Mundi Ventures’ Kembara hits €750M first close to bankroll European deep‑tech scale‑ups

European founders have long argued that early-stage innovation is abundant but later-stage growth capital is scarce; Kembara, a new growth fund managed by Mundi Ventures, is an explicit attempt to change that dynamic. The fund has reached a €750 million first close after previously securing a €350 million commitment from the European Investment Fund, and managers say the pool could ultimately expand to €1.25 billion. Kembara is purpose-built for capital-intensive deep tech and climate companies, aiming primarily at Series B and C financings where conventional venture checks often fall short. Initial investments are planned in the €15–40 million range, while follow-on capacity leaves room for total allocations to rise to roughly €100 million per company, enabling larger manufacturing and international expansion pushes. The team combines seasoned investors with sector specialists and strategic advisors, a calibration meant to bridge technical due diligence gaps and industrial partnerships. Beyond pure equity, the fund plans to standardize non-dilutive instruments and arrange co-investment with LPs, reflecting a recognition that equity alone can leave capital-hungry companies exposed later in their lifecycle. Geopolitical considerations are woven into the thesis: investors and sponsors are favoring vehicles that help build sovereign capabilities in areas such as quantum, advanced semiconductors, spacetech and dual‑use systems. That focus increases the chance of sovereign, corporate and strategic LPs participating, but it also draws scrutiny about dual‑use exposure and export controls as technologies scale. Kembara’s approach mirrors a broader shift among European asset managers who are assembling larger check sizes to keep promising companies domiciled in the region rather than pushing them to seek growth capital abroad. Still, the sheer capital intensity of many deep‑tech pathways means even a large fund will need to syndicate, deploy tailored debt instruments, and leverage industrial partners to de‑risk scale milestones. If executed well, the vehicle could reduce premature exits and help create industrial-scale champions; if not, it risks becoming another well-funded backer in a crowded late-stage market where execution and supply‑chain access matter most. For policymakers and incumbent industrial players, Kembara signals renewed momentum to align finance with strategic technological autonomy while demonstrating that private capital can be mobilized at scale to address Europe’s longstanding scale-up gap.