Barcelona-based Kembara, which claims to be Europe’s largest dedicated DeepTech growth fund, today announced a €750M first close toward its €1 billion target. The fund is now actively investing in “breakthrough” DeepTech science and engineering companies.
According to the fund, it is anchored by a €350 million commitment from the European Investment Fund (EIF), alongside commitments from tier-one investors and a pipeline of capital toward final close. With this strong backing, Kembara aims to build the leading European deep tech platform to ensure the scaling of the continent’s breakthrough innovations into global players, rather than being acquired prematurely or relocating abroad.
“Europe is at the beginning of a second Renaissance. While the original had the Medici family to fund innovation, similarly Europe’s deep tech champions today also need significant local growth-stage capital at scale. Kembara’s mission is to catalyse this second Renaissance and, with €750M already committed, we’re now backing Europe’s most ambitious deep tech founders leading this change,” said 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.
Kembara was founded two years ago by Mundi Ventures CEO Javier Santiso and former Atomico partner and senior Lilium executive Yann de Vries. According to Kembara, although Europe produces 28% of global DeepTech innovations, only only 3% of European DeepTech companies successfully raise Series B or C rounds. It notes that the fund arrives at an inflection point for Europe. It notes that DeepTech is the defining investment theme for the next decade or more, as the world’s biggest problems will not be solved by software alone.
“The timing reflects both urgent need and unprecedented opportunity. DeepTech now represents 28% of all European venture investment, yet 97% of DeepTech funds remain below €300M – too small to lead the €50M-€100M rounds these capital-intensive companies require to scale. Meanwhile, European deep tech companies that do reach commercialisation demonstrate exceptional performance: they achieve unicorn valuations 2.5 years faster than the previous generation and show stronger downside protection due to defensible IP and strategic value to governments and enterprises,” the firm mentioned in the press release.
The firm also revealed its full senior partnership. Apart from Santiso and de Vries, Kembara’s founding partners include Robert Trezona, founder of Kiko Ventures and former Head of CleanTech at IP Group, and Pierre Festal, partner at Promus Ventures, former portfolio manager at ACE & Company, and VP at Nomura Merchant Banking.
Kembara has appointed European deep tech investor Siraj Khaliq as Senior Strategic Advisor. Khaliq is the technical co-founder of The Climate Corporation and a former DeepTech Partner at Atomico.
Kembara aims to address Europe’s DeepTech Series B and C funding desert. It claims to focus on European DeepTech companies that have de-risked their core technology, achieved initial product-market fit, but require €50M-€100M rounds to scale manufacturing, expand commercially, and compete globally.
“The golden age of DeepTech is here. Deep tech companies now scale as fast as software companies, but with vastly superior defensibility and upside because they solve complex global problems with huge market potential. The capital intensity that once made these companies risky now creates very strong moats,” noted General Partner Robert Trezona.
The fund leads Series B and C rounds, making initial investments of €15 million to €40 million and deploying up to €100 million per company, including follow-on capital. It has a target portfolio of around 20 companies. Its sectors of focus include AI, future of compute, robotics, smart clean energy, SpaceTech, dual-use and DefenceTech, and designed materials.
Read the orginal article: https://www.eu-startups.com/2026/02/funding-europes-second-renaissance-barcelonas-kembara-hits-e750-million-first-close-for-e1-billion-deeptech-fund/
