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Mundi Ventures has announced a first close of €750 million for Kembara Fund I, its largest deep tech fund, targeting a final close of €1.25 billion. The fund received a €350 million commitment from the European Investment Fund and will focus on Series B and C funding rounds, investing €15 million to €40 million in around 20 companies, with total investments potentially reaching €100 million per company.

Kembara aims to address the scale-up capital gap in Europe, providing non-dilutive financing to support deep tech startups. The fund's strategic focus includes sectors like dual-use and defense technology, and it seeks to retain European startups in the continent to foster growth and innovation.