- Updated: February 5, 2026
- 6 min read
Mundi Ventures Secures €750 Million First Close for Kembara Fund – Deep‑Tech & Climate VC Powerhouse
Mundi Ventures Secures €750 Million First Close of the Kembara Fund – A Giant Leap for European Deep‑Tech & Climate‑Tech
Mundi Ventures has closed a €750 million first close for its Kembara Fund, the firm’s largest deep‑tech and climate‑tech vehicle, with a final target of €1 billion.
The announcement, first reported by TechCrunch, marks a pivotal moment for European venture capital, signaling renewed confidence in capital‑intensive sectors that have historically struggled to secure growth‑stage financing.
Who Is Mundi Ventures and What Is the Kembara Fund?
Founded in 2015, Mundi Ventures has built a reputation for backing breakthrough technologies across Europe. The firm’s latest vehicle, the Kembara Fund I, is a dedicated deep‑tech and climate‑tech fund that leverages a pan‑European network of offices in Madrid, London, Barcelona, and Paris. “Kembara” means “to wander” in Malay, reflecting the fund’s ambition to explore uncharted technological frontiers and guide European innovators toward global leadership.
The fund is managed by a specialist team that includes General Partners Yann de Vries, Javier Santiso, Robert Trezona, and Pierre Festal, alongside senior strategic advisor Siraj Khaliq. Their combined track record spans successful exits in quantum computing, aerospace, renewable energy, and AI‑driven platforms.
€750 Million First Close – How the Numbers Stack Up
The Kembara Fund’s first close of €750 million was achieved within two years—a remarkable feat given the current macro‑economic headwinds. The fund’s ultimate goal is to reach €1 billion, a target that would place it among the largest deep‑tech vehicles in Europe.
- First‑close amount: €750 million
- Target size: €1 billion
- Planned investment range per company: €15 million – €40 million (initial checks)
- Potential follow‑on capacity: up to €100 million per portfolio company
These figures translate into the ability to back roughly 20 high‑growth companies at Series B and C stages, with ample runway for later‑stage scaling, manufacturing expansion, and cross‑border market entry.
Strategic Focus: Deep Tech Meets Climate Tech
Kembara’s thesis is deliberately dual‑focused:
- Deep Tech – quantum computing, advanced materials, semiconductor manufacturing, space‑tech, and AI‑driven platforms.
- Climate Tech – clean energy generation, carbon capture, sustainable agriculture, and circular‑economy solutions.
Both pillars share a common need for capital‑intensive R&D and long‑horizon go‑to‑market strategies, which traditional VC funds often shy away from. By pairing deep‑tech expertise with climate‑impact ambition, Kembara aims to create “European champions” that can compete globally while addressing urgent sustainability challenges.
For a deeper dive into the broader trends shaping these sectors, see our deep‑tech trends analysis and the climate‑tech investment outlook.
Who’s Backing Kembara? Sovereign Wealth, Corporates, and Institutional LPs
The fund’s LP roster reads like a who’s‑who of European capital providers:
- European Investment Fund (EIF) – €350 million committed under the European Tech Champions Initiative.
- Sovereign wealth funds from Norway, Sweden, and the Netherlands.
- Corporate venture arms of leading industrial players in aerospace, energy, and telecommunications.
- Leading European pension funds and family offices seeking long‑term, impact‑aligned returns.
These investors are not only providing equity; many are also interested in co‑investing alongside Kembara on follow‑on rounds, thereby reducing dilution for founders and ensuring continuity of capital.
What This Means for Europe’s Deep‑Tech & Climate‑Tech Ecosystem
The Kembara Fund is poised to address a critical financing gap that has historically forced European innovators to look outside the continent for growth capital. Its impact can be broken down into three MECE categories:
1. Scaling University Spin‑outs
Europe produces a steady stream of university‑originated technologies. Kembara’s sizable checks will enable these spin‑outs to move beyond proof‑of‑concept, scale manufacturing, and secure strategic partnerships.
2. Reducing Dilution Through Non‑Dilutive Financing
As Yann de Vries highlighted, “We want to productize non‑dilutive financing for deep‑tech founders.” By pairing equity with venture debt and co‑investment structures, Kembara helps founders preserve ownership while still accessing the capital needed for capital‑intensive growth.
3. Strengthening European Sovereignty
The fund’s sector focus includes dual‑use and defense technologies, aligning with policy goals to protect European supply chains and strategic autonomy. This synergy between private capital and public interest is expected to accelerate the creation of globally competitive European champions.
“Europe doesn’t have an innovation problem; it has a scale‑up problem. Kembara is built to bridge that gap with deep pockets and a hands‑on approach.” – Yann de Vries, General Partner, Kembara Fund
Why This News Matters to the UBOS Community
At UBOS, we empower AI‑driven startups with tools that accelerate product development, from Web app editor to Workflow automation studio. The influx of capital into deep‑tech and climate‑tech means more founders will seek platforms that can rapidly prototype, test, and scale AI solutions—exactly where UBOS excels.
Our AI marketing agents can help portfolio companies of Kembara amplify their market entry, while the UBOS platform overview showcases the low‑code environment that reduces time‑to‑market for complex AI products.
Startups looking to leverage the new wave of funding can also explore our UBOS templates for quick start, which include ready‑made solutions such as the AI SEO Analyzer and the AI Video Generator. These tools lower the barrier for deep‑tech founders to build market‑ready products while they secure their next round of financing.
Projected Allocation of the €750 Million First Close
| Category | Allocation (€M) | Purpose |
|---|---|---|
| Initial Checks (Series B/C) | 300 | 20 companies @ €15‑40 M each |
| Follow‑on Capital | 250 | Support scaling, manufacturing, global expansion |
| Non‑Dilutive Financing & Venture Debt | 100 | Reduce founder dilution, de‑risk cash‑flow |
| Operational & Advisory Support | 50 | Strategic hires, board support, ecosystem building |
Looking Ahead: A New Era for European Innovation
The €750 million first close of the Kembara Fund signals a decisive shift: European capital is finally aligning with the capital‑intensive needs of deep‑tech and climate‑tech innovators. For founders, this translates into a realistic path from lab‑scale breakthroughs to market‑leading products without the constant scramble for fragmented financing.
If you are a founder, investor, or ecosystem builder, now is the moment to engage with Kembara’s network, explore co‑investment opportunities, and leverage platforms like UBOS to accelerate product development.
Ready to accelerate your deep‑tech startup? Explore UBOS pricing plans and discover how our AI‑first infrastructure can turn your vision into a market‑ready solution.