Kembara Fund I, managed by Mundi Ventures, has closed its first fundraising tranche at €750 million, with a target of €1 billion.

The fund will invest in European deep tech startups, focusing on areas such as clean energy, AI, quantum computing, and space tech.

The European Investment Fund has committed €350 million to the fundraising effort, as part of the EU’s initiative to support local growth capital.

Kembara, Europe’s largest dedicated deep tech growth fund, has completed the first close of its fundraising effort, securing €750 million. The fund, known as Kembara Fund I and managed by Mundi Ventures, has set a target of €1 billion.

The fund will focus on investing in European companies that are developing innovative technologies in areas such as clean energy, AI, quantum computing, advanced materials, robotics, and space tech. A significant portion of the fundraising, €350 million, comes from the European Investment Fund, as part of the EU’s efforts to support local growth capital. Additional backing for the fund has also been secured.

The successful first close of Kembara Fund I is expected to have a significant impact on the growth and development of European deep tech startups. With the fund’s target of €1 billion, it is likely to play a major role in shaping the European deep tech ecosystem. As the fundraising effort continues, it will be interesting to see how the fund’s investments will contribute to the advancement of breakthrough technologies in Europe.