A recent report by Dealroom on the Spanish tech ecosystem revealed that the total enterprise value of Spanish startups has exceeded €100 billion by 2023. Supporting this trend, the Madrid-based VC fund Seaya has successfully closed the Seaya Andromeda fund, a €300 million climate-tech fund based in Madrid.
The ‘Article 9’ label of the fund refers to the EU’s Sustainable Finance Disclosures Regulation Act, highlighting the commitment of investment firms to ensure a positive societal or environmental impact through their investments.
Operating for over a decade, Seaya has primarily focused on mission-driven startups in Europe and Latin America. The new Andromeda fund aims to support growth companies dedicated to energy transition, decarbonization, sustainable food value chains, and the circular economy.
Seaya plans to invest between €7M-€40M as an initial check, with provisions for follow-on investments. The firm targets making 25 investments by the end of 2027, with five investments already completed.
Founded in 2013 by former private equity investor Beatriz González, Seaya has a track record of investing in climate tech companies such as Biome Makers, Clarity.ai, Crowdfarming, Descartes, RatedPower, Samara, and Wallbox, which went public on the NYSE in 2021.
González highlighted Spain’s advantage in climate tech investing due to its exposure to extreme climate effects and industry expertise in renewable energy, auto parts manufacturing, agriculture, and real estate.
The firm’s expertise in deep-tech investments is bolstered by in-house engineers and a network of LPs, including European banks like Santander, known for project finance in energy and factories.
Seaya’s investments include Spain-based Seabery, UK-based Recycleye, and San Francisco-based Pachama, showcasing a diverse portfolio of climate-focused solutions. The announcement of the new fund coincides with a growing trend of funding renaissance in Southern Europe.
The ‘State of European Tech’ report for 2023 ranks Spain fourth overall and highlights the country’s high number of startup fundings in the previous year. This positive momentum underscores Spain’s emergence as a key player in the European tech landscape.
