Spain’s exposure to climate change helps Madrid-based VC Seaya close €300M climate tech fund
According to a recent Dealroom report on the Spanish tech ecosystem, Spanish startups collectively achieved an enterprise value exceeding €100 billion in 2023. Illustrating this ongoing growth trend, Madrid-based VC fund Seaya has launched Seaya Andromeda, a €300 million climate tech fund under Article 9 of the EU’s Sustainable Finance Disclosures Regulation Act, which mandates positive societal or environmental impacts for investments.
Seaya, established 12 years ago with a focus on mission-driven startups across Europe and LatAm, aims to nurture growth companies specializing in energy transition, decarbonization, sustainable food value chains, and the circular economy through its new “Andromeda” fund. This fund plans initial investments ranging from €7 million to €40 million, with provisions for follow-on investments, targeting 25 investments by 2027. To date, five investments have already been made from the fund.
Founded by former private equity investor Beatriz González, Seaya transitioned into climate and sustainable investing following her backing of a recycled clothing line and roles at firms like Morgan Stanley and Excel Partners in the U.S. González, who also led Telefónica’s pension fund alternative assets program, emphasized Spain’s strategic advantage in climate tech investing due to its exposure to climate-related challenges like heatwaves and storms, alongside its strong industrial and agricultural bases.
Seaya’s strategic expertise includes internal engineering capabilities and a network of LPs from major EU banks, facilitating robust due diligence and accelerated decision-making in deep tech climate investments. Recent investments include Spain-based Seabery, developing AR solutions for reducing carbon emissions in welding training, and U.K.-based Recycleye, utilizing AI for efficient waste management.
The launch of Seaya Andromeda reflects a broader resurgence in Southern European funding activities, complemented by Spain’s prominent position in European startup funding and ecosystem rankings, as highlighted in the 2023 “State of European Tech” report.
