Europe produces some of the world’s most ambitious climate and deep tech startups, but many struggle to survive beyond early funding rounds. Now, Mundi Ventures is stepping in with a new growth-stage fund designed to help those companies scale rather than stall.
The Spain-based venture firm has completed a €750 million first close for Kembara Fund, its largest investment vehicle to date. The fund targets growth-stage deep tech and climate startups across Europe, focusing on companies with strong innovation foundations but lacking the capital to expand globally.
Mundi Ventures Targets Europe’s Deep Tech Scale-Up Gap
European investors pour billions into early-stage startups every year. However, many promising companies fail to secure funding during the crucial Series B and C stages, a period when capital demands increase sharply.
Mundi Ventures created Kembara to address this funding gap directly. The firm previously secured a €350 million commitment from the European Investment Fund through the European Tech Champions Initiative, which helped accelerate fundraising momentum. Regulatory filings suggest the fund could grow further, potentially reaching €1.25 billion at final close.
Despite this progress, building the fund wasn’t easy. According to its leadership, raising significant capital for growth-stage deep tech investments in the current economic climate required strong conviction from institutional investors.
Mundi Ventures assembled a dedicated team to manage Kembara, operating across Madrid, London, Barcelona, and Paris. The leadership group includes experienced venture investors and operators with backgrounds in climate technology, deep tech, and global venture capital.
The team combines investment expertise with firsthand startup experience, including lessons learned from companies that struggled to secure the growth capital required for industrial expansion and global scale.
This operator-led perspective shapes Kembara’s investment thesis. Rather than chasing early hype, the fund focuses on companies that have already proven technical capability but need long-term financial backing to move into production, build infrastructure, and expand intointernational markets.
Investment Strategy: Bigger Checks and Long-Term Support
Kembara plans to invest primarily in Series B and C rounds, writing initial checks between €15 million and €40 million into roughly 20 companies. With follow-on funding, total investments could reach €100 million per portfolio company.
That level of funding reflects the capital-intensive nature of deep-tech sectors such as advanced manufacturing, aerospace, semiconductors, and climate infrastructure. Unlike traditional software startups, these companies often require large-scale facilities, hardware development, and complex regulatory approvals.
The fund’s size also enables it to provide long-term capital support, a critical factor for startups scaling manufacturing operations or entering new global markets.
Mundi Ventures Investment Strategy Focuses on Growth-Stage Deep Tech
Kembara aims to change how deep tech founders approach financing. Instead of relying solely on equity funding, which can heavily dilute ownership, the fund plans to integrate non-dilutive financing structures alongside venture capital investments.
This approach helps startups maintain healthier capital structures while reducing future fundraising risks. It also allows institutional partners to participate through co-investment opportunities, expanding the financial resources available to high-performing companies.
Geopolitics, Sovereignty, and Strategic Technologies
Geopolitical dynamics increasingly influence venture capital strategy in Europe. Governments, sovereign wealth funds, and large corporations are seeking to strengthen domestic technology ecosystems, particularly in sectors linked to economic resilience and national security.
Kembara reflects this trend by targeting industries such as quantum computing, space technology, semiconductors, and dual-use technologies. These sectors play an increasingly important role in Europe’s efforts to build independent technological capabilities while remaining globally competitive.
However, the fund’s ambition extends beyond regional protection. Its leadership aims to create companies that can operate as global champions scaling across borders while maintaining strong European roots.
Europe has no shortage of technical innovation or startup talent. The real challenge lies in helping companies grow into global-scale businesses without relocating abroad or selling too early.
With Kembara Fund, Mundi Ventures positions itself at the intersection of capital, strategy, and long-term industrial growth. By combining large-scale funding with flexible financing models and experienced operators, the firm hopes to give Europe’s most ambitious deep tech and climate startups the runway they need to thrive.
