Barcelona-based Kembara has officially announced a $885 million first close for its new fund, positioning itself as Europe's largest dedicated deep tech growth investor with a target of $1.2 billion. The fund is now actively deploying capital to support breakthrough science and engineering companies facing the continent's critical scale-up funding gap. This initiative aims to ensure Europe's most promising innovations can mature into global leaders rather than being acquired prematurely or relocating abroad.
Addressing a Critical European Funding Gap
Europe is a powerhouse of early-stage innovation, producing 28% of the world's deep tech advancements. However, a significant funding desert emerges at the growth stage, with only 3% of these companies successfully raising Series B or C rounds. This market failure often forces promising ventures to accept early acquisitions or move to other regions to secure the necessary capital for expansion.
Kembara's launch arrives at a crucial inflection point, as deep tech is increasingly seen as the defining investment theme for solving complex global problems. European deep tech companies that successfully reach commercialization demonstrate exceptional performance, achieving unicorn valuations faster and showing stronger downside protection. This creates a timely and unprecedented opportunity for investors focused on this vital growth stage.
A Vision for a Second Renaissance
Founder and General Partner Javier Santiso frames the fund's mission as catalyzing a "second Renaissance" for European technology. He draws a parallel to the Medici family, who funded the innovation of their era, suggesting Kembara will provide the significant local capital needed today. The fund is committed to backing Europe's most ambitious founders who are leading this technological transformation.
The fund's strategy is tailored to lead Series B and C rounds, with initial investments ranging from $15 million to €40 million. Kembara is prepared to deploy up to €100 million per company, including follow-on capital, to support manufacturing scale-up and commercial expansion. This approach will result in a concentrated portfolio of approximately 20 companies poised for significant global impact.
An Experienced Team at the Helm
Kembara is managed by a specialist team within Mundi Ventures, boasting a collective experience of over 100 years in deep tech investment. The founding partners include Javier Santiso, former Atomico partner Yann de Vries, Robert Trezona from Kiko Ventures and IP Group, and Pierre Festal of Promus Ventures. This formidable partnership unites deep expertise from across the European venture capital landscape.
The team is further bolstered by the appointment of Siraj Khaliq, technical co-founder of The Climate Corporation, as a Senior Strategic Advisor. Partner Yann de Vries’s direct experience with the challenges faced by German startup Lilium provided crucial insights into the scale-up problem. This firsthand knowledge has directly informed Kembara's strategy to offer more than just equity financing.
Strategic Focus and Global Ambitions
The fund will target scalable technologies with the potential to solve society's most pressing challenges across several key sectors. Its focus includes artificial intelligence, the future of compute, robotics, clean energy, SpaceTech, and designed materials. Notably, the inclusion of dual-use and DefenceTech reflects a growing emphasis on protecting European sovereignty and strategic autonomy.
While its primary mission is to build European champions, Kembara maintains a distinctly global outlook. The firm plans to attract international investors in its final close to provide its portfolio companies with crucial access to global markets and supply chains. This strategy is designed to foster companies that can not only lead in Europe but also compete and win on the world stage.
The launch of Kembara with its substantial first close marks a pivotal moment for the European technology ecosystem. Anchored by a $413 million commitment from the European Investment Fund, the fund represents a powerful and concerted effort to solve the continent's deep tech funding crisis. This initiative provides the critical infrastructure needed to nurture homegrown innovations into sustainable, global category leaders.