Spain-based Kembara, which calls itself Europe’s largest dedicated deep tech growth fund, has announced a €750 million first close toward its €1 billion target, with the fund now “actively investing in breakthrough deep tech science and engineering companies.”

Kembara said: “This announcement marks the first public reveal of Kembara’s full senior partnership: including veteran investors with a combined 100+ years of deep tech investment experience across Atomico, IP Group, Khazanah, Promus and Mundi Ventures, who have united to address a critical market failure.

“Only 3% of European deep tech companies successfully raise Series B or C rounds, despite Europe producing 28% of global deep tech innovations.

‍”The fund arrives at an inflection point for Europe. Deep tech is the defining investment theme for the next decade or more as the world’s biggest problems will not be solved by software alone.

“At the same time, geopolitical instability is reshaping the world order, meaning those companies that achieve strategic autonomy in critical technologies – from AI and quantum computing to space systems and clean energy – have the potential to become trillion dollar companies.

“Anchored by the EIF with €350M and  tier-one commitments alongside a strong pipeline toward final close, Kembara is building the leading  European deep tech platform to ensure the continent’s breakthrough innovations scale into global category leaders rather than being acquired prematurely or relocating abroad.”

Kembara Founder and General Partner Javier Santiso, CEO and Founder of Mundi Ventures, said: “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.”