EIF invests €350 million in the Spain-based venture capital firm Mundi Ventures to launch a Deep Tech and climate growth fund under the European Tech Champions Initiative
- Kembara Fund I FCR is an innovative €1 billion Deep Tech and climate focused fund addressing the critical funding needs of growth stage start-ups in Europe.
- Kembara has been chosen as one of the platforms to scale European Deep Tech and climate champions as part of the strategic European Tech Champion Initiative (ETCI).
- This is the first ETCI investment in a Spain-based fund and it marks a pivotal moment in Europe’s Deep Tech funding landscape.
- ETCI has mobilised €10 billion public/private resources for investment in European tech champions and has been a strong contributor to Capital Markets Union since launching in 2023.
- ETCI-backed funds have already invested in European start-ups with high growth potential operating in cutting-edge technology, including two Spanish companies.
The European Investment Fund (EIF) commits €350 million to Kembara Fund I FCR, a €1 billion target-size pan-European fund with a strong focus on Deep Tech and climate, managed by Spain-based Mundi Ventures SGEIC (Mundi Ventures).
The world is facing the biggest wave of innovation in history with the convergence of frontier technologies like AI, quantum computers, and synthetic biology. With its world-class research and talent, Europe is poised to play a leading role in Deep Tech and climate going forward but it needs to mobilize investment to support the growth of its most promising start ups.
Kembara will make equity investments in European Deep Tech and climate companies at the growth stage (Series B and C), predominantly in Germany, Spain, France, and Sweden, as well as in other EU Member States. The EIF is the anchor investor in Kembara, playing a catalytic role in helping the fund reach its €1 billion target size through additional investments. An experienced team and a differentiated strategy have been strong assets for EIF to support Kembara.
Kembara is the latest EIF investment in a technology scale-up fund under the European Tech Champions Initiative (ETCI). This fund of funds promoted by the European Union, aims to foster investment in cutting-edge tech start-ups (scale-ups) with high growth potential and accelerate digital transformation across Europe.
ETCI contributes to meeting the financing needs faced by European technology scale-ups, thereby avoiding their relocation and reinforcing Europe’s strategic autonomy and competitiveness. Sectors benefiting from the initiative include cybersecurity, artificial intelligence, quantum, Deep Tech, green technologies, biotechnologies, cleantech and digital technologies among others. ETCI also contributes significantly to the integration of the financial markets in Europe and represents an example of how the EIB Group can be a pioneering instrument for the Capital Markets Union.
“ETCI aims to support large European funds to invest in cutting-edge technology start-ups and provide them with the large-scale financing they need to grow,” said Marjut Falkstedt, CEO of the EIF. “We are delighted to support Kembara and, through this fund, technology entrepreneurs across Europe. ETCI is establishing itself and helping the brightest ideas not only get started, but also grow and thrive in Europe.”
Kembara will also help differentiate the range of investment instruments supported by ETCI, as this is the first investment in a fund based in Spain with a strong commitment to Deep Tech and climate action. This will enrich ETCI's offering and promote a greater diversity of financing options for European technology start-ups.
Kembara will back start-ups with strong intellectual property, combining scientific and engineering breakthroughs, cutting-edge hardware and capital-intensive businesses, and focus on frontier technologies such as AI, the future of computing, robotics, space tech, advanced materials, and next-generation energy systems. These technology sectors are critical for the EU’s strategic autonomy and economic growth.
Javier Santiso, CEO & founder of Mundi Ventures and co-founding partner of Kembara, emphasised the fund's mission: "We are honoured to be chosen by the EIF as one of the platforms to scale Europe's Deep Tech and climate champions. Incremental changes won't cut it. We are here to back the most ambitious Deep Tech entrepreneurs who want to solve humanity's most pressing challenges, in particular climate change."
ETCI impact
ETCI is creating a positive dynamic in the European investor market and the tech ecosystem since launching in 2023. The Initiative has already invested in 8 different scale-up technology funds, including, among others, Kembara Fund I, Atomico Growth VI, a growth fund focusing on partnering with game-changing European technology scale-up founders, FSI II, a fund that supports the growth and expansion of Italian mid-cap companies and Keensight Nova VI, a fund that focuses on cybersecurity, automation and robotics, enterprise software, medtech, and healthcare services.
To date ETCI has mobilised €10 billion public/private resources to support investment in fast-growing high-tech companies. ETCI-backed funds have already invested in European companies operating in areas such as cybersecurity, artificial intelligence, financial technologies, biotechnology, and healthcare.
In Spain, in addition to the initial investment in a Spain-based fund such as Kembara, ETCI backed funds have already invested approximately €240 million in two growth phase Spanish companies: Factorial and Inke. Combined, these investments represent approximately 20% of ETCI’s investments in scale-up companies to date.
The European Tech Champions Initiative is becoming instrumental in nurturing Europe's tech ecosystem, fostering collaboration and fuelling the growth of transformative ventures. Through strategic investments and partnerships, ETCI will continue empowering the next generation of European tech champions, shaping the digital future of Europe.
Background Information
The European Tech Champions Initiative (ETCI) is a programme dedicated to supporting technological innovation, driving growth, and fostering the development of Europe's tech ecosystem. Through strategic investments, partnerships, and mentorship, ETCI – managed by the European Investment Fund – aims to empower the next generation of European tech champions, shaping the future of technology and propelling Europe's digital transformation.
The European Investment Fund (EIF) is part of the European Investment Bank Group. Its central mission is to support Europe's micro, small and medium-sized enterprises (SMEs) by helping them to access finance. The EIF designs and develops venture and growth capital, guarantees and microfinances instruments which specifically target this market segment. In this role, the EIF fosters EU objectives in support of innovation, research and development, entrepreneurship, growth and employment.
Kembara Fund I is raising €1 billion to build Europe's leading Deep Tech growth platform. It will lead Series B and C rounds in the most promising European Deep Tech and climate companies. Kembara backs entrepreneurs who combine science and engineering breakthroughs to solve some of the world’s
most pressing problems with a focus on climate. The fund is led by industry veterans with a strong track record of scaling tech and Deep Tech companies. Kembara will leverage Europe’s strengths and work with the very best to build European global category leaders in Deep Tech and climate. The team is
committed to helping Europe realise its full potential and positively impact the World.
Mundi Ventures. Founded in 2015, Mundi Ventures is a Venture Capital firm headquartered in Madrid with €500 million in assets under management. It consists of an international team of almost 25 people from 17 different nationalities, a unique case in the venture capital world in continental Europe, where fund managers tend to be more local. Mundi Ventures has invested in 70 tech companies throughout Europe, including Paris, London, Berlin, Amsterdam, Helsinki and Stockholm, with its specific thematic funds. Among its investments are Deep Tech companies such as Submer (Barcelona) and Clarity (New
York) and unicorns such as Job&Talent (Madrid), Klarna (Stockholm) and Bolttech (Singapore).
Mundi Ventures’ Vth Fund, called Kembara, is managed by a specialist team dedicated to this mission.
Press contacts
EIF
Maite Cordero | m.corderomunoz@eib.org, tel.: +34 606 66 82 62
Serena Sertore | s.sertore@eib.org | tel.: +352437970859
Website: www.eif.org/ | Press Office: +352 4379 21000 — press@eib.org
Mundi Ventures
Javier Santiso | javier@mundiventures.com
