Mundi Ventures Achieves First Close of Kembara Fund at €750 Million to Provide Growth Capital for Robotics Advanced Materials and Dual-Use Startups in Madrid Spain

Mundi Ventures, a Madrid-based venture capital firm, is making waves again.

The firm, known for backing cutting-edge deep tech and climate-focused startups, has successfully raised €750 million in the first close of its fifth fund, named Kembara.

The ultimate goal for Kembara is ambitious — a full €1 billion fund aimed at fueling some of Europe’s most promising science and engineering ventures.

A Fund Built for Growth in Deep Tech

Kembara isn’t your typical venture fund.

It’s a growth-stage vehicle designed to back companies that are already gaining traction in Series B and C rounds.

Initial investments per company will range from €15 million to €40 million, but the fund is prepared to follow on with up to €100 million in total per company.

Mundi Ventures is planning a portfolio of roughly 20 companies, with each investment averaging about €40 million.

This reflects their confidence in the kind of startups they’re targeting: those that combine ambitious science, transformative technology, and commercial potential.

Targeting Sectors That Will Define the Future

The Kembara fund has a laser focus on sectors shaping the next wave of innovation:

• Artificial Intelligence: Applied AI systems addressing critical industrial challenges.
• Future of Compute: Including quantum computing, advanced semiconductors, and new computing substrates.
• Robotics & Automation: From industrial automation to autonomous systems and advanced manufacturing.
• Clean Energy and Sustainability: Covering clean power, energy storage, electrification, sustainable materials, and clean fuels.
• Space Tech: Orbital infrastructure, satellites, and space-based services.
• Designed Materials: Advanced materials and nanotechnology innovations.
• Dual-Use and Defence Tech: Projects supporting European sovereignty and security.

This diverse approach shows Mundi Ventures’ ambition to back technologies that are both commercially viable and strategically important for Europe’s future.

Leadership That Brings Global Experience

At the helm of the Kembara fund is Javier Santiso, the founder and CEO of Mundi Ventures.

Santiso brings decades of experience in both investment and technology, having previously served on the executive and investment committees of Malaysia’s sovereign wealth fund Khazanah, which managed $50 billion in assets.

His leadership is expected to give Kembara both strategic depth and global reach.

What’s Next?

With the first close behind them, Mundi Ventures will continue fundraising toward the €1 billion target.

The firm will begin actively investing in its selected sectors, seeking companies that can benefit from both financial backing and strategic guidance.

Over the next few years, Kembara is expected to build a high-impact portfolio of transformative companies that could define the future of tech and sustainability in Europe and beyond.

Summary

Mundi Ventures has raised €750 million in the first close of its ambitious Kembara fund, targeting €1 billion in total.

Focused on growth-stage deep tech and climate startups, the fund plans to invest in 20 companies across AI, robotics, clean energy, space, advanced materials, and dual-use technologies.

Led by founder Javier Santiso, Kembara aims to combine financial muscle with strategic expertise to drive Europe’s next wave of innovation.