Mundi Ventures closes on €750M for Kembara, its largest deep tech and climate fund

Mundi Ventures has completed a €750 million first close for its Kembara Fund I, a deep tech and climate-focused growth fund based in Europe, with potential to raise up to €1.25 billion. The fund targets Series B and C rounds, planning to invest initial checks of €15 million to €40 million across about 20 companies, with follow-on investments possibly reaching €100 million per company. This scale is notable given the capital-intensive nature of climate and deep tech startups, which often struggle to secure sufficient growth capital in Europe. Kembara is managed by a specialized team within Mundi Ventures, including co-founders Yann de Vries and Javier Santiso, alongside partners with strong venture capital backgrounds such as Robert Trezona, Pierre Festal, and advisor Siraj Khaliq. The fund aims to address a critical "scale-up problem" in European deep tech and climate startups, a gap highlighted by de Vries’ experience with Lilium, a company that went