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

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

Europe invests billions into early-stage climate startups, only to observe too many fail at Series B, according to a latest report. But new funds are being raised to fill this hole, and Spain-based Mundi Ventures’ latest fund, Kembara Fund I, is certainly one of them.

After securing a €350 million dedication from the European Investment Fund under the European Tech Champions Initiative in 2024, Mundi Ventures has just accomplished a €750 million first shut for Kembara, its fifth fund and largest thus far. 

Regulatory submitting from Spain reveals that the fund — targeted on deep tech — may even stretch its final closing to €1.25 billion. But according to Kembara co-founder and basic accomplice Yann de Vries, attending to €750 million in two years as a first fund in this atmosphere “was not easy.”

Kembara is managed by a specialist team within Mundi Ventures, with places of work in Madrid, London, Barcelona, and Paris. Mundi Ventures founder Javier Santiso is now also a co-founder and GP of the Kembara fund, which has now disclosed the full checklist of its senior companions.

Alongside de Vries and Santiso, climate tech VC Robert Trezona and deep tech VC Pierre Festal have also joined as basic companions, in addition to former Atomico accomplice Siraj Khaliq as senior strategic advisor.

Their particular person monitor information helped them increase funds from institutional backers waking as much as the want for European progress capital that can flip its many college spinouts into sizable companies with industrial synergies. But it also gave them a front-row seat into the broader rising pains of European climate and deep tech startups — particularly de Vries. 

A seasoned enterprise capitalist who based Redpoint eVentures Brazil and later grew to become a accomplice at Atomico, de Vries had moved to the other aspect of the desk to be a part of German electrical plane startup Lilium — only for the company to stop operations in 2024 after elevating more than $1 billion and going public by way of a SPAC. 

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In de Vries’ view, Lilium went bankrupt because it couldn’t discover the progress capital it wanted, however this “traumatizing experience” also had a silver lining. “I saw so many amazing teams in Europe that were going through the same journey,” he said. “[Europe] doesn’t have an innovation problem. It doesn’t have a startup problem. The problem it has is a scale-up problem.”

Kembara’s candy spot will likely be Series B and C rounds, with plans to put in writing preliminary checks from €15 million to €40 million into some 20 firms. But the fund’s measurement leaves room for follow-ons to assist portfolio startups scale manufacturing and broaden globally, and whole investments may go as much as €100 million per company. 

That’s more than the full measurement of many European funds, though this could also be altering: deep tech VC agency Elaia and asset supervisor Lazard teamed as much as kind LEC (Lazard Elaia Capital), whose preliminary investments will vary between €20 million and €60 million per company, while operator-led fund Plural is reportedly elevating a new fund of as much as €1 billion.

Still, the capital-intensive nature of most climate and deep tech growth-stage firms means that even large VC checks can only go thus far. One lesson de Vries discovered from Lilium is that elevating only in fairness could be very arduous, and even places firms in a tough spot later on. This impressed Kembara to take a different method to financing.

“Several of us have lived through this, and what we want to do now is to productize non-dilutive financing for these deep tech founders to help them de-risk their future financing and optimize the capital structure to minimize dilution. And we’re bringing in [limited partners] who […] not only want to invest in the fund, but also want to coinvest in those winners,” de Vries said. 

For these LPs, geopolitics also performs a task in wanting to offer progress capital and enterprise debt to European growth-stage startups. “There’s going to be a lot of support from sovereign wealth funds in Europe, from government, from corporations, to push and drive for building these European champions in deep tech out of Europe,” de Vries predicted. 

These geopolitical undertones are also mirrored in Kembara’s sector focus, which incorporates twin use and protection tech to “protect European sovereignty,” according to a press release. However, de Vries pushed again against the thought that Kembara is just changing capital that later-stage European outfits may have raised overseas. 

“There are lots of gems that are under the radar in Europe, that could be scaling into global champions, and that are not realizing their full potential.” He said DeepMind is a associated instance, “where they were missing this growth capital and sold too early.” (Google acquired the company for more than $500 million in 2014, however it’s now estimated to be price billions.)

Keeping European firms European has gained urgency in many verticals that overlap with Kembara’s thesis, such as quantum computing, semiconductors, and area tech. But its purpose is to foster global champions that cross borders. Coincidentally, Kembara means “to wander” in Malaysian (although the team holds “the humble path to excellence” as an older which means).

Beyond the title, Kembara has Malaysian connections. Santiso is also the former CEO for Europe of Malaysian sovereign wealth fund Khazanah; and doorways may open as many nations study their publicity to the U.S. “In the second close, we’re going to be looking for global investors, because we want to have global access to markets, but also global access to supply chain,” de Vries said.

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