBARA, ITS LARGEST DEEP TECH AND CLIMATE FUND
MADRID, LONDON, BARCELONA and PARIS, FEBRUARY 5TH 2026 – Kembara, Europe’s largest dedicated deep tech growth fund, today announced a €750M first close toward its €1 billion target, with the fund now actively investing in breakthrough deep tech science and engineering companies. This announcement marks the first public reveal of Kembara's full senior partnership: including veteran investors with a combined 100+ years of deep tech investment experience across Atomico, IP Group, Khazanah, Promus and Mundi Ventures, who have united to address a critical market failure. Only 3% of European deep tech companies successfully raise Series B or C rounds, despite Europe producing 28% of global deep tech innovations.
The fund arrives at an inflection point for Europe. Deep tech is the defining investment theme for the next decade or more as the world’s biggest problems will not be solved by software alone. At the same time, geopolitical instability is reshaping the world order, meaning those companies that achieve strategic autonomy in critical technologies - from AI and quantum computing to space systems and clean energy - have the potential to become trillion dollar companies. Anchored by the EIF with €350M and tier-one commitments alongside a strong pipeline toward final close, Kembara is building the leading European deep tech platform to ensure the continent's breakthrough innovations scale into global category leaders rather than being acquired prematurely or relocating abroad.
FUNDING EUROPE'S SECOND RENAISSANCE
"Europe is at the beginning of a second Renaissance," said Kembara Founder and General Partner Javier Santiso, CEO and Founder of Mundi Ventures and former member of the executive and investment committees of the then $50B AUM Malaysian sovereign wealth fund Khazanah. "While the original had the Medici family to fund innovation, similarly Europe's deep tech champions today also need significant local growth-stage capital at scale. Kembara's mission is to catalyse this second Renaissance and, with €750M already committed, we're now backing Europe's most ambitious deep tech founders leading this change”.
The timing reflects both urgent need and unprecedented opportunity. Deep tech now represents 28% of all European venture investment, yet 97% of deep tech funds remain below €300M - too small to lead the €50M-€100M rounds these capital-intensive companies require to scale. Meanwhile, European deep tech companies that do reach commercialization demonstrate exceptional performance: they achieve unicorn valuations 2.5 years faster than the previous generation and show stronger downside protection due to defensible IP and strategic value to governments and enterprises.
KEMBARA INVESTMENT FOCUS AND STRATEGY
Kembara will target scalable technologies with the potential to solve society's most pressing challenges, from climate change to resilient infrastructure.
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At Mundi Ventures, we believe Europe is home to the talent and innovation needed to solve the world’s biggest challenges. We invite visionary entrepreneurs, forward-thinking investors, and strategic partners to collaborate with us in shaping the future of Deeptech. Together, we can build a sustainable, innovative, and technologically advanced future for Europe and beyond.
