Barcelona’s Kembara Secures €750 Million in First Close for €1 Billion DeepTech Fund

Europe’s Largest DeepTech Growth Fund Kembara Announces First Close of €750M Toward €1 Billion Target

Kembara, a Barcelona-based fund claiming to be Europe’s largest dedicated DeepTech growth fund, has announced a successful first close with €750M raised towards its ultimate goal of €1 billion. This significant milestone marks the fund’s active investment phase in breakthrough DeepTech science and engineering companies.

The fund proudly discloses that it is backed by a €350 million commitment from the European Investment Fund (EIF), in addition to contributions from top-tier investors and a promising pipeline of capital leading up to the final close. With strong support from these partners, Kembara’s mission is to establish itself as the leading European deep tech platform, facilitating the scaling of the continent’s cutting-edge innovations into global players, rather than facing premature acquisition or relocation abroad.

Javier Santiso, founder and General Partner of Kembara, CEO and founder of Mundi Ventures, and former member of the executive and investment committees of the Malaysian sovereign wealth fund Khazanah, shared his vision for the fund’s impact on Europe’s tech landscape. He emphasized the need for significant local growth-stage capital to fuel Europe’s deep tech champions and drive the region’s innovation forward.

Established two years ago by Mundi Ventures CEO Javier Santiso and former Atomico partner and senior Lilium executive Yann de Vries, Kembara aims to address the disparity in funding for European DeepTech companies. Despite Europe producing 28% of global DeepTech innovations, only 3% of these companies successfully secure Series B or C rounds. Kembara views this as a critical turning point for Europe and recognizes DeepTech as the pivotal investment theme for the foreseeable future, as it tackles complex global challenges beyond the capabilities of software alone.

The fund highlighted the urgent need and unprecedented opportunity in the DeepTech sector, citing statistics that underscore the potential for growth and impact. With the majority of DeepTech funds in Europe falling below €300M, Kembara sees an opportunity to bridge the gap and support capital-intensive companies in scaling their operations. The firm also emphasized the exceptional performance of European deep tech companies that reach commercialization, demonstrating faster unicorn valuations and robust IP protection.

Kembara introduced its full senior partnership team, consisting of industry experts and seasoned investors committed to driving the fund’s success. In addition to Santiso and de Vries, founding partners include Robert Trezona, founder of Kiko Ventures, and Pierre Festal, partner at Promus Ventures.

Recognizing the importance of strategic guidance, Kembara appointed European deep tech investor Siraj Khaliq as Senior Strategic Advisor. Khaliq’s experience as the technical co-founder of The Climate Corporation and former DeepTech Partner at Atomico brings valuable insights to the fund’s investment strategy.

With a focus on addressing Europe’s DeepTech Series B and C funding challenges, Kembara aims to support companies that have de-risked their core technology and achieved initial product-market fit. These companies typically require substantial investment rounds of €50M-€100M to scale their manufacturing, expand commercially, and compete globally.

General Partner Robert Trezona underscored the favorable climate for DeepTech companies, noting their ability to scale rapidly with strong defensibility and upside potential. The fund’s strategy involves leading Series B and C rounds with initial investments ranging from €15 million to €40 million, with the flexibility to deploy up to €100 million per company, including follow-on capital. Kembara’s target portfolio comprises approximately 20 companies across sectors such as AI, future of compute, robotics, smart clean energy, SpaceTech, dual-use and DefenceTech, and designed materials.

In conclusion, Kembara’s ambitious mission to catalyze Europe’s DeepTech innovation ecosystem is poised to make a significant impact on the region’s tech landscape. With a strong foundation and strategic partnerships in place, the fund is well-positioned to support the growth and success of Europe’s most promising deep tech companies.