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What is Kembara Fund I?
Kembara is a European growth-stage investment fund managed by Mundi Ventures. The manager describes it as its largest deep-tech and climate fund; TechCrunch reported that it is Mundi Ventures’ fifth fund and largest to date. Its focus is technically complex, capital-intensive companies, particularly those raising Series B and Series C rounds.
The fund’s stated purpose is to back technologies addressing challenges such as climate change and resilient infrastructure. Coverage identifies areas including artificial intelligence, advanced computing and quantum technology, robotics, clean energy and sustainability, advanced materials, space, and dual-use technologies. These are areas of intended focus, not a list of investments already made.
How much did Mundi Ventures raise, and what do the figures mean?
| Figure | What it means |
|---|---|
| €750 million | Kembara Fund I’s first close, announced by Mundi Ventures on February 5, 2026. It is the amount raised by that interim fundraising milestone. |
| €1 billion | The fund’s announced target, according to Mundi Ventures’ February 2026 announcement. |
| Up to €1.25 billion | A possible maximum final close reported by TechCrunch and EL PAÍS in February 2026. TechCrunch attributed the figure to a Spanish regulatory filing. It is not the announced target or a confirmed final amount. |
A first close is a fundraising checkpoint that can allow a fund to begin investing while it continues seeking commitments. It does not establish that fundraising is complete. The February announcement said Kembara was still pursuing its target, and the reported €1.25 billion ceiling should not be mistaken for capital already secured.
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What kinds of companies will Kembara invest in?
Kembara is aimed at growth-stage scale-ups rather than companies at the earliest stages of venture funding. Its Series B and C emphasis reflects the capital needs of businesses moving from technical development toward commercial expansion, especially where infrastructure, equipment, or long development cycles require substantial financing.
TechCrunch reported initial investment plans of €15 million to €40 million across roughly 20 companies, with follow-on funding potentially bringing total support to as much as €100 million per company. EL PAÍS also reported a portfolio goal near 20 companies and an average ticket of €40 million. These are reported plans, not a record of completed investments.
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How does the fund plan to finance capital-intensive growth?
Mundi Ventures’ partners say they intend to combine equity with non-dilutive financing and co-investment from limited partners. The goal is to give capital-intensive businesses additional ways to fund expansion while limiting dilution for founders and existing shareholders.
That describes an intended financing approach, not a guaranteed loan, debt facility, or set of standard terms available to every portfolio company. TechCrunch reported the strategy in comments by co-founder and general partner Yann de Vries, who said the team wanted to “productize non-dilutive financing” and involve limited partners in co-investing in selected companies.
Who is behind Kembara, and who has committed capital?
TechCrunch identified Javier Santiso and Yann de Vries as Kembara’s co-founders and general partners, with Robert Trezona and Pierre Festal as general partners. Former Atomico partner Siraj Khaliq was named as a senior strategic advisor. Mundi Ventures says the partners bring more than 100 years of combined deep-tech investment experience across Atomico, IP Group, Khazanah, Promus, and Mundi Ventures; that experience figure is the manager’s characterization.
TechCrunch and EL PAÍS reported a €350 million commitment from the European Investment Fund. EL PAÍS also named CDTI, Criteria Caixa, and BNP Paribas Cardif among investors. The reported EIF commitment is one component of the backing reported for the fund; it is not the same figure as Kembara’s €750 million first close.
Has Kembara started investing?
Yes. In a May 7, 2026 press release, Mundi Ventures said Kembara co-led Quantum Motion’s $160 million Series C with DCVC and described it as Kembara’s first investment. Quantum Motion develops silicon spin-qubit technology using a commercial silicon CMOS process, according to the manager. The $160 million is the total size of the financing round; Mundi Ventures did not disclose Kembara’s individual investment amount in that announcement.
Independent reader supportYour contribution helps us test, update, and keep practical guides available for everyone.Why is this fund significant for European scale-ups?
The fundraising points to a financing challenge for European companies that have moved beyond early-stage development but need large amounts of capital to scale. Kembara’s stated strategy is designed for that segment: large growth-stage checks, follow-on capacity, and an intended mix of equity and non-dilutive financing.
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In February 2026, EL PAÍS reported Javier Santiso’s assertion that 97% of European venture-capital funds have less than €500 million. The newspaper also reported a comparison of more than $75 billion in US deep-tech investment in 2025 with $15 billion in Europe, with about $10 billion of European investment coming from US or other non-European firms. The source excerpt did not identify the original dataset for the cross-region comparison, so these are reported figures and assertions, not independently verified market statistics here.
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