The Spanish securities regulator, the Comisión Nacional del Mercado de Valores (CNMV), has approved the registration of Kembara Fund I, FCR, the new mega investment vehicle created by Alma Mundi Ventures, the firm founded by Javier Santiso, which aims to mobilize up to €1.25 billion to drive the next wave of technological innovation in Europe.
With this authorization, the fund formally begins its activity under Law 22/2014, which governs private equity entities in Spain, and is now registered with the CNMV as a closed-end investment fund. It will be managed by Alma Mundi Ventures, SGEIC, with Banco Inversis as depositary, BDO as auditor, and Garrigues as legal advisor, according to the registered prospectus.
One of the largest tech funds ever launched in Spain
Kembara Fund I is positioned as one of the most ambitious venture capital vehicles created in Spain, with a clear mandate: to invest in deep tech and climate tech, two segments that concentrate some of the most significant scientific, industrial, and sustainability opportunities of the decade.
The fund will direct its capital toward European companies showing substantial advances in fields such as artificial intelligence, quantum computing, robotics, space technology, as well as energy efficiency, green mobility, circular economy, new materials and sustainable agriculture.
The firm aims to invest in growth-stage companies, primarily Series B and Series C, with a strong focus on scaleups: at least 70% of the capital must go to post-seed rounds, according to the investment policy detailed in the prospectus. All investments will be subject to the technical criteria, sector limits and exclusions defined by Kembara Fund I and applicable regulations.
Institutional backing: EIF, Criteria Caixa and Innvierte
The project has attracted the attention of major institutional investors. The European Investment Fund (EIF) will invest €350 million, becoming the vehicle’s anchor investor. Criteria Caixa will contribute an additional €100 million, while the public program Innvierte Economía Sostenible conditions its participation on the fund investing at least 1.2 times its commitment in Spanish companies.
The management team will subscribe around 2% of the fund’s assets, reinforcing alignment with investors.
First close once €600 million is secured
Following regulatory approval, Kembara Fund I begins its fundraising process, with a first close planned once it reaches €600 million in commitments. The fund is aimed mainly at institutional investors and large family offices, with minimum commitments of €25 million and €10 million, respectively.
The management fee will be 2% during the investment period, and 1.6% on net invested capital thereafter, as established in the fund’s prospectus.
A team with experience in 12 unicorns
The vehicle boasts an international investment team specializing in deep tech, with direct experience in the growth of twelve unicorns, strengthening the fund’s ability to deliver strategic, operational and commercial value to its portfolio companies.
Kembara Fund I aims to maintain active positions on the boards of the companies it backs, helping drive their expansion, access to capital and talent development.
A new step for Mundi Ventures
Alma Mundi Ventures currently manages around €500 million, with investments in more than 60 companies worldwide, including Sumer, Clarity AI, Rever and Citibox. The launch of Kembara Fund I comes just months after the opening of its Miami office to attract Latin American capital.
With this new fund, the firm consolidates its position as one of Spain’s most active players in technology, innovation and impact investing.
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