Mundi Ventures has announced a €750 million first close for its new deep tech growth fund, moving toward a final target size of €1 billion. The Spain-based venture capital firm said the fund is designed to support scalable technologies tackling long-term societal challenges, including climate change, resilient infrastructure, and next-generation industrial systems.

The fund targets a structural weakness in Europe’s venture capital ecosystem. While deep tech now represents a growing share of European venture investment, Mundi Ventures highlighted that only a small fraction of companies successfully raise Series B or Series C financing. Capital intensity, long development cycles, and limited local growth-stage funds have left many promising technologies underfunded at critical scaling stages.

Scaling Capital for Capital-Intensive Innovation

Mundi Ventures noted that although deep tech accounts for roughly 28 percent of European venture investment, the majority of related funds remain below €300 million in size. This limits their ability to lead large follow-on rounds, often forcing founders to seek capital outside Europe or pursue early exits.

The new fund is structured to address this gap directly. It will focus on Series B and Series C investments, deploying initial checks ranging from €15 million to €40 million, with total exposure per company reaching up to €100 million. The portfolio is expected to comprise around 20 companies, reflecting a concentrated strategy aimed at supporting long-term scale rather than early experimentation.

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Focus Areas Across Deep Tech and Climate Technologies

The fund will invest across a broad range of deep tech sectors, including artificial intelligence, quantum computing, robotics, advanced materials, space technology, and dual-use defense applications. Climate and sustainability form a central pillar of the strategy, with targeted investments in clean power generation, energy storage, clean fuels, electrification technologies, and sustainable materials.

Mundi Ventures said these sectors require patient capital and strong follow-on support, particularly as companies transition from technical validation to industrial deployment and global commercialization.

Backed by European Institutional Capital

The fund’s first close is anchored by a €350 million commitment from the European Investment Fund, alongside other tier-one institutional investors. The backing reflects a broader policy push to retain strategically important technologies within Europe and reduce dependence on foreign capital at advanced stages of growth.

The fund operates under the Kembara platform, which Mundi Ventures positions as a long-term vehicle for supporting European deep tech champions.

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Building Europe’s Next Generation of Global Leaders

Javier Santiso, Founder of Kembara, framed the fund as part of a broader effort to strengthen Europe’s innovation sovereignty. He said Europe is entering a new phase of technological development that requires domestic growth capital capable of matching the ambition and scale of its founders.

With €750 million already committed, Mundi Ventures aims to provide the financial depth needed for European deep tech companies to scale globally, reducing pressure to relocate or sell prematurely. The fund positions itself as a response to both market dynamics and strategic priorities, as Europe seeks to translate scientific leadership into durable industrial and climate solutions.

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