Spain-based venture capital firm Mundi Ventures announced the first close of its deep tech growth fund, raising €750 million first close toward its €1 billion target to invest in scalable technologies aimed at addressing critical societal challenges, ranging from from climate change to resilient infrastructure.
According to Mundi, the fund was created to address a gap in European capital markets, with the firm noting that only 3% of deep tech companies in the region successfully raise Series B or C rounds. Deep tech now accounts for 28% of European venture investment, yet 97% of related funds remain below €300 million, limiting their ability to lead capital-intensive rounds required for growth, Mundi said.
The fund plans to invest in Series B and Series C rounds with initial checks of €15 million to €40 million, and total investment per company of up to €100 million. Its portfolio is expected to include roughly 20 companies across sectors such as artificial intelligence, quantum computing, robotics, clean energy, advanced materials, space technology and dual-use defense technologies. Clean energy and sustainability focus areas will include clean power, energy storage, clean fuels, electrification and sustainable materials.
Javier Santiso, Founder of Kembara, said:
“Europe is at the beginning of a second renaissance. 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 catalyze this second Renaissance and, with €750 million already committed, we are now backing Europe’s most ambitious deep tech founders leadin this change.”
Anchored by a €350 million commitment from the European Investment Fund and other tier-one investors, Kembara aims to help European innovators scale globally rather than being acquired prematurely or relocating abroad.
