Europe’s investment landscape in early-stage climate startups has been a mixed bag, with many startups failing to secure funding at the crucial Series B stage. A recent report highlighted this issue, but new funds are emerging to bridge this gap. One such fund is Spain-based Mundi Ventures’ Kembara Fund I, which has just closed its first round at a substantial €750 million, with the potential to reach €1.25 billion.
The fund, focused on deep tech, received a significant commitment of €350 million from the European Investment Fund as part of the European Tech Champions Initiative in 2024. This funding will support Kembara in its mission to invest in and scale up promising European startups in the climate and deep tech sectors. The team behind Kembara, led by co-founders Yann de Vries and Javier Santiso, brings a wealth of experience and expertise to the table, with a track record of successful investments and strategic insights.
Kembara aims to fill the gap in growth capital for European startups, particularly in the Series B and C rounds, where many companies struggle to secure the funding needed to scale. The fund plans to make initial investments ranging from €15 million to €40 million in around 20 companies, with the potential for follow-on investments to support further growth and expansion. This approach sets Kembara apart from traditional VC funding models, as it seeks to provide non-dilutive financing options to help startups de-risk their future financing and optimize their capital structure.
The fund’s sector focus includes deep tech areas like quantum computing, semiconductors, and space tech, with a keen interest in dual-use and defense technologies to bolster European sovereignty. However, Kembara’s ultimate goal is to nurture global champions that transcend borders and establish Europe as a hub for innovation and technological advancement. By leveraging global partnerships and connections, Kembara aims to provide startups with access to international markets and supply chains, enabling them to compete on a global scale.
The name “Kembara,” which means “to wander” in Malaysian, reflects the fund’s ethos of embarking on a journey towards excellence and success. With strong ties to the Malaysian sovereign wealth fund Khazanah, Kembara is well-positioned to tap into global investment opportunities and forge strategic alliances across continents. As the fund prepares for its second round of funding, it seeks to attract global investors who share its vision of building European champions in the deep tech space and creating a thriving ecosystem of innovation and growth.
In a rapidly evolving landscape where European startups face increasing competition and challenges, funds like Kembara play a crucial role in providing the necessary support and resources to help these companies realize their full potential. With a focus on sustainability, innovation, and global impact, Kembara is poised to shape the future of European tech entrepreneurship and pave the way for the next generation of industry leaders. The recent advancements in technology have truly revolutionized the way we live our lives. From the way we communicate to the way we work, technology has made everything more efficient and convenient. One of the most significant advancements in technology has been the development of artificial intelligence.
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